Daly Announced as CEO of Pittsfield Co-op
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PITTSFIELD, Mass. — Pittsfield Cooperative Bank has named Michael P. Daly its chief executive officer. A friend and customer of the institution since the 1980s, Daly will help develop strategies for ongoing success.
"Pittsfield Cooperative Bank appreciates Mike's willingness to step in and assist us," said Board Chair John J. Martin Jr., partner at Martin Hochberg & Cianflone. "We look forward to his help in creating and executing a thoughtful plan for the future and continued profitability."
A Pittsfield native and Berkshire resident, Daly said he is motivated to step out of retirement because of his deep roots and friendships in the community and at the bank.
"This arrangement wouldn't be happening if it wasn't in Pittsfield, Mass., and with Pittsfield Cooperative Bank," Daly said. "I have had a long history with the bank, and I am thrilled to return and build on the success of this community bank."
It was announced last week that Jay Anderson, CEO for 15 years, was stepping down for health reasons.
Previously, Daly was chairman, president and CEO of Berkshire Bank in Pittsfield. He began his career there in 1986 as a commercial lender. The bank went public in 2000. In 2002 he ascended to president and CEO. During his 16-year tenure, he grew the bank from approximately $1 billion in assets to a company with over $12 billion in assets.
"I loved my time at Berkshire," Daly said. "I will always be grateful to my board members and all of the employees for what we shared and accomplished in the community." Now, he said, "The chance to return to my hometown with a community bank is a really compelling opportunity."
Co-op Bank is one of the oldest cooperative banks in the commonwealth of Massachusetts and has $400 million in assets. With a capital ratio of 16 percent it is one of the strongest in Massachusetts, and has achieved record earnings four out of five of the last fiscal years. Last year, Pittsfield Co-op commemorated its 135th anniversary with a new logo, website, branch signage, branch location, deposit and lending promotions, and digital infrastructure and technology.
"The spirit of a community bank is its connection to employees, local customers and the community," Daly said. "That's what I'm looking forward to most."
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