Worcester Business Journal

wbjournal.com | May 19, 2025 | Worcester Business Journal 7 F I N A N C E P OW E R 1 0 0 "Those who uplift those around them have the greatest power." - Todd Tallman, Cornerstone Bank Todd Tallman CEO Cornerstone Bank, in Worcester Employees: 184 Residence: Ashland College: Assumption University Tallman has guided Cornerstone through growth and one high-profile merger to be the 10th largest bank in Central Massachusetts, and now another merger under his leadership appears poised to keep the organization as a major player in the region for decades to come. Tallman started his career in accounting before becoming a banker. He's been with Cornerstone since it was formed in 2017 via the merger of SpencerBANK and Southbridge Savings Bank, where he was CEO. Now, as of June 2024, Cornerstone has $1.3 billion in local deposits. Since March 2024, Cornerstone opened two new branches in Shrewsbury and Worcester's Tat- nuck Square, bringing its number of branches to 12. In February, Cornerstone completed its parent-com- pany merger with Holyoke-based PeoplesBank, forming a $6-billion entity. Both banks' holding companies are now combined, but the institutions will keep their independent names and brands, continuing to operate separately with some outward changes for customers. e new entity will operate under the name Peoples- Bancorp, where Tallman will be president in addition to his role as Cornerstone CEO. e transition was complex, Tallman said, and he's proud Cornerstone is holding onto its identity as a community bank., calling the merger an investment in people, communities, technology, and growth. - L.F. Michael Welch CEO UniBank, in Whitinsville Employees: 265 Colleges: Marquette University, Boston College Welch works to center the community as he leads the region's seventh largest bank. Leading an institu- tion with $2.4 billion in local deposits and $2.6 billion in assets as of June 30 means the pressure is on Welch to strategically invest in initiatives to support both the bank and the towns and cities it operates in. UniBank operates 14 brick-and-mortar branches, a model Welch believes is necessary in order for the bank to serve clients at all levels of financial stability and wealth. With this sentiment in mind, he or- chestrated the opening of UniBank's newest branch, located in Worcester's Canal District across from the Polar Park baseball stadium. Opened in December, Welch picked the branch's location based on both the growing number of businesses in the area and the fact that the district had gone without a banking institu- tion for years. Welch is dedicated to growing UniBank's presence throughout the region while giving back to the com- munities the bank operates in. e bank donates about 10% of its annual income to Central Massachusetts causes, including to organizations addressing youth development, community development, affordable housing, and environmental concerns. In 2024, Uni- Bank donated $2.2 million. - M.K.M. John "Jack" Roche President & CEO The Hanover Insurance Group, in Worcester Employees: 4,900 Residence: Hopkinton College: University of Connecticut Roche has been with e Hanover for nearly 20 years, joining the company in 2006. He served in senior leadership positions until he was appointed president and CEO in October 2017. e Hanover, the largest public company in Worcester, has had a significant impact on the local economy. A 2022 analysis of the firm from the University of Massachusetts Donahue Institute found that between 2010 and 2020, the company employed an average of 1,837 people each year in Central Mas- sachusetts and supported an average of 6,187 jobs annually across the commonwealth. e Hanover contributed $354 million to personal income in Central Massachusetts and $606 million statewide every year. e company reported $128.2 million in net in- come in the first quarter of 2025, compared to $115.5 million in the same period last year. Operating return on equity was 17.2%. Roche is heavily involved in the insurance indus- try. A previous board member at the National Coun- cil on Compensation Insurance, Roche is vice chair of the board of trustees at insurance organization e Institutes and a board member at the American Property Casualty Insurance Association. - L.F. Dana Neshe Chair, president & CEO Middlesex Savings Bank, in Natick Employees: 489 Residence: Hopkinton Colleges: Framingham State University, University of Maryland University College When Neshe stepped into her executive roles in 2024, she made Middlesex Savings the largest woman-run bank in Central Massachusetts. She was promoted from her previous position as chief operating officer, playing a key role in the bank rounding out last year with more than $6 billion in total assets and $5.2 billion in total deposits. Today, Neshe leads the region's third-largest bank by centering employee and community engagement at the nearly 200-year-old institution to best serve the community and customer. For instance, Middlesex Savings approved more than 600 loans in 2024, totalling nearly $11 million, aer becoming an approved lender under the Mass Save HEAT Loan Program. e bank has begun outreach to the region's youth, developing Money Matters: a financial literacy curriculum taught by Middlesex Saving employees at neighboring organizations, including the nonprofit Girls Inc. Neshe also facilitated the bank's partnership with the business coaching organization SCORE Boston in 2024, administering free seminars on subjects including social media, marketing, and understanding cash flow. Due to its strong reception, the partnership was renewed for 2025. But Neshe's influence doesn't end with those engaged in banking. As the president of Middlesex Savings Charitable Foundation, she has helped distribute $4.3 million in grants, donations, and sponsorships to regional nonprofits. - Story by Mica Kanner-Mascolo PHOTO | COURTESY OF MIDDLESEX SAVINGS BANK

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