Jeffrey Savage, Franklin Savings BankFranklin, NH With a career spanning 40 years in the banking industry, Jeffery Savage, CEO of Franklin Savings Bank (FSB), will retire effective December 1. 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 & CEO in 2001. His career in financial services began in 1976 as branch manager at Personal Finance Company based in Chicago Heights, IL. In 1978, he moved to New Hampshire where he had spent summers during his childhood. Upon his arrival, Savage joined Concord Savings Bank as a loan interviewer, which was followed by opportunities in several positions within lending, retail banking and finance during his ten years with them.
During Savage’s career at FSB, assets grew from $167 million to $435 million, and loans rose from $126 million to $372 million.
Addressing a key strategic initiative for Franklin Savings, 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.
Savage recognized the opportunity to greatly expand the bank’s commercial lending services in order to effectively serve the many small businesses of Central N.H. This is a fine example of his focus on serving the needs of the individuals, families and businesses of the bank’s marketplace and it remains a core strength of FSB today.
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. As an example, FSB was the first community bank in New Hampshire to offer online banking in August of 1999. Reflecting back on this significant milestone, Savage said the decision to roll out this service was based largely on the bank’s rural geography and physical branch network limitations. Internet banking was an opportunity to best serve the needs of customers by improving access to services any time, or day of the week. Over the years the bank has invested in several technologies to include telephone banking, online loan approvals, online deposit account opening, mobile banking, remote deposit capture, instant issue debit cards and online appointments as examples.
“We have always been fortunate to have a Board that supported investments in technology,” said Savage.
Working with the board of directors, Savage executed on an opportunity for FSB to expand beyond traditional bank products and services through 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 (IFA).
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.” Magoon continued that “we are proud to be community bankers and are grateful to work for an organization that does so much for so many.”
Savage gave tirelessly of his time to be involved with and support a number of civic organizations in the Concord, Central Lakes Region and Sunapee area. He is past president of the Concord Kiwanis Club, past board member of Merrimack Valley Day Care Service, former director and finance committee member for the NH Bar Foundation, and a former member of both the regional and state boards of Child and Family Services. In addition, he is a long serving member of the board of directors for Granite United Way where he also served on the Finance Committee, Community Impact Committee, and was a past Chair of the Audit Committee. In 2015, GUW honored Savage with the Merrimack County Region “Volunteer of the Year Award” for his years of service and commitment to the organization. Further, Savage served on the board of directors for the Franklin Opera House and Belknap Economic Development Council where he also served as vice chair.
Throughout his years in the New Hampshire banking industry, Savage also served on boards and committees that provide support and advocate for the industry. He is past board chair and director of the NH Bankers Association, past board chair and Ttrustee of the New England Insurance Trust, past president and director of the Community Bankers Association of NH, and is a past member of the Education Committee for the New England School for Financial Studies.
In looking back over the last 28 years at FSB, 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 FSB 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.