Boston Federal Home Loan Bank Names Hjerpe President

The Boston Federal Home Loan Bank has named Edward A. Hjerpe, III to be its new president and chief executive, replacing Michael Jesse who resigned April 30. The new appointee worked at the FHLBank from 1988 to 1997 first as a director of financial analysis and economic research and later as chief financial officer. Since then he served in senior positions at several community banks, including Strata Bank, Medway, Mass., where he is interim CEO. Mr. Hjerpe will join the FHLBank once a merger of Strata and Middlesex Savings Bank is complete. The new president and CEO will be taking over a FHLBank that reported an $83.4 million loss in the first quarter and an annual $73.4 million loss for 2008 primarily due to its investments on private-label securities backed by Alt-A mortgages.