Banking group taps Mass. banker as new chairman

Banking group taps Mass. banker as new chairman

The banking industry’s voice in Washington tapped a Massachusetts banker as its new chairman.

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The American Bankers Association (ABA) elected Dorothy A. Savarese as chairman for the 2016-2017 association year, the group announced Tuesday morning.

Savarese is the chairman, CEO and president of Cape Cod Five Cents Savings Bank, a $3 billion institution based in eastern Massachusetts. She replaces former chairman R. Daniel Blanton, chairman and CEO of Georgia Bank & Trust.

“Banks play such an important role in driving our economy and creating strong communities for our customers,” Savarese said in an ABA release. “It is a great privilege to be elected as ABA chairman and serve the men and women who support and depend on America’s banks.”

Savarese the second woman to chair ABA it its 142-year history, and the first since Virginia banker Elizabeth Duke held the role from 2004-2005.

Savarese joined Cape Cod Five Cents Savings Bank in 1993 as a part-time commercial lender. She became the bank’s first woman CEO and has served on the Federal Deposit Insurance Corporation’s Advisory Committee on Community Banking.

“Dorothy’s sustained dedication to the industry and her long-standing commitment to her community is immeasurable,” said Rob Nichols, ABA president and CEO. “Her demonstrated leadership and expertise will be a tremendous asset to ABA’s board.”