Robert M. Mahoney, a former Citizens Bank executive, has been appointed president and chief executive officer of Belmont Savings Bank.
Mahoney, a veteran of the Massachusetts banking industry with more than 30 years of community banking experience, replaces W. Ronald Rossi, who is retiring after 17 years as the bank’s president and CEO.
Mahoney formerly served as executive vice chairman of Citizens Financial Group where he was responsible for commercial and New England banking, including oversight of Citizens’ state banks in Massachusetts, New Hampshire, Rhode Island, Vermont, and Connecticut.
Mahoney joined Citizens in 1993 as president and CEO of Citizens Bank of Massachusetts after serving 22 years in various domestic and international commercial and retail banking positions with Bank of Boston.
"Belmont Savings is extremely fortunate to attract a CEO with Bob Mahoney’s experience and respect throughout our region," said Robert J. Morrissey, chairman of the board of trustees. "Everybody in Boston’s business community knows Bob as a true civic leader and a genuine banking partner for all his customers. The fact that he shared our board’s vision for continued growth in the spirit of true community banking makes him the ideal leader for Belmont Savings’ future."
Aside from his banking experience, Mahoney holds several community leadership positions in Massachusetts. He serves on the board of the University of Massachusetts Amherst Foundation, is a member of the Archdiocese of Boston Finance Council and is immediate past chairman of the United Way of Mass. Bay board of directors and executive committee.
"Ron Rossi’s leadership and focus helped Belmont Savings to succeed during extremely challenging financial times. With emphasis on partnering with our customers, supporting our dedicated employees and serving our communities, Ron ensured that Belmont Savings remained a strong and stable financial resource for customers in this region," said Morrissey. "We are incredibly grateful to Ron for his service and wish him well as he enters retirement."
Rossi joined Belmont Savings Bank in 1970 and has served as the bank’s president and CEO since 1993.
"I am exceptionally proud of the work we have done to support our customers and the community during my years with Belmont Savings," said Rossi. "I offer my sincere thanks to our dedicated employees and to our loyal customers for their partnership and for their shared commitment to making Belmont Savings a successful, strong and trusted community bank."
"Leading a community bank of this stature, and one that is strong and stable, presents an ideal opportunity for me to re-focus on my passion for building a successful institution and helping business and consumers meet their financial needs," said Mahoney. "Over the course of my professional career, one of my most fulfilling experiences was growing a small community bank, much like Belmont Savings is today, into one of the most successful financial institutions in the Commonwealth. I look forward to working with the employees and customers of Belmont Savings who, together, make this such a special institution and local resource."
