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January 11, 2024

Webster Five names new C-suite executives as part of leadership expansion

A small building with a green facade surrounding the door Image | Courtesy of Webster Five Webster Five's Auburn headquarters

Webster Five is heading its 156th year of operation with some fresh faces in leadership, as the bank has named a new chief operating officer and a new chief risk officer.

Brian Westerlind has been named to the COO role, while Jennifer Nickerson has been appointed to be the company’s CRO, according to a press release issued by Webster Five on Tuesday. Both of these roles have been newly created as part of an overhaul of the Auburn-based bank’s leadership structure.

“I am excited about these organizational changes, which directly align with Webster Five’s plans for growth,” Don Doyle, president and CEO of Webster Five, said in the press release. “This new leadership structure will optimize our overall team effectiveness while sustaining the agility and adaptability needed to lead Webster Five forward.” 

Westerlind has previously served as Webster Five’s chief financial officer for 14 years, after formerly serving as a senior manager at Wolf & Co., a Boston accounting firm. A graduate of Providence College and the former St. Peter-Marian High School in Worcester, Westerlind was a member of WBJ’s 2015 40 Under Forty class.

A man in a suit
Image | Courtesy of Webster Five
Brian Westerlind, COO of Webster Five

“These expanded responsibilities under the new COO role will work to better serve and shape our retail and operational strategies,” Westerlind said in the release. “As the bank continues to strive for operational excellence in all areas, I’m excited to work with our departments to lead Webster Five into the future.” 

Nickerson has been elevated from her role as the bank’s vice president, director of risk/compliance/audit, a role she began in August 2021, according to her LinkedIn profile. Before that, she worked from 2011 to 2021 at Century Bank, a Medford-based financial institution that merged with Boston’s Eastern Bank in 2021.

“Formally bringing risk into our senior leadership further demonstrates the bank’s commitment to proactive risk management and strategic decision making,” Nickerson said in the release. "With our talented teams at Webster Five, I look forward to navigating complexities and charting a course for sustainable growth." 

Webster Five was founded as Webster Five Cents Savings Bank in 1868. In addition to its Webster location, the bank has since expanded to seven locations in Auburn, Dudley, Oxford, Shrewsbury, and Worcester, with 134 employees. The company moved its headquarters to Auburn in 2021

The bank had $933 million in local deposits and $1.1 billion in assets, as of June 30, according to the Federal Deposit Insurance Corp. When ranked by local deposits, Webster Five is the 14th largest bank in Central Massachusetts.

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