Dorothy Savarese, CEO of Cape Cod Five Cents Savings Bank. Photo courtesy of American Bankers Association.
Dorothy A. Savarese has been elected chairman of the American Bankers Association for the 2016-2017 association year. She is also the chairman, CEO and president of Cape Cod Five Cents Savings Bank, a $3 billion mutual institution based in Orleans, Mass. Ms. Savarese's election was reported in an October 18th release from the American Banker's Association.
“Banks play such an important role in driving our economy and creating strong communities for our customers,” said Savarese. “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’s banking career spans more than 20 years. After teaching credit analysis and working in economic development, Savarese joined Cape Cod Five Cents Savings Bank in 1993 as a part-time commercial lender. Later, she served as senior vice president and director of product planning, and in 2004 was named COO of the bank.
“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.”
Savarese has held a number of leadership positions within the industry, previously serving as chairman of the Massachusetts Bankers Association, where she led the development of the state’s first-ever women in banking conference. She also has served on ABA’s Community Bankers Council and Mutual Institutions Council and on the FDIC’s Advisory Committee on Community Banking.
In these roles, Savarese has advocated extensively for the empowerment of women in banking and for the success of community banks and the neighborhoods in which they serve.
In addition to her extensive background in financial services, Savarese is involved in several civic and social service organizations, previously serving as chairman of the Cape Cod Chamber of Commerce. She serves as secretary of Cape Cod Community College and as a board member of Gosnold, an addiction treatment center on Cape Cod.
Savarese graduated from Thomas More College and received her MBA from Suffolk University.
She is the first woman to serve as CEO of Cape Cod Five Cents Savings Bank in its more than 150-year history, and is the second woman elected as ABA chairman following Virginia banker Elizabeth Duke who was chair in 2004-2005.
Savarese succeeds outgoing ABA chairman and CEO of Georgia Bank & Trust, R. Daniel Blanton.
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.