Ryan Bailey is the incoming president and chief executive of Cambridge Savings Bank. (Photo: Cambridge Savings Bank)

Cambridge Savings Bank has a new president and chief executive in Ryan Bailey, the bank’s board of directors announced Wednesday.

Ryan begins work Feb. 28, replacing outgoing leader Wayne Patenaude, who served for 12 years but said in October he would be leaving. Patenaude will remain as a “special adviser,” the board said in a press release.

Under Patenaude, the bank’s assets grew to $6.9 billion from $2.5 billion, the bank said. Ryan, a nearly 25-year veteran of banking leadership who was last head of retail banking at USAA, is expected by the board to focus on digital innovation and sustainable growth, “all aimed at enhancing the lives of our customers and communities,” according to a board press release that praised him as possessing “the expertise, knowledge, outlook and dedication required to advance the positive initiatives already underway at CSB.”

Cambridge Savings Bank opened in 1834 and now has 18 branches overseen from a headquarters in Harvard Square. Last year saw a 7 percent growth in assets, the bank said.

“CSB is grateful for all of Wayne’s many contributions to the bank since he joined as an executive vice president in 2007,” said Robert Reardon, the bank board’s chair. “After over a decade of such strong direction from Wayne, we made it a priority to select an exceptional leader who will continue to uphold CSB’s values and commitment to excellence. The board has unwavering confidence that Ryan will build on Wayne’s legacy of maintaining CSB’s position as a strong community leader since 1834.”

This post was updated Feb. 14, 2024, to remove a reference to Wayne Patenaude aiding in an executive search.