John F. Heaps Jr., president of Florence Savings Bank in Florence, and William J. Wagner, president of Chicopee Savings Bank, have been elected to the board of directors of the Depositors Insurance Fund.

Woburn-based Depositors Insurance Fund (DIF) provides excess deposit insurance to 65 Massachusetts-chartered savings banks. At DIF member banks, all deposit amounts above FDIC insurance limits are insured in full by the Depositors Insurance Fund.

Heaps has served as president and chief executive officer of Florence Savings Bank since 1995. He is a director of the Economic Development Council of Western Massachusetts and a board member and treasurer of the Northampton Development Corp. He also serves as capital campaign co-chair for the Association for Community Living.

Wagner has been president and chief executive officer of Chicopee Savings Bank since 1984. He is also president and chairman of Chicopee Bancorp, the holding company for Chicopee Savings Bank. He previously served as a director of the DIF from 2003 to 2009.

Wagner is a trustee of the Savings Bank Employees Retirement Association and a director of the Center for Financial Training of Southern New England. Among his other appointments, he serves as a director of the Bankers’ Bank Northeast, a director and treasurer of the Eastern States Exposition, and a director of the Westmass Area Development Corp.