After an impressive career spanning four decades in financial services, Randal Webber, president of Cornerstone Bank, says he’s ready to spend more time with his family. Webber plans to retire early next year.

“What I will miss most are the fantastic people,” said Webber, who’s been with Cornerstone Bank for 16 years. “They are the reason I stayed so long. Banking has gone through great transitions, but what I’ve found most rewarding is watching people around me grow into leadership positions.”

While he’ll be stepping down from his current position at the bank, Webber plans to stay involved in operations as a member of the Cornerstone Bank board of directors just as the bank merges holding companies with Holyoke-based PeoplesBank.

“The merger is exciting and that drives me to want to stay involved,” said Webber. “I absolutely love the strategic aspect of what I do, so this change will keep me engaged in Cornerstone’s growth.”

Webber started his role as President of Cornerstone Bank four years ago after serving as the Executive Vice President, Chief Operating Officer, Chief Lending Officer. He previously worked as chief lending officer at SpencerBANK before it merged with Southbridge Savings Bank in 2016 to form Cornerstone Bank. Over the last decade, Webber has helped facilitate significant growth of the bank’s commercial and retail service and operations.

“I’m excited for Randy as he embarks on this new chapter, but we will miss him tremendously,” said Cornerstone Bank CEO Todd Tallman. “He’s played a critical role in helping us honor our commitment to the well-being of our community and our customers. His banking insights are invaluable, and so is his ability to foster the professional development of our team.”

Webber says his departure is bittersweet, but he is most excited to spend more time with his grandchildren and hone his skills on the golf course. “I love that I can feel good about the track Cornerstone is on right now. When I’m gone, I know the team will continue to thrive and take community banking to new levels, and that’s the best feeling of all.”

Cornerstone Bank has donated $2,500 to the Worcester County St. Patrick’s Day Parade Committee in support of this beloved local tradition. This year’s parade will take place on Sunday, March 16. It kicks off at noon from the corner of Park Avenue and Mill Street. The parade route is approximately 2 miles long.

“We’re delighted to help support this popular annual tradition that has been enjoyed by so many in our community for more than four decades,” said Cornerstone CEO Todd Tallman. “It’s a great, family-friendly opportunity for the residents to come together to have fun and celebrate St. Patrick’s Day.”

Ample free parking is available at the end of the parade route at Doherty Memorial High School, 299 Highland Street, Worcester. Shuttle buses will be running every 10 minutes from the high school to the assembly area for parade participants. On-street parking on side streets may also be available where permitted.

Altaf Ahmed, executive vice president of retail banking at Cornerstone Bank, shared his insights into the ongoing power of in-person banking in the digital age for this article in the Worcester Business Journal: Brick & mortar: Central Mass. banks are standing behind the power of in-person banking.

Cornerstone Bank is donating $5,000 to an organization created in memory of a heroic police officer in Worcester who died trying to save a boy from drowning. The Manny 267 Foundation raises funds to donate flotation devices, known as “Manny Tubes,” to police departments nationwide.

In June of 2021, Officer Emmanuel “Manny” Familia, whose badge number was 267, responded to a 911 call reporting the drowning of 14-year-old Troy Love in Green Hill Pond, Worcester. Tragically, neither Officer Familia nor Love emerged from the water alive. The officer’s family created the foundation to raise awareness about drowning hazards and the importance of water safety for first responders and the community. 

“Officer Familia was a hero who selflessly paid the ultimate sacrifice for his bravery,” said Cornerstone Bank CEO Todd Tallman. “We are humbled to be able to support the Manny 267 Foundation’s work to prevent tragedies like the one that shook our community in Central Massachusetts.”

Each of the yellow, 40-by-5-inch flotation tubes, which feature Familia’s name and signature, can support the weight of five people during a water emergency. Money raised by the foundation also funds water safety training for officers and swimming lessons for children, in hopes of preventing such tragedies from occurring again.

“It’s remarkable how this organization has turned a heartbreaking situation into a positive act to support children and officers across the country,” said Tallman. “We are honored to be a part of this tribute to Officer Familia’s life and legacy.”

Cornerstone Bank is inviting high school students who are interested in pursuing studies in business or finance to apply for the Bank’s 2025 scholarship program. Cornerstone is awarding $2,500 scholarships to 16 students who best demonstrate achievement in academics, extracurricular activities and community involvement. Applications are being accepted through April 8, 2025.

“It’s always inspiring to hear fresh ideas from young people interested in pushing our industry forward,” said Cornerstone CEO Todd Tallman. “The more we support and invest in these teenagers now, the brighter the future will look for all of us.”

Applicants must submit an official transcript and GPA from their guidance office and be on track to graduate high school in 2025. They also must provide a one-page typed essay based on the following prompt:

Describe your career goals and the steps you are taking to achieve them. How will this scholarship help you overcome challenges and support your path to success?

Interested students should complete and submit the application found here: cornerstonebank.com/community/scholarship-form. Recipients of the scholarship will receive funds after successful completion of the first college semester, and upon presentation of an official copy of the first-semester transcript and second-semester bill.

Cornerstone Bank is donating $5,000 to She’s Local, an organization working to empower women through local events that support, connect and inspire participants. The money goes toward the group’s Central Massachusetts Conference for Women on May 15, 2025, at the AC Hotel by Marriott in Worcester.

“Our employees have gained so much insight from the conference in past years and we look forward to many more,” said Cornerstone Bank CEO Todd Tallman. “We all rise together, so supporting our female colleagues makes us all better and positions us to best serve our clients.”

Every year, She’s Local brings as many as 300 women together for what has traditionally been a sold-out event featuring compelling speakers and special guests. The conference connects the region’s vendors, sponsors, business owners and community leaders. In addition, the organization works to create affordable, lasting experiences for women throughout the year.

“At Cornerstone, we know women play a vital role in our economy,” said Tallman. “We’re grateful for the women in our own workforce and appreciate the resources She’s Local offers to support their professional growth and development.”

Cornerstone Bank has merged holding companies with PeoplesBank of Holyoke.

PeoplesBank and Cornerstone Bank have announced that they have completed the merger of their holding companies and will now operate under PeoplesBancorp, MHC, as of January 31, 2025. The holding company will have over $6 billion in assets. However, PeoplesBank and Cornerstone Bank will continue to operate independently under their own names and brands, and there will be no changes from a customer perspective. Both banks are adding new branches. Cornerstone Bank added a new branch in 2024 and expects to add another in the second quarter of 2025. PeoplesBank is opening two new banking centers in February.

“The banking industry is shrinking while becoming more competitive," stated Tom Senecal, Chairman and CEO of PeoplesBank, “and asset size matters for scalability. This new relationship means that with our mutual charter, we will realize a new ability to efficiently compete, as well as attract and retain the highest-quality associates, while also continuing to invest in our communities."

"This merger was always about the people—not only our employees but also the community," explained Todd Tallman, CEO of Cornerstone Bank. “It provides an immense opportunity to invest in people, communities, technology, and, of course, growth." 

With the completion of the merger, Thomas Senecal remains CEO and Chairman, Todd Tallman has become President, and Brian Canina has become the Chief Operating Officer of PeoplesBancorp, MHC, and will remain President of PeoplesBank.

Both institutions benefit from the combined financial strength of two strong community banks coming together to create one of the largest mutual multi-bank holding companies in the Northeast. PeoplesBank, serving western Massachusetts and northern Connecticut, and Cornerstone Bank, serving central Massachusetts, will each continue their normal operations with no disruption to customers. Both banks' account information, branch banking, and digital access remain the same.

Cornerstone Bank is pleased to announce the promotion of Joel Laureano to vice president, senior market manager, of its branch in Shrewsbury. The Paxton resident joined the bank in 2023 as an assistant vice president.

“Joel came to us with an abundance of experience gleaned over 30 years in banking institutions throughout the Commonwealth,” said Cornerstone CEO Todd Tallman. “He has demonstrated his commitment to our customers and community and played a pivotal role in the opening of our new Shrewsbury branch last year. His career path has given him the knowledge and tools to excel in building and maintaining strong business relationships with our diverse customer base.”

Prior to joining Cornerstone Bank, Laureano was an assistant vice president, branch officer, for BankHometown, as well as branch manager at Bay State Savings Bank and Citizens Bank. Earlier in his banking career, he worked for Bank of Boston as assistant branch manager.

Banking is about to become even more convenient in Worcester. Cornerstone Bank is excited to expand its reach to more customers with a new branch set to open in the Tatnuck neighborhood of Worcester this spring.

“We’re excited for this opportunity to meet more customers where they are,” said Cornerstone Bank CEO Todd Tallman. “We’re confident this new location will make banking easier and faster for those who live and work in the Tatnuck area.”

The property at 1125 Pleasant Street has been under renovation since Cornerstone purchased it last year. It is expected to open to the public in the spring of 2025 with services including a state-of-the-art drive-up video teller and ATM.

Cornerstone Bank is hiring for this new location.

As temperatures drop, Cornerstone Bank wants to help make sure residents have the tools they need to get through the coldest months. Cornerstone is donating $25,000 toward the Worcester Community Action Council’s Emergency Fuel Fund.

“We know the high price of fuel is making it difficult for families to stay warm as winter sets in,” said Cornerstone Bank CEO Todd Tallman. “That’s why we appreciate the Worcester Community Action Council’s work to make sure our neighbors are taken care of.”

The Emergency Fuel Fund helps homeowners and renters pay home heating bills and past due balances on utility bills incurred from November through April of each year. Income-eligible residents can apply for aid through the agency’s federally funded Low Income Home Energy Assistance Program. 

“As a community bank, we are committed to supporting causes that improve the quality of life for those around us,” said Tallman. “We hope this donation helps offer some relief to residents facing challenges trying to safely get through the winter.”