Cornerstone Bank CEO Todd Tallman, left, poses for a photo with PeoplesBank CEO Thomas Senecal to mark the two banks' mutual holding company merger announcement in June 2024. Photo courtesy of PeoplesBank

After 30 years at PeoplesBank, chairman and CEO Tom Senecal announced that he will retire at the end of 2025.

Senecal was elected president, CEO and chairman of the Holyoke-based bank in 2016. He handed his “president” title over to COO Brian Canina in early 2024.

“I just feel it’s the right time to allow a new generation to lead the bank in a direction that it needs to in order to compete with an ever-changing landscape,” Senecal said.

Senecal led PeoplesBank through a period of significant expansion, including a holding company merger with Cornerstone Bank and the acquisition of Connecticut-based First National Bank of Suffield.

The Suffield acquisition brought the bank into Connecticut, and during Senecal’s tenure, PeoplesBank opened six further branches in both Massachusetts and Connecticut.

The bank also launched a national digital bank and secured the naming rights for the PeoplesBank Arena in Hartford, Connecticut.

Senecal will be replaced by multiple people.

Cornerstone Bank CEO Todd Tallman will take on the CEO role at PeoplesBank while also remaining CEO of Cornerstone Bank. Canina will remain president of PeoplesBank and also become president of the mutual holding company PeoplesBank and Cornerstone share.

Daniel Zona, currently president of Athol Savings Bank, will become the president of Cornerstone Bank once the merger of Athol Savings Bank into Cornerstone Bank is completed.

“Tom and I define success the same way. It’s about the people,” Tallman said. “From that perspective, Tom has achieved immense success by growing an organization focused on the people who work for the bank and the customers and communities we serve. That focus will not change.”