Donna L. Boulanger, North Brookfield Savings Bank
Updated: October 11, 2021
2021 Outstanding Women in Business
Outstanding Women in Business: Boulanger brings family focus to banking
Photo | Matt Wright
Donna L. Boulanger
By Sloane M. Perron
Donna L. Boulanger’s career journey has been full of twists, meaningful mentors, and learning experiences. Regardless of the situation, Boulanger kept her head high and surrounded herself with a team who always had her back.
Boulanger was appointed CEO of North Brookfield Savings Bank in 2008, marking the first time a woman led the bank since it was founded in 1894.
“I cannot tell you the respect she has from federal and state examiners, but more importantly the respect that she has from her peers,” said Roland Gauthier, the chairman of the board for North Brookfield Savings Bank, who was part of the decision to hire Boulanger.
Boulanger has gained immense banking experience throughout her career, particularly in commercial lending.
After graduating from college in 1975, the country faced a severe recession making jobs scarce. Boulanger began working part time as a cashier at a store called Casual Corner and took advantage of any extra hours offered. When Boulanger applied for the management training program at Woonsocket Savings & Trust, an unexpected connection occurred as the bank’s human resources director was best friends with the owner of Casual Corner. For Boulanger, this would serve as a life lesson.
“Now if I hadn’t been a good employee working part-time as a cashier, what kind of reference would I have gotten?” Boulanger said.
After the management program, Boulanger became a branch manager for Woonsocket Savings & Trust. When she voiced her interest in commercial lending, the bank’s president promised her a position in that department, forever changing Boulanger’s career trajectory.
Boulanger would go on to work for many banks, each with increasingly more responsibilities. Everything was looking up for her when she suddenly lost her job at Fleet Bank of Boston due to downsizing. However, she found a silver lining as her eyes were opened up to the world of community banking.
“The key to my success was that I was always the person who was willing to learn something new. I was always willing to do what needed to be done. I was willing to meet that challenge,” she said.
Boulanger credits her success with surrounding herself with trusted team members whom she lifted up with her.
“I got to be the CEO at North Brookfield Savings is because of all of those broad-based experiences and the interpersonal skills I learned,” she said.
Making tough choices and taking risks are very important to growth, both professionally and personally, she said. She believes women stay too long in a position instead of trusting themselves.
Boulanger grew through the mentorship of both men and women and always sharpened her skill set so that she was ready when the next opportunity arose.
She takes a very altruistic approach in her team building and believes her staff has the same respectful support of one another, which is passed onto clients.
Since 2008, North Brookfield Savings has grown from $160 million in assets to $350 million.
When North Brookfield Savings was seeking out its new CEO 13 years ago, the board was impressed with Boulanger’s commercial lending experience and thought she could aid the bank, which was 95% residential focused.
Not only did Boulanger accomplish everything on the board’s strategic plan, but she has made a lasting impression on the local community, Gauthier said Boulanger brings industry knowledge and connections from the various boards she serves on, back to the bank.
“I cannot think of anyone in the banking community that deserves this honor more than her,” Gauthier said.
Boulanger is the director of the Federal Home Loan Bank of Boston and is the vice chair of that board, where she has been a member for eight years. She is the first woman elected to that position.
The Federal Home Loan Bank was formed by Congress and is a quasi-government organization focusing on liquidity for banks and economic development. The co-operative is run by regional banks with 11 branches throughout the country. Additionally, she is the director of the Depositor’s Insurance Fund in Massachusetts.
After 13 years as CEO of North Brookfield Savings Bank, Boulanger is set to retire in December.
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