Bay State Savings Bank announces retirement of President/CEO and Director Peter B. Alden. EVP/CFO Seth A. Pitts to become CEO.

June 29, 2023

WORCESTER, MA – After more than 12 years of leading significant growth and success for Bay State Savings Bank, President & CEO Peter B. Alden announced today he will retire from his position effective August 31, 2023. Alden will remain active with the Bank and Board of Directors to ensure a smooth transition going forward until Pitts formally assumes his new role on September 1, 2023.

William Fay, Chairman of the Board of Directors, stated, “Peter’s retirement caps a great period in which he led the Bank to growth of nearly twice our size since he joined.” Succeeding Alden will be Seth A. Pitts, current EVP and CFO, who will become President & CEO. The leadership changes will be effective September 1, 2023. “Seth has demonstrated excellent leadership since joining Bay State Savings Bank in 2020, and we look forward to the extension of his contributions as he assumes this new role,” said Chairman Fay.

“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. He is a dynamic leader and his broad experience and creative approach to strategic initiatives will further the Bank’s progress towards the next levels of success. I will continue to assist the leadership team throughout the transition to Seth’s leadership and beyond as needed.”

Mr. Pitts’ banking and financial services career spans over a decade and includes a wide range of experience across multiple disciplines and leadership roles. He served in several roles at multiple government agencies prior to joining Bay State Savings Bank, including as a regulator with the Federal Deposit Insurance Corporation, where during his tenure Mr. Pitts served in various capacities evaluating and supervising banking risks. Prior to his work with the FDIC, Mr. Pitts was a lender with the U.S. Department of Agriculture Rural Development where he administered residential and commercial loan and grant programs. He is a federally commissioned Financial Institution Risk Examiner and Certified Fraud Examiner.

“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 is headquartered in Worcester, Massachusetts and has assets totaling $534 million as of March 31, 2023.