Belmont Savings Bank has appointed Robert Mahoney as its new president and CEO. He has more than 30 years of community banking experience and replaces Ronald Rossi, who is retiring after 17 years as the bank's president and CEO.

Mr 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.

Mr 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.

Robert Morrissey, chairman of the board of trustees of Belmont Savings Bank, said: “Belmont Savings is extremely fortunate to attract a CEO with Bob Mahoney’s experience and respect throughout our region. Everybody in Boston’s business community knows Bob as a true civic leader and a genuine banking partner for all his customers.

“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. We are incredibly grateful to Ron for his service and wish him well as he enters retirement.”