Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and over $7 billion in assets, announced that Daniel Carey has been promoted to Senior Vice President, Chief Financial Officer (CFO). Previously the Head of Finance and Accounting, Carey has been with the bank since 2022 and has nearly 16 years of progressive experience working in the banking and accounting fields. In his new role, Carey will oversee a wide array of financial functions, providing leadership, financial reporting guidance, and financial compliance while positioning the bank for continued growth and success.
More specifically, Carey will lead a highly skilled financial team, including the accounting, treasury and financial planning groups. As a key partner to various business units, Carey will provide essential insights to ensure that financial goals, capital management and profitability are aligned with the bank’s broader business strategies and customer experience objectives.
"Since joining Cambridge Savings Bank earlier this year, I have been committed to strengthening the already solid financial foundation while driving innovation to better serve our customers and community," said Ryan Bailey, President and CEO at Cambridge Savings Bank. "Promoting Dan Carey to Chief Financial Officer is a key part of the strategy. His leadership, deep understanding of our financial operations, combined with his people-first attitude, will help us continue achieving our goals and enhancing customer satisfaction."
Over the last few years, Carey’s extensive background has been instrumental in driving deposit growth and balancing financial performance with business goals at CSB and its online banking division, Ivy Bank (Ivy). As CFO, he will also play a crucial role in managing the financial operations of Ivy, integrating its performance with CSB’s broader objectives.
"With a near 200-year history, Cambridge Savings Bank is a staple in the greater Boston area, along with a national reach in deposits from our digital bank, Ivy. It is a privilege to lead a high-performing finance team that is so deeply invested in our customers and community," said Carey. "As Chief Financial Officer, I am dedicated to ensuring our financial operations are both robust and forward-thinking, with a keen focus on strengthening our balance sheet, maintaining regulatory compliance, and driving profitability. I look forward to delivering on our commitment to provide exceptional value to those we serve."
Before joining CSB as Controller in 2022, Carey held the role of Controller at two different publicly traded banks in greater Boston overseeing financial reporting, accounting operations and profitability. Carey began his career as an auditor in public accounting, where he developed his expertise in auditing and financial controls.
Beyond his professional achievements, Carey’s focus on service is evident in his role as a board member of Veterans Legal Services. In this capacity, he actively contributes to initiatives that provide critical civil legal aid to economically disadvantaged military veterans in Massachusetts. These efforts focus on homelessness prevention and access to financial and medical benefits.
Under the leadership of its newly appointed President and CEO, Ryan Bailey, CSB has made significant changes to its executive team this year. Within the last six months, the bank has also promoted Ian Brandon to Chief Commercial Banking Officer and Kevin McGuire to Chief Operating Officer. Additionally, Angela Conti has come on board as Head of Consumer and Small Business Banking while Christopher Johnson joined as Chief Information Officer.
These staffing changes underscore the bank’s commitment to fostering an organizational culture that embraces diverse perspectives, pushes limits, and sparks transformative change in the pursuit of advancing financial well-being for its customers and the community.