Cornerstone Bank’s inaugural chief risk officer to retire
Photo I Courtesy of Cornerstone Bank
Michael Roy, chief risk officer at Cornerstone Bank, will retire in February.
Two and a half years after assuming his role as senior vice president, chief risk officer at Cornerstone Bank, Michael Roy has announced his retirement from the Worcester-based institution come February.
“Mike has been an integral part of ensuring our systems are iron-clad and always in compliance with regulations that are constantly changing to keep up with evolving technology,” Todd Tallman, CEO of Cornerstone Bank, said in the release. “We are grateful for his thorough work and unwavering commitment to excellence.”
Roy joined Cornerstone in 2022 as the bank’s inaugural chief risk officer in which he has managed its governance and strategy for risk management and safeguarding stakeholder investments, according to a Friday press release.
“I’m proud of my time at Cornerstone. I don’t think there are too many banks out there that enjoy the reputation we’ve built, and it’s only going to get better,” Roy said in the release.
Roy’s retirement rounds out 48 years of banking experience in the sectors of retail banking, operations, and compliance. Roy earned his bachelor’s degree from Bryant University in Rhode Island and his MBA from Anna Maria College in Paxton.
The bank is not looking to fill Roy’s position at this time.
Cornerstone’s most recent leadership change comes after the holding company of both Cornerstone and PeoplesBank, headquartered in Holyoke, announced in June they would merge to create a $6-billion institution.
With more than $1.2 billion 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 compiled by WBJ’s Research Department. Founded in 1871, Cornerstone employs 187 throughout its 11 branch locations.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
CORRECTION: A previous version of this story said Cornerstone Bank had 10 branches, using data provided to the Federal Deposit Insurance Corp. in 2023. Cornerstone has since expanded to 11 branches. This story has also been updated to clarify that Cornerstone Bank's and PeoplesBank's holding companies announced their merger in June.
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