These talent acquisitions are part of a broader effort to double down on Bay State’s 131-year history of being a resource for small businesses in the city.
For the past year, Bay State Bank has been working to grow its commercial banking division, led by a couple of heavy hitters the Worcester-based mutually owned savings bank hired from larger institutions.
“Anthony and Tami have brought tremendous positivity, innovation and excitement around all facets of our growth aspirations,” Bay State President and CEO Seth Pitts said. “They have been very impactful, not just externally, but also internally.”
Chief Commercial Banking Officer Anthony Pasquale came to Bay State in 2024 with 25 years of experience, including a stint as a regional vice president of the New Jersey market for Toronto-based TD Bank.
“My background is in commercial and industrial, so we're continuing to diversify that portfolio,” Pasquale said. “Being in the seat for a year and working with Tami has been the secret sauce we have here.”
Pasquale’s arrival was preceded by that of Chief Banking Officer Tami Gunsch, who started at Bay State in 2023 with about 40 years of banking experience, including stints at what is now Boston-based Beacon Bank and Providence-based Citizens Bank.
“We partner with our customers on what they need, and really focus on a customized solution, which is very different from my experience in working in bigger financial institutions,” Gunsch said.
The Greater Worcester economy is stable, and the region is one of the few in New England actually growing, so a number of banks are looking to further expand into commercial lending, said Peter Staiti, senior vice president and commercial regional executive for Rockland-based Rockland Trust. With a well-trained workforce and engaged corporate citizens, Central Mass. is an attractive place to create business loans.
“Most banks are interested in filling the niche in the business and commercial space,” Staiti said.
Growing Bay State
Since Pitts took over as CEO in 2023, Bay State’s total deposits have grown from $481 million to $521 million, according to the Federal Deposit Insurance Corp. Its total assets have increased from $537 million to $580 million.
When ranked by its $494 million in local deposits, Bay State is the 21st largest bank in Central Mass., with seven branches in the region and 79 employees.
Bay State’s 2.1% market share of deposits in Greater Worcester ranks 16th of 28 among FDIC-insured institutions.
Under Pitts, Bay State’s 8.3% growth in total deposits outpaced the 6.7% growth rate among all FDIC-insured institutions from 2023 to 2025, according to FDIC data.
“I wanted to double down on our focus for small business banking and commercial lending because the role of the community bank is to kind of stimulate and drive that economic growth,” Pitts said.
The bank’s strength comes from being headquartered in Worcester, Pitts said, and the effort to grow its commercial operations is a continuation of its commitment to assisting local small businesses.
“We have roots where others have branches, and I think that's something to be proud of,” Pitts said.
Sachs Jewelers in Shrewsbury is one of Bay State Bank's commercial clients, with the bank helping the business expand to a new Franklin location. Bay State's Pasquale and Gunsch (left) and President and CEO Seth Pitts (far right) pose with members of Sachs' staff.
Regional financial institutions have been expanding their footprint in the last few years, and those with a local presence tend to have a leg up in the market, said Christopher Rock, finance and corporate practice area leader at Worcester law firm Bowditch & Dewey.
“Consumers, businesses, and customers, particularly in Central Massachusetts, are still looking for a partner who has a presence in their area,” Rock said.
Since Seth Pitts became Bay State's CEO in 2022, the bank has seen growth.
Most of Bay State Bank’s existing commercial banking portfolio has been investment real estate, Pasquale said, but since he joined the bank, he’s worked with the team to expand its scope to better service businesses.
Banking is an industry quite literally all about the money. But at Bay State, Pasquale said relationships govern the work, not formulas. Decision making is much smoother and less siloed than bigger institutions, he said.
“What makes us better than others is our decision making is local,” Pasquale said. “In my past career, it was not local. It’s easier to walk down the hall and talk to somebody and make a decision right there on the spot. That’s really the difference.
“There's no silos here. I’m happy to get away from that type of atmosphere,” he said.
Bringing up talent
Hiring experienced talent is an uphill battle in the banking industry, which is why institutions looking to grow certain divisions like commercial loans will often have to hire people away from other institutions; 93% of hiring managers in financial services are facing challenges finding skilled candidates, according to a 2025 study from Robert Half, a California-based staffing and consulting firm. These challenges are expected to persist for at least the next few years, as the space continues to grapple with AI and other disruptive technologies.
“You want to start internally with your own people. Obviously you're always looking at candidates and externally, but I will say it's becoming harder and harder,” Pasquale said.
As Pasquale eyes the local talent pool, his preference is to upskill professionals already at Bay State.
The addition of Gunsch and Pasquale has elevated the bank’s employees, Pitts said.
“They have become immediate mentors and accelerators to our team members. We've seen people unfold and blossom under their leadership, and it's really a beautiful sight to see how we can encourage and inspire more people to be impactful innovators,” Pitts said.
Community focus
These talent acquisitions are part of a broader effort to double down on Bay State’s 131-year history of being a resource for small businesses in the city, Pitts said.
“We're just getting started,” Pitts said. “We just had one of the best years in recent history, focusing on our core banking and our core processes. We'll have more things to celebrate in the future.”
Part of that impact is for leaders like Gunsch and Pasquale to be out in the community, understanding its needs and how the bank can service businesses, Gunsch said.
“Anthony and I are out at community events all the time, running into our customers,” she said. “It just feels good when you're out there in the community, you see your customers, and they're very excited about a solution that we came up with together to support their business.”
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries. WBJ Editor Brad Kane contributed reporting to this story.
