Worcester Business Journal

22 Worcester Business Journal | January 26, 2026 | wbjournal.com PHOTOS | COURTESY OF CORNERSTONE BANK W orcester-based Cornerstone Bank and Athol Savings Bank officially merged on Dec. 31, creating a $2.4-billion institution with expanded scale and strategic capacity. Founded in 1867, Athol Savings Bank's branches in Athol, Ashburnham, Barre, Winchendon, and Gardner will remain open as the transition to the Cornerstone Bank brand continues. As part of the merger, Daniel Zona, former president and CEO of Athol Savings Bank, was named president of Cornerstone Bank, succeeding Randal Webber. Zona plans to leverage the combined resourc- es of both banks to enhance banking products for customers and support future growth. Are future mergers likely? It's possible. Opportunities come and go; but they have to be the right fit, and everyone has to be like-minded. at's what made this merger work. We were on the same page early on about operating as a mutual savings bank with customer service at the fore- front. Merger opportunities are on every banker's mind, but each one must be evaluated individually. Will former Athol Savings Bank custom- ers face any changes? ere will be minimal changes. ere will be enhancements when we con- vert and align data processing systems, which is typical of nearly all mergers. at conversion is slated for mid-May, which is when customers will begin to benefit from Cornerstone Bank's ex- panded banking products and additional services. is interview was conducted and edited for length and clarity by WBJ Correspondent Sloane M. Perron. Cornerstone Bank embraces digital products aer merger Why did the merger happen? Scale is one of the most important topics in banking today. It's costly to run a bank, and today's regulatory and operating environment is challenging, so we wanted to act while we were in a position of strength. We made a proac- tive decision to partner and merge in the best interest of Athol Savings Bank. e merger allows our retail and consumer customers to access enhanced products and services, particularly the digitally focused offerings Cornerstone Bank brings. Customers are looking for those capabilities. It enables us to con- tinue supporting commercial customers who were beginning to outgrow the bank. Overall, it's a great partnership. What's the history of Athol Savings Bank? Athol Savings Bank was formed in 1867 and is one of the oldest banks in the commonwealth. Its growth has been largely organic, apart from an early 1990s acquisition, when Winchendon Savings Bank failed, was assumed by the Federal Deposit Insurance Corp., and later acquired by Athol Savings. e bank grew to five branches and operates as a mutually owned financial institution with no shareholders, making it compatible with Cornerstone Bank's model. It was important for us to main- tain the mutual savings bank structure. is is a merger of retention and growth, not reduction, with all staff retained and branches remaining open. How did your career background pre- pare you for this role? Aer more than 30 years in the industry, I consider myself a career community banker. My career began in the audit field as a certified professional accountant, working for an auditing firm exclusively serving community banks across New England. I later joined Athol Savings Bank as treasurer and progressed through roles including CFO, operations, and administration, ultimately serving as CEO prior to the merger. How have your responsibilities changed in your new role? e merger has just happened, so we are integrating now, but my main role is the overall ownership and high-level management of Cornerstone Bank. One of my priorities is bringing the teams together, integrating them, and making sure everyone understands and manages the very strong values both banks have, and how those values fit together. With banking mergers frequently hap- pening in the industry, what would you say to people who are afraid of losing their small town bank? I would say, "Don't be afraid, because we will continue to offer the same out- standing service." e same people will be in the same places, and those familiar faces will still be there. We are here to help and serve our customers, greet them at the door, build relationships, and take care of their banking needs from cradle to grave, ensuring it continues to be done well. What is your vision for the future? Success means our employees experi- ence a shared mission, and that custom- ers and communities see the benefits of the merger and know they have placed their trust in both banks. It means ensuring new technologies are available to Athol Savings customers, enhancing access to products and services. W Daniel Zona President Cornerstone Bank, in Worcester Founded: 1871 Employees: 270 His age: 61 Hometown: Shrewsbury Residence: Shrewsbury College: UMass Dartmouth

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