WORCESTER – The President and CEO of Bay State Savings Bank, Peter Alden, has announced his plan to retire on Aug. 31, after 12 years leading the local bank. He will remain a member of the bank’s board of directors.
Seth Pitts, currently Executive Vice president and Chief Financial Officer of the bank will become the next CEO on Sept. 1. Pitts joined Bay State Savings Bank in 2020 and has over a decade of experience in the financial services industry.
“It has been a privilege to lead Bay State Savings Bank,” said Alden. “The management team we’ve developed is prepared to take Bay State Savings Bank to the next level. The Bank has experienced record performance in recent years and Seth has been instrumental to our success.”
“I am honored by this great opportunity, and I want to thank Peter Alden and the Board of Directors for their trust and confidence in my ability to lead Bay State Savings Bank,” said Pitts. “I
plan to build on the foundation Peter laid and prepare Bay State to continue to serve our communities for at least another 100 years. The Board of Directors and I are aligned on taking Bay State Savings Bank to the next level.”
Bay State Savings Bank, founded in 1895, has its headquarters is at 28 Franklin St. in Worcester. The bank has a total of six local branches open to the pubic in Worcester, Auburn, and Holden. It currently has over $500 million in assets.
Image: Seth Pitts (L) and peter Alden (R), courtesy of Bay State Savings Bank
