Ruth Cavanagh, Main Street Bank’s executive vice president and chief lending officer, is heading to retirement at the end of 2025, as the Marlborough-based bank has added two new senior vice presidents to replace her.
As the bank prepares for Cavanagh’s retirement after more than 40 years in the banking space, it has added Jessica Royce as its senior vice president, chief commercial lending officer, and Craig Nardi as the bank’s senior vice president retail lending & loan servicing, according to a Wednesday press release.
Both are newly created positions, reflecting the need to divide up Cavanagh’s responsibilities in response to the increasingly complex needs involving lending in the business and commercial spaces, said Jamie Conaghan, senior vice president marketing & digital at MSB.
Royce joins MSB with nearly 25 years of banking experience, having most recently served as senior vice president, lending east region team lead at Ware-based Country Bank. A graduate of Nichols College with a bachelor’s degree, Royce had a stint as vice president, commercial lending at Auburn-based bank Webster Five, according to the press release.
Nardi joins MSB after about five years at Raynham-based Bluestone Bank, with the most recent title of vice president, business process improvement, according to his LinkedIn profile. He serves as the president of the Massachusetts Mortgage Bankers Foundation.
Cavanagh joined Main Street Bank through the 2017 merger between Marlborough Savings Bank and North Middlesex Savings Bank, the latter of which being where she had been employed since 2012, according to her LinkedIn profile. She was promoted to her current role in 2021.
“It has been a privilege to serve Main Street Bank and our community for so many years,” Cavanagh said in the press release.”I am proud of what we have accomplished together and am optimistic about the future, knowing that the next generation of leaders will continue to put our customers and communities first.”
Main Street Bank is the ninth largest bank in Central Massachusetts, according to data provided to the WBJ Research Department, with $1.4 billion in local deposits, $1.6 billion in total assets, and six branch locations.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
