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Greenfield Savings Bank’s State House Visit Emphasizes Collaboration

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Features Special Coverage

Back on the Bus

Secretary Eric Paley says Massachusetts will not thrive as it should unless all regions of the Commonwealth, from the 413 to the 617, are doing well.

Eric Paley calls it “one of my biggest concerns — maybe my biggest concern that keeps me up at night.”

Specifically, “we have a very robust economy, but there’s tremendous economic dispersion. So how do we handle the fact that we have this K-shaped economy throughout Massachusetts?” said Paley, Massachusetts’ secretary of Economic Development, using a term for an uneven growth environment where different segments of the economy or population experience different outcomes.

And in grappling with that question, he knows he’s accountable to not only dozens of sectors, but 351 municipalities.

“The people on the ground, they’re the ones who know what matters in their community,” he went on. “So we can’t sit here thinking we know all the answers to solving the problems in those communities.”

In the spirit of mutual education, communication, and collaboration, Greenfield Savings Bank hosted its third annual bus tour to the State House on June 3, bringing about 50 regional business and nonprofit leaders to Boston to speak with legislators and department and committee chairs about economic development, discuss issues ranging from housing to clean energy to transportation, and hear about the legislative process that moves the needle on all of it.

The importance of those “people on the ground” is why Paley conducts roundtables in local communities, he said, in addition to the one that came to him on this occasion, as he gave the main address over lunch in a Senate meeting room.

“It’s why I want to talk to the bankers — because the bankers tend to invest in and support businesses that, on paper, make no sense whatsoever. It’s because they know the people, and they’re willing to commit and support those people,” he said. “Sometimes people have misconceptions about bankers, but community banks step up in ways that are extraordinary, and I see it all the time.”

Tara Brewster, Greenfield Savings Bank’s vice president of Business Development and director of Philanthropy, said the annual trip keeps building on previous successes.

“We have new people on the bus each year, making meaningful connections with each other in the 413 as we travel to the 617, to the State House, to make meaningful connections with the elected officials there,” she told BusinessWest on the ride home. “We heard from so many amazing elected officials, senators, representatives, chairs, all listening about how they want to help all of Massachusetts strengthen each other.

“We have amazing elected officials, and we know they do the hard work every day, every week, every month, to really champion us in Western Massachusetts, and it was time for us to start doing some of our own heavy lifting for them,” Brewster added, describing how the annual trip came together two years ago. “So this has been such an incredible trip, so meaningful, toward collaboration, friendship making, bridge building, and convening of Western Mass. constituents, both nonprofit and for-profit.”

“The people on the ground, they’re the ones who know what matters in their community. So we can’t sit here thinking we know all the answers to solving the problems in those communities.”

Paley pointed to a February report by JPMorgan Chase & Co. that surveyed business owners nationwide. Among Massachusetts employers, positivity about their own business was well above the national average, but when asked about the overall economy, they were much less positive than the national average.

“When I go to groups of business owners, a lot of people start shaking their heads and tell me, ‘I worry about it.’ But why are we so negative?” he went on. “I think some of it is, we are disproportionately affected by a lot of the federal policies today. The whole country’s felt a lot of volatility around this. You think of something like tariffs — we are a very heavy exporter of money. That doesn’t explain it alone, but that is key.

“Then there’s immigration — we are a top five immigration state. I didn’t know that we have more immigration per capita in Massachusetts than Texas does; that kind of blew me away. But as we’ve seen ICE crackdowns and all this anti-immigration stuff, the sense that people can’t get visas, borders are closed … I think that’s created a lot of anxiety. Some people are not coming to work because they’re so worried about raids.

“And then the biggest one that I think is unique to us is our research economy, which is a huge engine of our overall economy,” Paley explained. “We get more federal research dollars than any state in the country, and there’s been a huge cutback in federal research. So a lot of the universities are really struggling. UMass is a really great example of that, but every major research institution has massive uncertainty.”

Developing Matters

Peter Albero says legislators have responded positively to Greenfield Savings Bank’s annual bus trip.

In another session on June 3, Carole Fiola, House chair of the Joint Committee on Economic Development and Emerging Technologies, addressed a number of topics, including the importance of both collaboration and persistence when it comes to getting things done — because no projects move as quickly as their proponents would like.

As one example, she cited South Coast Rail, a $1 billion project connecting Boston and Southeastern Mass. that was 30 years in the planning and development before coming to fruition last year.

“With 351 cities and towns, everyone wants the attention of the administration; everybody wants that infrastructure grant, right?” Fiola said. “So you’ve got to be focused, you’ve got to have a good message, you’ve got to have an idea of how the funding streams can work, and the private-public partnerships that would be needed.”

Especially over a 30-year timeline, she added, “administrations change. Some of the community leaders change. And as elected officials move and change, priorities can change — but if your priority hasn’t changed, you’ve got to stay with it. I can’t repeat that enough because, finally, after 30 years, it happened.”

Later, Secretary of Housing and Livable Communities Juana Mattias said constituents need to bring similar energy and persistence to matters like housing stock, which has become a serious concern for communities of all sizes across Western Mass.

“Showing up to those town meetings, showing up to those discussions and saying, ‘this is where the business community stands,’ ‘this is where the nonprofit community stands,’ writing op-eds in your local newspaper, all makes a huge difference,” Mattias noted. “We have to organize and understand, who are the partners at the state level, at the regional level? What are the stories we’re bringing to the forefront?

“It’s reminding [state and local leaders], ‘you had an opportunity to raise your family. Your kids had an opportunity to leverage the public school system. What we want to do is make sure that other people have the same opportunity.’ It has huge implications on our ability to remain the state that we are. So organizing and leveraging your voices is critically important.”

Others who spoke to the bus trip participants included state Sens. Jo Comerford and Barry Finegold and state Rep. Lindsay Sabadosa, and the day concluded with a tour of the State House. But the liveliest conversation emerged from Paley’s talk, which touched on everything from Community One Stop for Growth, a streamlined application portal and collaborative review process of grant programs, to a recent effort to lower LLC filing fees for small businesses.

“We are a global competitor. People don’t even realize, if Massachusetts were a country, we would be the fourth most productive economy in the world by GDP per capita,” he said. “So we want to attract global investment. We get a lot of it anyway, but we need to really build business development programs and activities around this.”

He also touted a ‘one Massachusetts’ model, noting that “people in Greater Boston need to understand Boston ultimately will not thrive if the whole state is not thriving. The rest of the state also needs to appreciate it; if the region inside 128 or 495 is not thriving, the rest of the state won’t. We are one state.”

“We have amazing elected officials, and we know they do the hard work every day, every week, every month, to really champion us in Western Massachusetts, and it was time for us to start doing some of our own heavy lifting for them.”

Paley also discussed continuing conversations around affordability in Massachusetts and how that affects outmigration, and, as a related matter, the importance of talent capture amid all that movement. “We think we have the best talent engine in the world,” he noted, “but a disproportionate percentage of it leaves.”

Keeping the Conversation Alive

State Sen. Jo Comerford addresses a gathering of about 50 Western Mass. business and nonprofit leaders at the State House.

A former venture capitalist who shifted to a career in public service, Paley said he’s constantly learning new things every day, and those emphases on learning, communication, and listening framed a busy day in Boston for the Western Mass. contingent.

“I’m learning stuff I’ve never seen before, being challenged in ways I’ve never been before,” he said. “I literally feel like the limit might be my capacity to learn as fast as I want to learn. I remember feeling like that in college, wishing there was a way to inject the knowledge. I feel that way again. It’s been incredibly exciting and challenging.”

Peter Albero, president and CEO of Greenfield Savings Bank, said he hoped all the guests on the bus trip embraced the same spirit of learning and collaboration.

“We think it’s important for Greenfield Savings Bank to bring all these organizations in Western Massachusetts to Boston to voice their concerns and hear directly from the legislators about what they’re doing to address those concerns,” he told BusinessWest.

“We think, as a community bank, one of our main missions is to bring the community together, and we think this is one of the best ways we can do it,” he added. “This is our third year in a row doing this, and when we talk to legislators, they think it’s important for us to continue to do this year in and year out. So we’ll be back next year and in the years to come.” 

Under New Leadership, Greenfield Savings Bank Forges Ambitious Plans

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Peter Albero, left, takes the reins from Tom Meshako on April 1.
Banking and Financial Services Special Coverage

Time of Transition

Peter Albero, left, takes the reins from Tom Meshako on April 1.

Peter Albero, left, takes the reins from Tom Meshako on April 1.

 

As Tom Meshako remembers it, by the time he was done interviewing Peter Albero, he was convinced the latter was not only his best candidate to become CFO and treasurer at Greenfield Savings Bank, but also a possible successor when he moved into retirement in a few years.

“I thought we had a lot of similarities — we felt the same way coming from a public institution; we came here for the same reason, the right reason,” said Meshako, noting that, like Albero, he came to GSB to be in a mutual bank setting and in a position to give back to the community it was serving.

Albero, who came to GSB from Salisbury Bank in Connecticut after it was acquired by NBT Bank, added that, “as a community bank, we didn’t do a lot for the community, because we had to pay dividends to shareholders. “I wanted to work at an institution where we could give back to the community instead of giving to shareholders.”

Meshako’s initial thoughts back in the summer of 2023 turned out to be prescient, as Albero prevailed in nationwide search last year for a successor to Meshako, who will retire to Florida in the spring.

Albero, who will take the helm on April 1, does so at an intriguing time in the bank’s history — although he says the banking industry is “always interesting.”

Indeed, the institution is expected to reach $1.5 billion in assets in the first quarter of 2026, an important milestone and another threshold as GSB continues its quest for an all-important commodity in the banking industry — size.

“I wanted to work at an institution where we could give back to the community instead of giving to shareholders.”

“Scale matters, and our goal is to continue to grow our loan book without increasing our head count and become more efficient,” said Albero, noting that much of the bank’s growth has come on the commercial lending side.

Meanwhile, the bank will cut two significant ribbons in the coming weeks. One will be at the renovated Leavitt-Hovey House next door to the bank’s headquarters on Main Street in Greenfield, and the other will be at its latest branch, a key piece in a massive redevelopment project at the site of the former Tasty Top in Easthampton.

The former is a nearly $7 million initiative that will transform the landmark, built in 1797 and home of the city’s public library between 1909 and 2023, into a home for the bank’s trust and wealth management, residential lending, and cash management teams.

GSB’s ‘southern headquarters’ in Easthampton is slated to open within the next several weeks.

GSB’s ‘southern headquarters’ in Easthampton is slated to open within the next several weeks.

The latter is a $7 million investment that marks the bank’s latest and boldest effort to “move south and east,” as Albero put it, meaning into Hampden and Worcester counties, and beyond the bank’s historic base in Franklin and Hampshire counties.

And as the bank continues this expansion east and south, the ‘community’ it serves has become much larger, noted both Albero and Meshako, adding that GSB has responded accordingly, increasing its charitable giving from $300,000 when Meshako started at the bank a decade ago to $1.2 million last year, with that number expected to move higher as the bank continues to grow.

“Tom and I both agree that, if the bank does better, the communities can do better,” Albero said. “When you move into a community, you have to support that community and its nonprofits.”

For this issue and its focus on banking and financial services, BusinessWest talked with Albero and Meshako about the transition in leadership at GSB and what’s in the broad business plan for this 157-year-old institution.

 

Purposeful Journey

Albero spent the bulk of his career in a setting far removed from rural Greenfield — New York City.

He spent 26 years in senior roles in the financial controller group at Morgan Stanley and also worked as a risk advisory consultant at PricewaterhouseCoopers. Desiring a change from the Big Apple, he joined Salisbury Bank & Trust in Connecticut as CFO.

He did that for six years before Salisbury was acquired by NBT Bank in 2023, prompting him to seek another significant career change, this time in the mutual bank setting.

“Tom and I both agree that, if the bank does better, the communities can do better.”

“Salisbury Bank was a community bank, but it was public,” he noted. “We found that it was very hard to grow as a public bank, trying to compete with much larger institutions, when you’re focused on growth and earnings quarter over quarter.”

While Albero was chosen as GSB’s new CFO in early in 2023, he stayed with Salisbury until the merger with NBT had been finalized before coming to Greenfield, a wait Meshako was willing to endure.

“I waited nine months for Peter to finish that transaction because I knew he was the person I wanted,” he recalled. “We seemed to be on the same page, and I kind of knew he was the person that would be taking my position when I retired; I knew he’d make a great candidate.”

As he takes the helm, Albero will be focused on keeping the bank on a strong growth trajectory, a pattern that has emerged “organically and safely,” and continued in 2025, with roughly 6% growth.

“Sometimes, when you try to grow your portfolio, you’ll do a little higher risk rating, but we didn’t — we stayed with high-quality customers while also moving more south,” Meshako said, adding that the move to open a branch in Easthampton is the latest and boldest manifestation of this strategy.

The renovated Leavitt-Hovey House will become home to the bank’s trust and wealth management business, residential lending, and cash management teams.

The renovated Leavitt-Hovey House will become home to the bank’s trust and wealth management business, residential lending, and cash management teams.

Actually, this will not be just a branch, Albero said, referring to it instead as the bank’s “southern headquarters.”

Indeed, the facility, due to open its doors later this month or early in April, will include a commercial lender, a wealth management and trust services representative, and a residential lender, as well as the branch, he noted, adding that it will serve as a staging point, if you will, for continued growth in Hampden County, in all facets of banking, but especially commercial lending.

Indeed, where once the bank’s commercial portfolio had 50% to 60% or more of its originations in Franklin County, that number is now less than 25%, a nod to both slow growth in the Greenfield area and the bank’s pursuit of business east and south of its traditional base.

“We have a lot of borrowers in the Springfield market, and they refer other borrowers to the bank because of our ability to get the deals closed,” Albero said. “And we have some other borrowers more toward Worcester, and they refer more borrowers to our commercial team for the same reason.”

Meanwhile, with assets now approaching $1.5 billion, GSB has expanded its sweet spot when it comes to commercial loans, its niche now being the $3 million to $7 million range, where it was once $1 million to $3 million.

“That’s another way that you can grow, not just doing more loans, but larger loans as well,” Meshako said, adding that this higher ceiling creates many more opportunities to do business across the region.

 

Points of Interest

When asked about plans for further expansion beyond Easthampton and when and where that might take place, Albero said there was nothing on the drawing board yet.

Indeed, the bank is focused on its two large investments — the Easthampton facility and the renovated Leavitt-Hovey House — and assimilating those into the corporate portfolio.

“We have a lot of borrowers in the Springfield market, and they refer other borrowers to the bank because of our ability to get the deals closed.”

“Our plan is to make sure that Easthampton becomes profitable very quickly,” he noted. “We’ll continue to evaluate the markets, but we’re not going to jump in immediately. We have a lot to digest from a cost perspective.”

Renovation of the Leavitt-Hovey House represents a different kind of investment in the community — not a check to a nonprofit, but the restoration and reuse of a city treasure, Meshako said.

“If we didn’t buy it, I think it would have sat in the state that it was in and continue to deteriorate,” he said. “This is something we did to help the city of Greenfield and create some tax revenue. We needed additional space, and we were looking for some place to build or possibly buy, and we thought that renovating the Leavitt-Hovey House would help this whole corner of downtown.

“We’re bringing it back to its original luster,” he went on, referring to the color scheme from the 1950s, when the home was placed on the National Register of Historic Places, adding that the facility is slated to open late this month or early in April.

Peter Albero says GSB’s overall growth strategy involves moving “south and east.”

Peter Albero says GSB’s overall growth strategy involves moving “south and east.”

As for Easthampton, the leaders at GSB saw that community as the logical spot for its southern expansion. That city is similar to Greenfield in many ways — a former manufacturing hub that is reinventing itself as a center for the arts and hospitality, especially in renovated mills — but it also neighbors thriving Northampton, a city where the bank already has a presence.

“There’s been quite a resurgence in Easthampton,” Meshako said. “That whole mill district just took off, and it has helped the whole downtown. The city continues to prosper, and we decided that this is where we wanted, and needed, to be.”

As for the former Tasty Top site itself, plans call for a Starbucks, a steak restaurant, housing, and other developments that should bring foot traffic — and additional business — to the bank.

Continued growth is important to GSB, as it is to all banks, said Albero, as the cost of doing business continues to rise on many fronts, and institutions seek economies of scale.

“Technology costs continue to rise, and it’s difficult, also, to attract employees, particularly where we are in Western Massachusetts, so you ending up paying higher salaries to attract individuals,” he explained. “We find that’s it’s challenging. Every time you continue to grow, you can’t just continue to add head count; you must become more efficient, but the technology costs to do that are very expensive.”

And while the bank plans to continue to grow organically and safely, as Meshako mentioned, it will explore options for acquisitions as well.

“We will consider M&A transactions, but we will be the acquirer,” he told BusinessWest. “But our focus over the next three years is on efficiency, increasing our earnings, and boosting our capital so we have a long runway for organic growth. And while we’re doing that, we’ll keep an eye on the M&A market; if the opportunity is there, we’ll take advantage of it.

“We’ll keep our options open,” he went on, adding that this might be considered the overall game plan moving forward for an institution that it is in a time of transition — in many different ways.