Cambridge Savings Bank's new President and CEO Ryan A. Bailey. Photo courtesy of Cambridge Savings Bank

Wayne Patenaude will step down as Cambridge Savings Bank’s president and chief executive officer on Feb. 28 after 12 years at the bank, and will be replaced by new hire Ryan A. Bailey.

CSB said Patenaude made the decision to retire from his position in October last year. After stepping down, he will still have the role of special advisor to the board of directors.

New to CSB, incoming president and CEO Ryan A. Bailey was previously at USAA as head of its retail bank for more than two years. He has nearly 25 years of experience in banking, CSB said in its announcement, and has a track record of implementing strategies to meet customers where they are in the current evolving digital landscape. The bank said executive search firm Spencer Stuart was engaged to find Patenaude’s replacement.

“After over a decade of such strong direction from Wayne, we made it a priority to select an exceptional leader who will continue to uphold CSB’s values and commitment to excellence. The board has unwavering confidence that Ryan will build on Wayne’s legacy of maintaining CSB’s position as a strong community leader since 1834,” Robert R. Reardon, CSB’s board chair, said in a statement.

Reardon added that Bailey has a strong vision for digital banking, financial stewardship and sustainable growth that enhances the lives of the bank’s community members.

CSB said Bailey’s vision for the bank includes a focus on digital innovation, financial stewardship and sustainable growth, all aimed at enhancing the lives of its customers and communities.

With CSB’s focus on accelerating its digital strategies and expanding its online bank, Ivy Bank, CSB said in its announcement that Bailey will help the bank focus on technology to cater to the growing needs of customers.

“Cambridge Savings Bank’s goal of improving and enriching the lives of our neighbors in the communities that our bank serves resonates with my relationship-driven approach to leadership,” Bailey said in a statement. “With a steadfast commitment to innovation, integrity, and client-centricity, I am eager to collaborate with our talented team. Together, we intend to drive growth, foster meaningful relationships, and deliver exceptional value to our customers and our communities.”

Editor’s Note, 5:43 p.m. Feb. 14, 2024: This story has been updated to remove incorrect information supplied by Cambridge Savings Bank about outgoing President and CEO Wayne Patenaude’s role in the selection of his successor.