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November 21, 2023

Headshot of Gisela Margotta

Cambridge, Mass. – It is with great sadness and much regret that East Cambridge Savings Bank announces that Gisela L. Margotta, Executive Vice President, Chief Risk Officer, Information Security Officer, and Director of Internal Audit, passed away on Nov. 11 after a period of illness. Margotta was a longtime employee whose career spanned over three decades at the Cambridge-based bank. She was 61.

“We will all miss Gisela more than words can express,” said Tim Bombard, the bank’s President and CEO and a colleague of Margotta’s since 1999. “Gisela was a hardworking, dedicated, and conscientious leader who played a critical role in nearly every major decision that the organization has made since she became a member of senior management. She was a constant and steadfast presence and was extraordinarily committed to the safety and soundness of our organization. More importantly, Gisela was not just a co-worker but our good friend as well. She will be sorely missed, and all of us are keeping her family in our thoughts at this difficult time.”

“This truly is a sad time for the bank and for all who worked with and were fortunate to know Gisela,” said Joseph Amoroso, the Chairman of the Bank’s Board of Directors. “I knew Gisela since I became involved with the bank 30 years ago, and she always provided thoughtful guidance and insight. The work she did as Clerk of the Executive Committee was meticulous and thorough. Gisela was intelligent and possessed an incredible amount of institutional knowledge. I will remember her as someone who was selfless and was completely dedicated to the bank, to her coworkers, and to the communities we serve. She will be sorely missed.”

Margotta was an accountant at Deloitte, Haskins, and Sells and Wolf and Company of Massachusetts prior to joining East Cambridge Savings Bank in 1989. Her first role at the bank was comptroller, and she was promoted to assistant vice president in 1990 and vice president soon after in 1993. The breadth of her roles expanded as she was named treasurer in 1996 and chief risk officer in 2007. Margotta attained the rank of senior vice president and was named director of internal audit in 2011. In 2019, she was named executive vice president. In addition to her management roles, Margotta served as the clerk of the bank’s executive committee and was a corporator for 1854 Bancorp, the bank’s mutual holding company. Outside of her work responsibilities, much of Margotta’s time was dedicated to charitable and philanthropic causes. She was a board member of the Friends of the Cambridge Council on Aging and served as the organization's treasurer, and she served on the Somerville Homeless Coalition Board of Directors. She was a resident of Boston. 

In accordance with the wishes of Margotta’s family, the bank will make a donation to a nonprofit organization in Gisela’s memory. 

About East Cambridge Savings Bank:

East Cambridge Savings Bank is a full-service mutually held bank that is committed to be the preferred banking partner in the communities it serves. Established in 1854, the Bank strives to provide an exceptional customer experience and generous support for the community. Headquartered in Cambridge, the Bank has locations in Arlington, Belmont, Cambridge, Chelsea, Malden, Medford, Somerville, Waltham, and Woburn as well as an educational training facility at Cambridge Rindge and Latin School. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Depositors Insurance Fund (DIF), and is an Equal Housing Lender. 

Leo Gayne
Vice President, Public and Community Relations Officer
(617) 551-2353