Worcester Business Journal

wbjournal.com | March 9, 2026 | Worcester Business Journal 15 Please join us as we recognize the achievements of Worcester Business Journal's 2026 Business Leaders of the Year and Hall of Fame honorees! THURSDAY, MARCH 26, 2026 4:30 - 7:30PM • AC Marriott, Worcester Cost: $75. Pre-registration is required. | Dinner • Cash bar www.wbjournal.com/businessleaders RESERVED TABLES AVAILABLE. For info or to reserve a table email, kprosser@wbjournal.com. Small Business Neelu Mohaghegh Large Business Nick Haritos Innovative Business Nicolette Sacco Small Nonprofit Julie Bowditch Large Nonprofit Sean Rose Family Business The Vaccaro Family PRESENTING SPONSOR Hall of Fame Jeff Crowley & Carolyn Stimpson Hall of Fame Liz Hamilton Hall of Fame Kurt Isaacson Hall of Fame Polly Tatum BANKING & FINANCE F O C U S Sachs Jewelers in Shrewsbury is one of Bay State Bank's commercial clients, with the bank helping the business expand to a new Franklin location. Bay State's Pasquale and Gunsch (left) and President and CEO Seth Pitts (far right) pose with members of Sachs' staff. ulate and drive that economic growth," Pitts said. e bank's strength comes from being headquartered in Worcester, Pitts said, and the effort to grow its commercial op- erations is a continuation of its commit- ment to assisting local small businesses. "We have roots where others have branches, and I think that's something to be proud of," Pitts said. Regional financial institutions have been expanding their footprint in the last few years, and those with a local pres- ence tend to have a leg up in the market, said Christopher Rock, finance and cor- porate practice area leader at Worcester law firm Bowditch & Dewey. "Consumers, businesses, and custom- ers, particularly in Central Massachu- setts, are still looking for a partner who has a presence in their area," Rock said. Most of Bay State Bank's existing commercial banking portfolio has been investment real estate, Pasquale said, but since he joined the bank, he's worked with the team to expand its scope to better service businesses. Banking is an industry quite literally all about the money. But at Bay State, Pasquale said relationships govern the work, not formulas. Decision making is much smoother and less siloed than bigger institutions, he said. "What makes us better than others is our decision making is local," Pasquale said. "In my past career, it was not local. It's easier to walk down the hall and talk to somebody and make a decision right there on the spot. at's really the difference. "ere's no silos here. I'm happy to get away from that type of atmosphere," he said. Bringing up talent Hiring experienced talent is an uphill battle in the banking industry, which is why institutions looking to grow certain divisions like commercial loans will of- ten have to hire people away from other institutions; 93% of hiring managers in financial services are facing challenges finding skilled candidates, according to a 2025 study from Robert Half, a Califor- nia-based staffing and consulting firm. ese challenges are expected to persist for at least the next few years, as the space continues to grapple with AI and other disruptive technologies. "You want to start internally with your own people. Obviously you're always looking at candidates and externally, but I will say it's becoming harder and harder," Pasquale said. As Pasquale eyes the local talent pool, his preference is to upskill professionals already at Bay State. e addition of Gunsch and Pasquale has elevated the bank's employees, Pitts said. "ey have become immediate mentors and accelerators to our team members. We've seen people unfold and blossom under their leadership, and it's really a beautiful sight to see how we can encourage and inspire more people to be impactful innovators," Pitts said. Community focus ese talent acquisitions are part of a broader effort to double down on Bay State's 131-year history of being a resource for small businesses in the city, Pitts said. "We're just getting started," Pitts said. "We just had one of the best years in re- cent history, focusing on our core bank- ing and our core processes. We'll have more things to celebrate in the future." Part of that impact is for leaders like Gunsch and Pasquale to be out in the community, understanding its needs and how the bank can service businesses, Gunsch said. "Anthony and I are out at community events all the time, running into our cus- tomers," she said. "It just feels good when you're out there in the community, you see your customers, and they're very excited about a solution that we came up with together to support their business." WBJ Editor Brad Kane contributed reporting to this story. W

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