Over the course of the next few months, the banking industry is likely to undergo more changes than it has seen in decades. The next chair of the American Bankers Association, a leading Washington trade group, will likely be part of many important financial policy considerations in the coming year.Though his term officially commences in November, Arthur Connelly, chairman of South Shore Savings Bank, has already begun the transformation from small-town banker to national financial figure.
The change comes at a difficult time because some of Connelly’s responsibilities include working with groups critical of some banking industry practices. As the general public worries about the overall economic health of the nation, some of the banking industry’s past actions are facing increased scrutiny.
Connelly told the Boston Globe, however, that the median average of the holdings of an ABA member bank are just $125 million, characteristic of a community bank. For small-town banks, economic health and growth in their communities are vital, and so are positive relationships with their customers.
Representative Stephen Lynch, Democrat from South Boston, speaks highly of Connelly’s qualifications to the Globe. "He's a guy who has a good moral compass in terms of taking the industry where it needs to go and getting back to basics.” Already a familiar figure around Weymouth, Quincy, Braintree, and other towns with South Shore Savings Bank customers, Connelly is making a name for himself in Washington, as well.
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--Bridget O'Sullivan
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