CAMBRIDGE, Mass.–(BUSINESS WIRE)—Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $6 billion in assets, today announced the appointment of Michael Richardson to the role of Vice President, Relationship Manager, on the Asset-Based Lending (ABL) team. Richardson will be responsible for managing several of the bank’s ABL relationships while leveraging his vast network to identify and close on new lending opportunities. Additionally, he will support the team in crafting custom solutions to assist businesses with financing needs to support growth, recapitalization, working capital, and/or an acquisition, merger, or buyout.
With a decade of experience in the local banking industry, Richardson has established strong connections in the New England ABL industry. Reporting directly to Keith Broyles, CSB’s SVP and head of Asset-Based Lending, his strategic thinking and relationship-building skills will elevate the ABL teams’ portfolio management and business development initiatives.
“It is an honor to join a historic, local institution that has continuously set the standard for high-quality banking in Massachusetts,” said Richardson. “Cambridge Savings Bank’s nearly 200 years of success is a testament to its clear commitment to the customer and their unique financing needs. I am eager to contribute to the bank’s ABL team and establish a foundation of trust, respect, and integrity with both existing and prospective customers.”
Prior to his current role, Richardson served as a Portfolio Manager, Asset-Based Lending at Eastern Bank for nearly six years. Earlier in his career, Richardson gained experience working in the ABL division for a number of well-known banking institutions, including Key Corporate Bank, First Niagara Bank, and TD Bank. During his career, Richardson has managed a variety of account sizes and has underwritten loans to commercial, industrial, retail, and wholesale companies. This background leaves him well-positioned to provide value to CSB’s business and strategic partners throughout the Northeast.
“At CSB, we apply a relationship-centric approach to everything that we do,” said Broyles. “To uphold this commitment, we are strategic and thoughtful when making hiring decisions for positions that require direct communication and collaboration with our customers. I’m confident that Michael’s diligence, passion, and professionalism will greatly benefit both our team at CSB and the clients whom we are privileged to serve. With his support, we will continue to delight our customers while growing our ABL presence throughout Massachusetts and beyond.”
Richardson joins the nearly four-year-old ABL team, working closely alongside a specialized group of lenders with 150 years of combined experience. With more than $440 million in commitments provided to 34 different entities since 2019, the team will continue to progress steadily through strategic recruitment efforts and remain focused on the unique needs of each individual customer.
The hiring of Richardson underscores the bank’s commitment to fostering an organizational culture that embraces diverse perspectives, pushes limits, and sparks transformative change in the pursuit of advancing financial well-being for its customers and the community. For those interested in learning more about CSB’s dynamic, people-first culture and open roles, please visit cambridgesavings.com/careers.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $6 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business, and consumer customers. In 2022, CSB received an investment-grade rating from Kroll Bond Rating Agency reinforcing the bank’s position as a reliable business lender. To learn more about how CSB can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship. Member FDIC. Equal Housing Lender.
Image by: Business Wire