Cornerstone Bank CEO Michael Robbins will retire at the end of the calendar year, after 34 years of working with the financial institution, the Worcester bank announced on Thursday.
Robbins will stay on as chairman, but will otherwise be replaced as CEO by bank President Todd Tallman.
“Mike has been a committed, loyal member of our family for so long, his name is practically synonymous with Cornerstone Bank,” said Tallman, in a statement. “He has always put the needs of customers first, and diligently worked to ensure that everything Cornerstone did was for the well-being of the community and its residents.”
Robbins held various management positions at Spencer Savings Bank from 1986 to 2003, according to a press release. He then went on to serve as CEO and president of Spencer Savings Bank/SpencerBANK from 2003 through 2017, at which point he assumed the roles of chairman and CEO of Cornerstone Bank, following a 2016 merger with Southbridge Savings Bank.
In the years leading up to the merger, Robbins grew SpencerBANK’s total assets from $250 million to $600 million. Following the merger and the rebrand to Cornerstone Bank, the total assets grew to $1.3 billion. It is the ninth largest bank in Central Massachusetts, when ranked by local deposits, which were $879 million at Cornerstone.
Tallman was the CEO of Southbridge Savings Bank before the merger. He will officially take over as CEO from Robbins on Dec. 31.
