Dartmouth resident takes community banking into the 2020s

For 30 years, Dartmouth resident Anne Tangen worked in the hustle and bustle of big city and international banking in Boston.

While she still looks back on those days fondly, Tangen always hoped to use her experience in finance to support the community most near and dear to her heart: the South Coast.

So, when a chance opened up in her own backyard to become the 16th president of BankFive, Tangen knew she had to take it.

“It was an opportunity I couldn’t look away from,” she said.

That was in February of 2020 and not long after accepting the offer, the world changed with the onset of the Covid-19 pandemic.

“It was definitely an interesting time to become a bank president,” Tangen said with a laugh. 

Deemed essential workers by the state, Tangen and her team had to figure out how to continue operations while also navigating ongoing changes to Covid-safety guidelines.

“You really saw everybody at their best,” she said. “We really flipped our operating environment on its ear without a hitch.”

Thankfully, Tangen said, “the bank wasn’t behind the eight ball” as it already had existing remote infrastructure such as its drive-thru services and BankFive’s mobile app.

“We actually saw usage [of the app] double from 2018 to early 2020,” she noted.

Along with boosting existing online platforms, Tangen also oversaw the implementation of the bank’s video chat services, which allows staff to remotely check documents and provide financial advice.

“It’s a nice way to have that human touch even though we can’t be in the same building at the same time,” she said.

Along with her team, Tangen credited her experience in the finance sector helping her navigate the  banks through this ongoing pandemic.

The Dartmouth resident said she first developed her love for banking while attending the University of Vermont. 

What drew her to the field was “the opportunity to build something” and see how those investments grow.

“That and I was always comfortable with numbers,” she said.

Following her graduation, Tangen got her professional start at Fidelity Investments in Boston where she learned how to work with diverse populations to ensure they can understand and create economic opportunities — a skill she still applies today.

“Understanding different cultures — all of that is very relevant at a community bank here,” she said. “With gateway cities like Fall River and New Bedford, it’s important to get to know the people and how to make sure how they can be served.”

After 14 years at Fidelity, Tangen held various positions at State Street Bank, including being its executive vice president.

Wanting to work closer to home, the Dartmouth resident spent a few years as a consultant at BayCoast Bank before becoming BankFive’s first ever female president in its 167 year history. 

“It’s certainly a rarity out here,” Tangen said. “I feel like I can be a role model and this bank can be a good role model for organizations.”

Typically a male-dominated sector, Tangen recalled that she “sat in many a meeting with only men in the room.”

Thankfully, she added, that is less of the case these days. The Dartmouth resident noted that leadership at banks, including hers, “is heavily weighted toward women.”

“The world’s changing, which is wonderful,” Tangen said.

While the world of banking has changed since her start, Tangen said she’s excited to see where that shift goes — particularly here on the South Coast, where she said there is a lot of potential for economic development.

“There’s just so much available — water access, UMass Dartmouth, Bristol Community College — the South Coast is a real sweet spot,” she said. 

For the immediate future, Tangen said she hopes to expand her bank’s community engagement through partnerships with area organizations.

Already, BankFive has partnered with the Dartmouth YMCA to combat food insecurity through its Sharing the Harvest Farm and food distribution through the Y’s Full Plate Project.

“It’s absolutely heartwarming to volunteer there,” she said. “Folks are very appreciative.”

For future projects, Tangen and her team have established a committee consisting entirely of employees who decide which charities can use help.

“That way, it’s not just Anne Tangen who decides where things go,” she said. “We’re a family here.”