Middlesex Savings to maintain independence under new president

COURTESY Michael McAuliffe

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Natick-based Middlesex Savings Bank commits to continued independence under new president Michael McAuliffe.

The bank made the announcement of McAuliffe's appointment Thursday, saying McAuliffe will collaborate with John Heerwagen, chairman and CEO of Middlesex Savings, to set the vision for the bank.

That vision, according to the statement from the bank, includes maintaining its mutual and independent structure.

“In today’s market, differentiation is key,” McAuliffe said in the statement from Middlesex Savings. “The bank’s continued success will be built upon how we interact with our customers. Our mutual structure allows us to give them our complete focus and offer value over the long term.”

McAuliffe joined Middlesex last year as executive vice president and chief commercial banking officer. Under his direction, the commercial division experienced year-over-year growth of more than 15 percent, which added close to $200 million in net commercial loan portfolio growth, the bank said.

“Mike has been an invaluable addition to the senior management team at Middlesex Savings Bank,” Heerwagen said in the statement. “… Mike’s vision, leadership and commitment to our core values are just a few reasons why he makes an excellent choice for president.”