Avidia Bancorp appoints Michael Gilles to board of directors

HUDSON, Mass. - Avidia Bancorp, Inc. (NYSE:AVBC), a $306 million market cap regional bank currently trading near its 52-week high of $15.99, announced Thursday the appointment of Michael "Mike" Gilles to its Board of Directors and to the Board of Directors of Avidia Bank, effective immediately.

Gilles brings over 45 years of community banking experience to the position. Prior to establishing a bank consultancy practice in 2024, he served as Executive Vice President, Chief Operating and Financial Officer of Cambridge Financial Group, Inc., the holding company for Cambridge Savings Bank in Cambridge, Massachusetts.

"We are thrilled to have Mike join our Board as we transition to a public company," said Michael Murphy, Chairman of the Board, in a press release statement. According to InvestingPro data, the bank faces some financial headwinds with negative earnings in the last twelve months, making Gilles’ extensive financial experience particularly valuable.

Gilles, a native of Hudson where Avidia Bank is headquartered, has held executive positions at several Massachusetts mutual and public banks throughout his career. His expertise spans financial management and reporting, internal controls, asset/liability management, investment portfolio management, mergers and acquisitions, credit administration, and risk management.

A Certified Management Accountant, Gilles earned a bachelor’s degree in accountancy from Bentley University and is a graduate of the Stonier Graduate School of Banking.

In addition to his consulting work, Gilles serves as Treasurer and director of the Bay State Federal Savings Charitable Foundation. He has held advisory roles at the Massachusetts Bankers Association and the Federal Home Loan Bank of Boston, and is a past President of the Financial Managers Society, Boston Chapter.

Avidia Bank is a Massachusetts-chartered stock savings bank headquartered in Hudson, with nine full-service banking offices in western Middlesex County and eastern Worcester County. With current revenues of $73.7 million and a Fair financial health rating according to InvestingPro, the bank continues to expand its presence in the region. Unlock detailed financial analysis and 8 additional ProTips about AVBC with an InvestingPro subscription.

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