The Massachusetts Bankers Association has cancelled its planned convention in Bermuda later this month, because it believes the public would not consider it an appropriate venue in these times.

The group's chairman, Kevin Bottomley, says the economic downturn and the federal bailouts of banks have prompted the association to move the gathering from the Fairmont Southampton to Boston's Fairmont Copley Plaza. The convention is set for April 30 to May 2.

The news will come as a blow to the Bermuda hotel, which has seen its conference business impacted by the global economic downturn. The hotel has shed around 50 staff in recent months.

"The perception nowadays is that conventions - particularly those held outside of the United States - are not appropriate," Mr. Bottomley told the Boston Herald.

"We decided that bringing this event back to Boston was the right move to make in what are certainly unprecedented times."

The group also cut back the event from four days to three and put a hold on plans for next year's convention in Florida.

Mr. Bottomley, the chief executive officer of Danvers Bank, sees such moves as small prices to pay for preserving local bankers' public images.

"Everyone enjoys things like golfing and going to the beach when it's appropriate, but there are times when it's not," he said. "We're sensitive to what's going on around us in the economy."

The association had been planning its Bermuda conference for three years, and could face big penalties for cancelling so close to the event's scheduled start. However, as both the Boston and Bermuda hotels are owned by Fairmont, the bankers hope to minimise any such fees.