Ronald L. Magoon was promoted to president and COO of Franklin Savings Bank based in Franklin and will succeed Jeffery B. Savage, current president and CEO, when Savage retires in late 2016. Until then, Savage will retain the title of CEO and will remain as a member of the Board of Directors for Franklin Savings Bank.
Magoon joined Franklin Savings Bank in 1988 as Assistant Treasurer & Controller, advancing to Executive VP and COO before his appointment to president. He is also a corporator of the bank. Magoon has over 29 years of experience in the banking industry.
“Ron and I have been working together for 27 years, and I know that this transition will be an important part of the continuing evolution and success of Franklin Savings Bank,” commented Savage. “We are very fortunate to have this transition take place from within our organization. Ron is a very knowledgeable, experienced and enthusiastic professional. I have the utmost confidence that he will do extremely well in leading the bank forward.”
As Chairman John L. Lard stated at the bank’s recent annual meeting, “The Board of Directors started very early in 2014 on formalizing a succession plan for the bank. We feel strongly that Ron has the institutional knowledge, work ethic, talent and management support to assume this key leadership role within the organization. The board unanimously supported Ron as Jeff’s successor to lead the bank forward.”
Franklin Savings Bank has nine locations in NH and 112 employees according to Federal Deposit Insurance Corporation data. The Bank had total depostis of $320 million as of September 30, 2015, up from $302 million as of September 30, 2014.
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