BOSTON – The Federal Home Loan Bank of Boston announced the hiring of Edward Hjerpe, who served as a senior executive at the Boston FHLB for seven years, to be its next president and CEO.
Hjerpe will succeed long-time CEO Michael Jessie, who retired last year as the Boston Bank continues to fight off big losses related to its mortgage-backed securities holdings, one of a handful of FHLBs weighed down by MBS. The Bank reported an $83.4 million loss for the first quarter of 2009, and a $73.2 million loss for 2008.
Hjerpe was an executive vice president, the chief operating officer and the chief financial officer at the Boston bank from 1997 to 2004. He then moved to Webster Financial Corp., where he was a senior vice president from 2004 through 2007. He was also the president and chief operating officer of Webster Bank's Massachusetts and Rhode Island division.
He is currently the interim CEO of Strata Bank and Service Bancorp.
Hjerpe will receive a $550,000 salary, a car and $4,000 a month for one year to rent a furnished apartment in Boston.
