New Middlesex Savings Bank president to take over for retiring CEO

Photos | Courtesy of Middlesex Savings Bank Michael McAuliffe (left), chairman and CEO of Middlesex Savings Bank, and Dana Neshe, president of Middlesex Savings Bank

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By Timothy Doyle

Michael McAuliffe, who has led Middlesex Savings Bank as CEO, president, and chairman, will retire from the bank at the end of April 2024 and be replaced by Dana Neshe, a 27-year veteran with the Natick-based financial institute who had been serving as chief operating officer.

Neshe assumed the role of president as of Wednesday morning and will take on the roles of CEO and board chair at the time of McAuliffe’s retirement. She will be the first woman to hold the president or CEO positions at the bank.

Since McAuliffe assumed the role of CEO in 2016, the bank has grown from $4.3 billion to $6.2 billion in assets, according to a Wednesday press release.

“To be one of the oldest, largest and strongest mutual banks in the country requires successfully navigating a multitude of challenges, which Middlesex has done over its 188 year history,” McAuliffe said at the Tuesday board meeting, according to a press release from the bank. “It also requires long-term strategic and succession planning. I have had the absolute honor and pleasure to work with our executive team and all of our colleagues over the past seven years in continuing the bank’s mission of supporting our customers and communities. When I retire next year, I know the bank is well-positioned for continued long-term success under Dana’s strong leadership.”

A Framingham resident, Neshe has been involved within the community serving as president of the Middlesex Savings Charitable Foundation and on numerous outside boards including Framingham State University, the MetroWest Health Foundation, Jewish Family Service of MetroWest, the MetroWest Chamber of Commerce, and the Natick-based Warrior Within Yoga Project, according to the press release.

The bank board approved other changes to its leadership as well. Ian Hecker was named chief risk officer and general counsel at the bank, a promotion from executive vice president and general counsel. Neshe was the last person to hold the role of chief risk officer prior to her appointment to COO. Bryan Christensen, the bank’s chief community banking officer, was elected executive vice president.

Middlesex elected two new trustee/directors - Margery Piercey, chief financial and chief operating officer of Mass Insight Education & Research in Boston, and Jeanne Sherlock, chief operating officer of the MetroWest YMCA.

Middlesex Savings Bank is the third largest bank in Central Massachusetts, with $3.9 billion in local deposits, as of June 2022, according to Federal Deposit Insurance Corp. data. Middlesex is the largest bank headquartered in Central Massachusetts, as the only two banks with more deposits in the region – Bank of America and TD Bank – are both headquartered outside of Massachusetts.