Tallman has guided Cornerstone through growth and one high-profile merger to be the 10th largest bank in Central Massachusetts, and now another merger under his leadership appears poised to keep the organization as a major player in the region for decades to come.
Tallman started his career in accounting before becoming a banker. He’s been with Cornerstone since it was formed in 2017 via the merger of SpencerBANK and Southbridge Savings Bank, where he was CEO.
Now, as of June 2024, Cornerstone has $1.3 billion in local deposits. Since March 2024, Cornerstone opened two new branches in Shrewsbury and Worcester’s Tatnuck Square, bringing its number of branches to 12.
In February, Cornerstone completed its parent-company merger with Holyoke-based PeoplesBank, forming a $6-billion entity. Both banks’ holding companies are now combined, but the institutions will keep their independent names and brands, continuing to operate separately with some outward changes for customers. The new entity will operate under the name PeoplesBancorp, where Tallman will be president in addition to his role as Cornerstone CEO.
The transition was complex, Tallman said, and he’s proud Cornerstone is holding onto its identity as a community bank., calling the merger an investment in people, communities, technology, and growth.
Laura Finaldi is a former WBJ reporter and current freelance writer.
