NEWBURYPORT — David Boudreau, a veteran commercial lender, was recently chosen to lead the Institution for Savings’ commercial lending division.
With more than 35 years of business banking experience, Boudreau joined Institution for Savings as vice president in 2006, according to a statement from the bank announcing Boudreau's new position. Prior to that he was vice president of commercial lending at TD Bank’s Newburyport office and previously held similar positions at Revere Federal Savings and Medford Savings Bank. He was promoted to senior vice president in 2014 and to senior commercial lender earlier this year.
Most recently Boudreau oversaw the bank’s Paycheck Protection Program (PPP) as part of the COVID-19 Affordable Care Act. To date, the Institution for Savings has originated more than $40 million in PPP loans.
President and CEO Michael J. Jones said, “We are very fortunate to have David managing our commercial lending division. Dave’s hands-on expertise in relationship development and portfolio management has been instrumental in the explosive growth of our commercial lending portfolio over the last decade. In particular, his recent management of our PPP and COVID-19 relief loan programs was greatly appreciated not just by me, but by so many of our commercial customers who were grateful for Dave’s guidance during a very challenging time.”
In the bank's statement, Boudreau said he was proud to work at the Institution for Savings, adding, "It is by far the best place I have worked over my 35-year banking career.”
“Our commercial lending staff works diligently each day to deliver competitive rates and prompt, professional service to our customers, while making sound lending decisions," he said. "I look forward to leading this talented team and am greatly appreciative of the trust Mike has placed in me to lead this department.”
Boudreau is a graduate of Boston College, holds a Master in Business Administration from Suffolk University in Boston and attended the New England School of Banking and New England Banking Institute. He is active in the community as treasurer of the Amesbury Rotary Club and as a money management volunteer for Elder Services of the Merrimack Valley. He is also on the board of the North Andover Scholarship Foundation and serves as a Finance Committee member of St. Michael’s Parish.
The Institution for Savings, based in Newburyport, has branches on Cape Ann at 37 King St. in Rockport, and 4 Parker St. in Gloucester.