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Cambridge Savings Bank Names New President, CEO

Wayne F. Patenaude takes over after serving as the bank's chief financial officer.

The following information was provided by Cambridge Savings Bank: 

Cambridge Savings Bank today announced the appointment of Wayne F. Patenaude as President and Chief Executive Officer of Cambridge Financial Group, Inc. and Cambridge Savings Bank (CSB). Mr. Patenaude, who succeeds Robert M. Wilson, has served as the Bank’s Chief Financial Officer and Treasurer since 2007. 

“Cambridge Savings Bank underwent a remarkable transformation over the past five years, delivering outstanding value and service to all of our customers and Wayne Patenaude performed a central role in this success,” said Alan McClennen, Jr., Chairman of Cambridge Savings Bank and the bank's holding company, Cambridge Financial Group. “By helping to guide the Bank as it successfully implemented a series of strategic initiatives during challenging economic times, Wayne and the executive team further elevated the organization as a leader in the industry and the community. His experience and understanding are important assets that will allow Cambridge Savings to realize more achievements in the coming years.”

“I am grateful for the opportunity to guide Cambridge Savings Bank and work with the Board to advance the Bank’s mission,” said Patenaude. “Our dedicated staff has built a community bank model that is based upon financial strength, leading-edge customer technologies, personal customer service and an unwavering commitment to the quality of life and social good in the communities we serve.”

As Chief Financial Officer and Treasurer, Mr. Patenaude oversaw the Treasury, Accounting and Finance, Information Systems, Commercial Credit and Facilities operations for the Bank while helping to lead long-term capital and strategic planning initiatives.

In October, CSB announced Mr. Wilson’s resignation, effective December 31st, following a medical leave of absence earlier this year. In June, the Board appointed Kevin J. Fitzgerald as Acting President and Chief Executive Officer. Mr. Fitzgerald has worked with CSB for more than 45 years, including periods as president and chief operating office of the Bank. Mr. Wilson will remain with CSB as a member of its Board of Directors. He has served as President and Chief Executive Officer since January 2007.

A veteran community banking executive, Mr. Patenaude previously served as Chief Financial Officer and Treasurer with Berkshire Hills Bancorp, Inc. and Berkshire Bank, where he oversaw capital and risk management, investment portfolio management and financial reporting. He also served as Chief Financial Officer and Treasurer with American Savings Bank of New Britain, CT, where he led investment portfolio, capital management, and regulatory functions. Earlier in his career, Mr. Patenaude served as Chief Financial Officer and Treasurer of Bancorp Connecticut, Senior Vice President and Chief Financial Officer of Glastonbury Bank & Trust Company, and Assistant Vice President with Fleet Bank of Connecticut.

Mr. Patenaude is a board member of the Concord Carlisle Community Chest, an independent organization that raises funds and provides donations to vital human services organizations that assist Concord and Carlisle residents. He earned a Bachelor of Science degree from the University of Connecticut.

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