Peter Judkins elected to FED board

Peter L. Judkins has been elected as a Class A Director of the Federal Reserve Bank of Boston. Judkins, President and CEO of Franklin Savings Bank, a mutual savings bank, headquartered in Farmington, was elected with two others, Roger S. Berkowitz, president and CEO of Legal Sea Foods, and Gary L. Gottlieb, M.D., M.B.A., president and CEO of Partners HealthCare System in Boston.

According to the Federal Reserve, the First Federal Reserve District comprises all of New England except Fairfield County, Connecticut. The Federal Reserve Act requires that each Reserve Bank has nine directors. Three Class A directors represent member banks in the district; three Class B directors and three Class C directors are selected with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. The Member banks elect Class A and Class B directors. The Board of Governors of the Federal Reserve System in Washington, D.C. appoints Class C directors and from this group designates the Chair and Deputy Chair.

Judkins is currently the Chairman of the Maine Bankers Association and most recently was a member of the Federal Reserve Bank of Boston's Community Depository Institutions Advisory Council.

“I am very excited about this opportunity to represent the Maine banking community in the First Federal Reserve District. I expect this appointment to be a tremendous learning experience, during a very trying time for the Maine and the US economies,” said Judkins. “I’m hopeful having a representative from rural Western Maine, who understands life outside the big cities, will bring a new perspective to the board.”

Prior to returning to his hometown to join the bank in August of 1999, Judkins held various sales and sales management positions over a 15-year period, with American Express and Citicorp, taking he and his family from Maine to New York, to Pittsburgh, to Washington D.C., to Salt Lake City and Boston, before returning to Maine. Prior to American Express and Citicorp, Judkins was employed by Key Bank, following his graduation from the University of Maine. In addition to a Bachelor of Science degree from the University of Maine, Judkins also earned an Associate Degree in Banking from Thomas College and is a graduate of the National School of Banking at Fairfield University.

Franklin Savings Bank is the only locally-owned bank in Franklin County which has held the distinction of ranking as the “Strongest Bank in Maine” for the past five consecutive years, based on assets, capital, income, liquidity and stability projections by Weiss Ratings Inc., which provides ratings and analyses of 15,000 financial services companies, including banks and thrifts. Franklin Savings Bank also earns top scores from Bauer Financial and BankRate.com.
Franklin Savings Bank has branch offices in Skowhegan, Rumford, Mexico, Jay, Wilton and Rangeley as well as a teaching branch at Mt. Blue High School.
Peter and his wife Lisa have two grown children.