With a career spanning 40 years in the banking industry, Jeffery B. Savage, CEO of Franklin Savings Bank, announced his retirement, effective December 1, 2016. He will remain an active member of the board of directors.
Savage joined FSB in 1988 as VP, CFO and treasurer. He received a number of promotions during his tenure eventually leading to his appointment as president and CEO in 2001. During Savage’s career at the bank, assets grew from $167 million to $435 million, and loans rose from $126 million to $372 million. The bank also expanded its branch footprint with the addition of four full-service branch offices in Tilton (1999), Boscawen (2003), Laconia (2006) and Gilford (2007) and established a business lending office in Bedford in 2012.
Savage was instrumental in leading the bank’s expanded focus into commercial lending in order to grow and diversify the bank’s balance sheet. This was at a time when many large banks had shifted their focus away from the small business community.
As an early adopter of technology, Savage focused on the role technology played in banking. He understood and promoted the benefits of technology, allowing customers greater flexibility and control over when they chose to conduct their banking transactions. Savage also viewed it as a differentiator that could help position the bank well from a competitive standpoint. The bank was the first community bank in NH to offer online banking in 1999.
Working with the board of directors, Savage led the acquisition of Independence Trust Company (ITC) in September of 2002. Savage had the vision to understand the importance of offering investment management, brokerage and insurance products in order to solidify relationships with customers. ITC, which was a non-depository trust company, was later converted to the registered investment advisory company of Independence Financial Advisors.
“At the time, the attractiveness of the acquisition of ITC made great sense for us as it integrated well into our mission to serve customers, as well as supported off balance sheet revenue derived from non-interest income for the bank,” said Savage.
During his leadership, Savage believed strongly that preserving the bank’s independence and mutuality was important for the long-term success of the organization. Ronald Magoon, successor to Savage, said, “Jeff’s commitment to our independence ensures that Central NH has a financial institution that cares about its customers and communities and is not beholden to shareholders.”
In looking back over the last 28 years, Savage feels very fortunate to have worked for a great organization that serves its customers well and contributes meaningfully to the communities it serves. He hopes his legacy will inspire continued growth for the bank and his past coworkers, as well as exceptional service to its customers and communities.
“It is my hope that [Franklin Savings Bank] continues to move forward with the same values and qualities that were in place since well before I came on board in 1988,” said Savage.
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