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Anne Tangen
President, BankFive
Age: 61
Industry experience: 35 years
When Anne Tangen looked at the photographs in a historic timeline at BankFive’s Fall River office, she saw that the 15 presidents over the past 165 years had all been men. Tangen became the first woman president of the institution once known as the Fall River Five Cents Savings Bank on April 6 and will take over as CEO when William Eccles retires at the end of June.
A relative newcomer to community banking, Tangen spent the first 30 years of her career at Fidelity Investments and State Street. After retiring to start a consulting business, Tangen joined the board at Swansea-based BayCoast Bank, an experience she said “felt like home.” The Dartmouth native then worked at The Cooperative Bank of Cape Cod as chief operating officer for six years before moving on to lead BankFive.
Q: What has it been like moving into the president’s role during the coronavirus pandemic?
A: It’s certainly different. The normal things you do when onboarding – meet the senior team, share stories of how we all ended up here at BankFive – that was different. I was sworn in as president wearing a mask. I’ve met each member of my team through Zoom, if not in person. I went to all the branches and did my tours at the drive–through, waving and sending goodies through the tube to say hello. Now we’re doing WebEx and Zoom calls to meet all the staff. I spend a lot of time looking at a gallery and telling my story.
I think joining the bank during a crisis, you’re able to see them in action in a way that I probably would never have been able to if things were just rolling along, just business as usual – or it would have taken me longer. You see people step up. You see leaders leading, encouraging. You see employees adapting quickly to a new normal, working from home and their children being home or their families trying to find a way to make it all work. And it’s just incredible. I’ve been so impressed with the people and the process and the thoughtfulness, and they are truly a team. No matter what Zoom call I get on or what venue it is, they enjoy each other like family, and they stick up for each other and help each other.
Q: Before the pandemic started, what about BankFive interested you?
A: There are a couple of things that I love about the bank. One is their beginnings. They were founded for those factory workers who couldn’t afford to open an account at another bank, which required, probably, a dollar deposit. At the Five Cents Savings Bank, they could open an account with just five cents, so it opened up banking to the underbanked or a segment of the community that wasn’t represented. I like that its roots were founded to fill a need in the community.
I love that they have continued that reach not only in Fall River but into New Bedford and Fairhaven and now into Rhode Island. So, to me, it was a bank that was growing and looking forward and outward. They have an internet–only bank, so I thought that was innovative. They want to invest more and create more technology products and services for their customers. All of those things line up to what I do well in my innovative approach. I think that’s why it was such a good fit, never mind being in my backyard.
And their commitment to mutuality – that they don’t have any aspirations to be a public stock bank. They firmly believe, from the board all the way to the employees, that they want to be here to serve their community and have that balance and not have true shareholders that might drive a different outcome. And I like that.
Q: Are there challenges with remaining a mutual bank?
A: Because the board is committed to it, I don’t think so. Organic growth is hard to do, and you have to be happy with the pace. If you want to grow faster, you need to borrow and have access to capital, and that usually puts people on a path to becoming a stock bank. I think that BankFive’s board is pleased with its growth opportunity maintaining their mutuality and without having to do acquisitions.
Q: What are some of your plans for guiding the bank through the next several months?
A: I think that our role is going to be focused on how to get customers through this. There are customers who are out of work, or their businesses have been shut down. What kind of advice do we have that will help them through this as their banker or as a conduit to other experts who might be able to help them? Working with some of our customers as they pivot their business. Being able to help these customers get through this, whether they’re a residential customer trying to pay their mortgage or a multifamily property where they have renters who can’t afford to pay them. I just see us reaching out and being a good partner for these customers as they go through this and being there by their side.
Q: What long-term plans do you have for BankFive?
A: The first goal is to continue to ride the success that’s been built over 165 years and continue to appreciate our customers, appreciate the community, be involved and engaged, and make sure that our employees are also engaged in the effort. My eyes are really on making sure that we can thrive and our customers can thrive through this economic crisis that is going to follow the pandemic. I probably had more lofty goals as I interviewed for the position. Right now, I’d like to stay focused on making sure we ride this out with our customers and come out the other end.
Q: What does it mean to you that BankFive now has a woman president?
A: I want to be a role model; I’d like to be a mentor; I’d like to be someone that young girls can look at as something to aspire to at whatever they choose – to reach either the top of their game or an amazing opportunity to learn and be challenged. I’d like to use my position of being the first woman president of the bank as that role model.
Tangen’s Five Favorite Boating Destinations on Buzzards Bay
- Padanaram
- Cuttyhunk
- Hadley’s Harbor
- Kettle Cove
- Quisset Harbor
