Worcester Business Journal

14 Worcester Business Journal | March 9, 2026 | wbjournal.com BY ERIC CASEY WBJ Managing Editor F or the past year, Bay State Bank has been working to grow its commercial banking division, led by a couple of heavy hitters the Worces- ter-based mutually owned savings bank hired from larger institutions. "Anthony and Tammy have brought tremendous positivity, innovation and excitement around all facets of our growth aspirations," Bay State President and CEO Seth Pitts said. "ey have been very impactful, not just externally, but also internally." Chief Commercial Banking Officer Anthony Pasquale came to Bay State in 2024 with 25 years of experience, including a stint as a regional vice president of the New Jersey market for Toronto-based TD Bank. "My background is in commercial and industrial, so we're continuing to diversify that portfolio," Pasquale said. "Being in the seat for a year and work- ing with Tami has been the secret sauce we have here." Pasquale's arrival was preceded by that of Chief Banking Officer Tami Gunsch, who started at Bay State in 2023 with about 40 years of banking experience, including stints at what is now Boston-based Beacon Bank and Providence-based Citizens Bank. "We partner with our customers on what they need, and really focus on a customized solution, which is very dif- ferent from my experience in working in bigger financial institutions," Gunsch said. e Greater Worcester economy is stable, and the region is one of the few in New England actually growing, so a number of banks are looking to further expand into commercial lending, said Peter Staiti, senior vice president and commercial regional executive for Rockland-based Rockland Trust. With a well-trained workforce and engaged corporate citizens, Central Mass. is an attractive place to create business loans. "Most banks are interested in filling the niche in the business and commer- cial space," Staiti said. Growing Bay State Since Pitts took over as CEO in 2022, Bay State's total deposits have grown from $460 million to $521 million, according to the Federal Deposit Insurance Corp. Its total assets have increased from $534 million to $580 million. When ranked by its $494 million in local deposits, Bay State is the 21st largest bank in Central Mass., with seven branches in the region and 79 employees. Bay State's 2.1% market share of de- posits in Greater Worcester ranks 16th of 28 among FDIC-insured institutions. Under Pitts, Bay State's 13% growth in total deposits more than doubled the 4.5% growth rate among all FDIC-in- sured institutions from 2022 to 2025, according to FDIC data. "I wanted to double down on our focus for small business banking and commercial lending because the role of the community bank is to kind of stim- PHOTOS | EDD COTE Bay State's commercial growth Two executives are leading the Worcester bank's efforts to expand its commercial banking business Anthony Pasquale and Tami Gunsch are working to expand Bay State Bank's commercial banking operations. Bay State Bank's steady growth The Worcester-based bank has been allocating more funds to loans and leases in the past five years as its total assets have grown Net loans and % growth in % change in Year leases loans & leases Total assets total assets 2019 $396 million $438 million 2020 $402 million 1.40% $469 million 7.18% 2021 $390 million -3.04% $492 million 4.78% 2022 $423 million 8.48% $501 million 1.83% 2023 $439 million 3.77% $521 million 4.05% 2024 $423 million -3.49% $555 million 6.57% 2025 $466 million 9.92% $572 million 3.04% Source: Federal Deposit Insurance Corp. F O C U S BANKING & FINANCE

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