REGION – The Board of Directors of Avidia Bank announced on Monday that President and CEO Mark O’Connell will retire in May of next year, capping a 35-year career with the bank.
O’Connell, a Certified Public Accountant, joined what was then called Hudson Savings Bank in 1988 as controller, eventually becoming Treasurer and Chief Financial Officer. He has served as President and CEO since 2004.
“I’m really proud of what we’ve all been able to accomplish at Avidia over the years,” O’Connell said as part of the board’s announcement. “It’s not just in our growth, but how we’ve been able to continue to be good citizens to help all members of our communities.”
In 2007, O’Connell oversaw the merger of Hudson Savings Bank and Westborough Savings Bank to create Avidia.
Under his leadership, Avidia has grown from a $120 million bank with two branches to a $2.3-billion full-service financial institution with nine branches.
A graduate of Salem State University, O’Connell serves as Vice Chairman and soon to be Chairman of the Massachusetts Bankers Association.
He is a board member of the Depositors Insurance Fund and past Chairman of the United Way of Tri-County and the Boys & Girls Club of Metrowest.
He was also instrumental in creating the Avidia Bank Charitable Foundation, which has provided more than $4.5 million in donations since its inception in 1997.
In preparation for O’Connell’s retirement, Avidia’s Board of Directors has begun an executive search for his successor.
“The Board is so grateful for Mark’s leadership, vision, and commitment over the years, which has made Avidia the strong financial institution we are today. We look forward to building on the foundation of success he helped build.”