Cornerstone Bank president to retire next year
Photo I Courtesy of Cornerstone Bank
Randal Webber, president of Cornerstone Bank
After a 16-year tenure with Worcester-based Cornerstone Bank, Randal Webber has announced his plans to retire as president in early 2026.
Webber has held his presidential role for the past four years, after previously serving as Cornerstone’s executive vice president, chief operating officer, and chief lending officer. He’s been with the bank since its inception, having worked as chief lending officer of SpencerBANK prior to its merger with Southbridge Savings Bank, formerly what is today known as Cornerstone Bank, according to a Tuesday press release.
“I’m excited for Randy as he embarks on this new chapter, but we will miss him tremendously,” Cornerstone Bank CEO Todd Tallman said in the release. “He’s played a critical role in helping us honor our commitment to the well-being of our community and our customers. His banking insights are invaluable, and so is his ability to foster the professional development of our team.”
Webber’s retirement announcement comes just over a month after the bank’s holding company completed its $6-billion merger with the holding company of PeoplesBank, based in Holyoke.
He will stay on as a member of Cornerstone’s board of directors, continuing to support the merger’s operations.
“The merger is exciting and that drives me to want to stay involved,” Webber said in the release. “I absolutely love the strategic aspect of what I do, so this change will keep me engaged in Cornerstone’s growth.”
“I love that I can feel good about the track Cornerstone is on right now. When I’m gone, I know the team will continue to thrive and take community banking to new levels, and that’s the best feeling of all,” Webber said.
With $1.2 billion in local deposits, Cornerstone Bank is the 10th largest bank in Central Massachusetts when ranked by local deposits as of June 30, 2023, according to data provided to WBJ’s Research Department.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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