Norman Seppala, president and chief executive officer of Woburn-based Granite Savings Bank, has been elected chairman of the board of directors of the Depositors Insurance Fund.

The Depositors Insurance Fund provides excess deposit insurance to 62 Massachusetts-chartered savings banks.  At these member banks, all deposit amounts above FDIC insurance limits are insured in full by the Depositors Insurance Fund.

Seppala has been president and chief executive officer of Granite Savings Bank in Rockport since 1990.  He has served on the DIF board of directors since 2008.