Photo | Courtesy of of Cornerstone Bank
Todd Tallman, CEO of Cornerstone Bank
6 hours ago
CEO of Cornerstone Bank’s parent company to retire
Photo | Courtesy of PeoplesBank
Thomas Senecal is retiring as chairman & CEO of Holyoke-based PeoplesBank
Thomas Senecal is retiring as chairman & CEO of Holyoke-based PeoplesBank after 35 years in the banking industry.
“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 in a Thursday press release announcing his retirement.
Senecal joined PeoplesBank, parent company of Worcester-based Cornerstone Bank, in 1995. Cornerstone and PeoplesBank completed the $6-billion merger of their parent companies in February.
He worked in finance and commercial lending before being elected president, CEO, and chairman in 2016. Senecal worked at Netherlands-based KPMG as a certified public accountant specializing in bank taxation prior to joining PeoplesBank.
Senecal is set to retire at the end of 2025. The CEO role will be taken over by Todd Tallman, who will also remain CEO of Cornerstone Bank.
“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,” Tallman said in the press release.
Senecal will retain his role as the chairman of the board of directors of PeoplesBank and chairman of the board of trustees of PeoplesBancorp beginning in 2026.
Throughout his tenure, Senecal led PeoplesBank through major expansion, including the pending merger of Athol Savings Bank into Cornerstone Bank. During this time, PeoplesBank opened six new banking centers in Massachusetts and Connecticut, launched a national digital bank, and secured the naming rights for PeoplesBank Arena in Hartford.
Senecal graduated from the Isenberg School of Management at UMass Amherst. He attended the Tuck Executive Program at Dartmouth College and the Executive Education Program on Negotiation at Harvard Business School. He serves on the board of the Massachusetts Bankers Association.
Cornerstone Bank had $1.3 billion in local deposits and $1.7 billion in total assets as of June 2024, making it the 10th largest bank in Central Massachusetts, according to data provided to the WBJ Research Department. The bank has 187 employees across 12 branches.
Jill McSorley is an editorial intern for the Worcester Business Journal. She is a student at Assumption University studying communications and media, writing, and marketing.
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