Hjerpe To Move On After Strata Merger
Edward A. Hjerpe III, interim president and CEO of Medway-based Strata Bank, has been named as the next president and CEO of Federal Home Loan Bank of Boston, to become effective once Strata Bank and Middlesex Savings Bank of Natick merge.
Hjerpe has been at the helm of Strata Bank since the fall of 2008. He took over after former president Pamela Montpelier resigned in September for personal reasons. The bank had reported losses totaling about $8 million because of investments in Fannie Mae, Freddie Mac, Lehman Brothers and AIG.
The merger between Strata and Middlesex Savings still needs regulatory approvals. It will also need approval from two thirds of soon-to-be-created holding company.
"We congratulate Ed on his well-deserved appointment as the FHLBB's next president and chief executive officer," said Eugene R. Liscombe, chairman of Strata Bank's board of directors, in a prepared statement. "This is a terrific opportunity for him. The board of directors is grateful for Ed's leadership and his many important accomplishments at Strata during these challenging economic times, and appreciate Ed's desire to remain with Strata through the completion of the Middlesex transaction."
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