Montpelier Out At Strata
Strata Bank's CEO Pamela Montpelier has left the bank on a personal leave and a former executive from Connecticut-based Webster Bank has taken her place as interim CEO.
Service Bancorp., the parent company for the Medway-based bank, did not state the reason for Montpelier's request for a personal leave. Edward A. Hjerpe III, who headed up Webster Bank's Massachusetts and Rhode Island operations from 2004 to 2007, has been appointed to run the bank.
Two weeks ago, Strata announced that its Fannie Mae and Freddie Mac stock, valued at $7.2 million as of June 30, was worth only $681,000 in the wake of the federal government's takeover of the two institutions. It said it would take a major non-cash charge for the loss in value.
The news came a little more than a month after the bank's announcement of a quarterly net loss of $2.5 million, due mostly to losses on construction loans.
Hjerpe could not be reached this morning for comment
Jack Hamilton, CEO of Medway Co-operative Bank, said he wasn't aware that Montpelier had left the bank. He also noted that Strata, "obviously, has had a rough couple of months."
"Pam has been a good banker, and a good person in the community," Hamilton said. "I have no idea what the reason for her leaving is."
From 1997 to 2004, Hjerpe was the COO and CFO of the publicly traded FirstFed America Bancorp. Inc. and its subsidiary First Federal Savings Bank of America, based in Swansea. In 2004, First Federal was acquired by Webster.
He has a bachelor's degree from St. Anselm College in Manchester, N.H., and a master's degree and doctorate from the University of Notre Dame.
Hjerpe lived in Medway, where Strata is headquartered, for 10 years before relocating to Rhode Island in 1997. He also served on Medway's town finance committee for three years.
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