Member News

Franklin Savings Bank CEO Jeffery B. Savage Retires After 28 Years of Service
Franklin, NH
11/16/2016 09:57 AM

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 & 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, Jeff 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. Before joining FSB, Savage had achieved the position of VP, CFO & Treasurer for Concord Savings Bank.


During Savage’s career at FSB, assets grew from $167 million to $435 million, and loans rose from $126 million to $372 million. The bank expanded its branch footprint with the addition of four 

full-service branch offices in Tilton (1999), Boscawen (2003), Laconia (2006) and Gilford (2007). The bank also established a business lending office in Bedford in 2012.


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 NH. This is a fine example of Jeff’s 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,” added 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).  


“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, commented that “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. He was also President of the Lake Sunapee Water Ski Team, where he enjoys spending summers with his family.


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 Trustee 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.


Savage is an honors graduate of the National School of Banking at Fairfield University. He holds an MBA from Southern New Hampshire University and a B.A. degree from Valparaiso University. 


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,” commented Savage.


Established in 1869, Franklin Savings Bank is an independent, mutually-owned community bank, offering a full array of commercial lending, retail banking and investment services throughout the Central Lakes Region and southern New Hampshire. Headquartered in Franklin, the Bank has offices in Bristol, Boscawen, Tilton, Laconia and Gilford, as well as an office in Bedford for business lending. Franklin Savings Bank also offers investment, insurance and financial planning services through its wholly-owned subsidiary, Independence Financial Advisors, from offices in Franklin, Bedford, Nashua and Rochester, New Hampshire. As a recognized leader in providing the latest in financial services technology, Franklin Savings Bank remains committed to serving the needs of businesses, families and the communities it serves, through a dedicated team of employees, a diverse line of financial products and services, and continued investment in emerging technology.


You can learn more about Franklin Savings Bank by calling 1.800.372.4445, or visiting,, or

Dawn Beers
(603) 934-8358
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