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February 23, 2023

Bay State Savings Bank elects funeral home VP as board chair

Photo | Courtesy of Bay State Savings Bank William Fay II, chairman of the board at Bay State Savings Bank

Fay Brothers Inc. Vice President William Fay II has been elected Chairman of Worcester’s Bay State Savings Bank’s board of directors.

“Bill Fay’s long-rooted history of service and knowledge of those living and working throughout Worcester County make him the perfect person to lead Bay State Savings Bank’s Board of Directors,” Bay State President and CEO Peter Alden said in a Tuesday press release by the bank.

Fay succeeds John McCabe, a retired executive from Clinton manufacturer Jabil, Inc. who had served on the Bay State board since 1988.

The Fay family has been in the funeral business locally since 1870, which is 25 years prior to the founding of Bay State Bank. Fay Brothers Inc. is the bank's oldest existing depositor, according to the press release.

The business is the oldest funeral service business in Worcester and has three locations: Fay Brothers Funeral Home in West Boylston, Callahan Fay Caswell Funeral Home, and Lindquist Lundin Funeral Home, both located in Worcester.

Bay State Savings Bank is ranked 21st on the WBJ Research Department’s list of largest Central Massachusetts banks, with $460 million in local deposits as of June 30. It had $497 million in assets as of Sept. 30.

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