December 5, 2025 - Worcester, MA – Bay State Bank is pleased to announce the appointment of Richard Hayward, Jr., CPA as Chief Financial Officer (CFO). As CFO, Richard will be responsible for overseeing the Bank’s key finance and capital planning areas and will work closely with the Board and executive leadership team to execute the bank’s strategic initiatives. He will oversee all aspects of financial reporting, accounting, taxation, corporate treasury, and balance sheet management.
Richard is a seasoned banking executive and brings over 25 years of extensive financial leadership experience, having worked with a variety of highly regarded financial institutions and helping to lead them through periods of growth and operational excellence. Richard began his career at Wolf & Company, P.C., where he directed and led audit engagements for his client base of banks and credit unions across the region.
Throughout his career, Richard has championed economic empowerment and financial inclusion. His transition to Bay State comes at a great time, and the Bank’s leadership expressed deep enthusiasm for his appointment. "We are delighted to welcome Rich to Bay State Bank as our new Chief Financial Officer. With over two decades of experience helping lead some of the community’s most familiar names, Rich brings a wealth of expertise that will be instrumental as we continue to grow and evolve," said Seth A. Pitts, President & Chief Executive Officer. “His proven ability to drive performance and deliver value, while cultivating strong relationships with stakeholders, makes him an excellent addition to our leadership team. On behalf of the Board and leadership team, we welcome Rich to the Bay State team and look forward to working with him as we continue to execute our longer-term strategic plans and build on our great momentum.”
Richard holds a Bachelor of Science in Accounting from Merrimack College and is a Certified Public Accountant. Beyond his financial expertise, Richard remains an active community leader, supporting organizations and causes over the years, such as the Perkins School in Lancaster, WHEAT Community Connections, and the St. Vincent DePaul Society. A former Worcester Business Journal “40 Under 40” honoree, he continues to champion volunteerism, mentorship, and financial empowerment throughout Central Massachusetts.
“I’m thrilled to join the team at Bay State Bank at such an exciting time in our Bank's history. Today, Bay State Bank is a powerful community bank with a strong financial foundation and remains well positioned for the future. I look forward to partnering with the entire Bay State team to build on our success by driving organic growth and delivering exceptional value for our clients and communities.”
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Bay State Bank is a preferred financial institution committed to fueling the growth of businesses and individuals across Massachusetts. As the only bank headquartered in the “Heart of the Commonwealth,” Worcester, MA, Bay State Bank connects customers to success. For over 130 years, the bank has remained a trusted partner, delivering innovative commercial, business, and retail banking solutions. Bay State Bank’s tailored approach focuses on the principle of doing more together — helping communities thrive and empowering people to reach their financial goals.
Bay State Bank is ranked as one of America’s Best Regional Banks in 2025 according to Newsweek and remains highly rated with Bauer Financial. The bank is also recognized as the “Best Bank in Central Massachusetts” according to the 2025 Best of Central Mass Community’s Choice Awards. baystatebank.com
Dale Kline
AVP – Marketing & Public Relations
marketing@baystatebank.com
(508) 890-9027