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September 4, 2025

Norway Savings promotes from within for chief risk-officer role

By Alexis Wells

Norway Savings Bank has promoted Dawn Mugford as senior vice president and chief risk officer. 

Mugford succeeds Carolyn Thomas, who is transitioning into a new role as senior vice president and credit and special assets officer, effective at the end of the year.

Photo / Courtesy Norway Savings Bank
Dawn Mugford

Mugford joined Norway Savings Bank in January as senior vice president of risk. Mugford has more than 20 years of expertise in risk management, audit and quality assurance in the financial sector.

“Risk management is always different and interesting,” said Mugford. “It’s trying to figure out what could possibly go wrong and being prepared for it in the best way possible to support our customers and the communities in which we serve. In my time at NSB, it’s clear that the great culture and reputation it has in the financial industry and beyond is well earned, and I’m looking forward to working with this amazing team in my new role.”

Prior to joining the Norway Savings, Mugford served as executive vice president and chief risk officer at Rockland Trust Bank in Rockland, Mass., and as senior vice president and director of operational risk management and corporate securities and investigations at Eastern Bank in Boston. She has also worked in the areas of risk, audit and due diligence for TD Bank in Canada and the U.S.

Mugford received her bachelor's degree in business administration from Wilfrid Laurier University in Ontario, Can.

She has volunteered for several organizations, including the American Red Cross, United Way, Junior Achievement, the Maine Cancer Society, DOVE and the Parkrun movement. She was recently recognized as one of the “Top 50 Women Chief Risk Officers of 2024” by Women We Admire. 

Norway Savings Bank has 24 branches and was ranked No. 7 among the largest Maine-based banks, based on assets of $1.83 billion on June 30, 2024, according to the 2025 Mainebiz Book of Lists.

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