Michael M. Cassell, a former Manufacturers Hanover Trust executive, has been elected president and chief executive of Putnam Trust Co., Greenwich, Conn., and David W. Wallace has been elected chairman of the board.

They succeed Donald R. Blair, who held both positions. Mr. Blair, who has been with the bank for 37 years and has been its chief executive since 1985, is retiring on Nov. 15.

Mr. Cassell comes to Putnam Trust after a 27-year banking career at Manufacturers Hanover Trust Co., New York, which was merged in 1992 with Chemical Bank of New York. He was chief operating officer of the private banking group.

He joined Manufacturers Hanover in 1965, and was elected senior vice president in 1980. In 1983, he established and became president and chief executive of Manufacturers Hanover Bank Delaware, a Wilmington community-based wholesale bank that grew to $2 billion of assets during his seven-year tenure.

In 1990, Mr. Cassell returned to New York to become executive vice president and managing director of the private banking division, directing domestic and international private banking, personal trusts, and investment management.

In his position as chief operating officer of the private banking group, he was responsible for California and Florida banking and investment management subsidiaries, international private banking, operations, and technology.

Mr. Wallace has been a director of the bank since 1986 and has been chairman of the executive committee and a member of the audit, compensation,nance, loan, nominating, and travel committees.

He is chairman of Feco Engineered Systems Inc., and chairman and CEO of Lone Star Industries Inc.

Mr. Blair joined Putnam Trust in 1956, rising through the ranks to be elected senior vice president and secretary in 1970, president in 1973, president and chief executive in 1984 and chairman and chief executive in 1985.

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