Monday, July 22, 2024


Cambridge Savings Bank announced the appointment Monday of Wayne F. Patenaude as president and chief executive of Cambridge Financial Group and Cambridge Savings Bank. 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 the bank and the its holding company. “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.”

As chief financial officer and treasurer, Mr. Patenaude oversaw treasury, accounting and finance, information systems, commercial credit and facilities operations for the bank while helping lead its long-term capital and strategic planning initiatives.

In October, the bank announced Wilson’s resignation, effective Dec. 31 after a medical leave of absence earlier in 2012. In June, the board appointed Kevin J. Fitzgerald as acting president and chief executive. Fitzgerald has worked with the bank for more than 45 years, including periods as president and chief operating officer.

Wilson will remain with the bank as a member of its board of directors. He has served as president and chief executive since January 2007.

A veteran community banking executive, Patenaude previously served as chief financial officer and treasurer with Berkshire Hills Bancorp 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, Conn., where he led investment portfolio, capital management and regulatory functions. Earlier in his career, he served as chief financial officer and treasurer of Bancorp Connecticut, senior vice president and chief financial officer of Glastonbury Bank & Trust Co., and assistant vice president with Fleet Bank of Connecticut.

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 help Concord and Carlisle residents. He earned a bachelor’s of science degree from the University of Connecticut.

“I am grateful for the opportunity to guide Cambridge Savings Bank and work with the Board to advance the Bank’s mission,” Patenaude said.