Maine Community Bank chief to sit on Boston Fed board of directors


Maine Community Bank President and CEO Jeanne Hulit, who recently told Mainebiz that she considers it an honor to pave the way for young women in banking, will pave the way by joining the board. Board of Directors of the Federal Reserve Bank of Boston on January 1.

She will serve on a Board of Trustees chaired by Brown University President Christina Hull Paxson, who will take the helm after serving as Vice President since 2019.

Hulit, who also sits on the board of directors of Maine Community Bank and other organizations, told Mainebiz over the weekend that she was honored to be elected to the Boston Fed’s board of directors.

“Being able to represent the interests and perspectives of our clients and communities, as well as other community banks in New England, is a responsibility I take very seriously,” she said.

Hulit also noted that the Boston Fed’s work to promote economic growth and stability in the region and the country is essential “as we move through these uncertain times.”

She said the work includes promoting economic and monetary policy initiatives to stabilize the economy, monitoring financial institutions in the region, and providing payment systems and financial services in this era of cybersecurity and threats. . Having a seat at the table for such tasks will be “fascinating”.

In last week’s announcement on the new board composition, the Boston Fed cited more than two decades of Hulit’s banking experience and several years of public sector experience at the state and federal levels, as well as his past management of Village Candle Co. in Wells. .

Hulit has also served as President of Community Banking Services for Northeast Bank, Senior Vice President of Commercial Lending at Citizens Bank and Vice President of Commercial Lending at Key Bank.

Along with Patricia Weigel of Norway Savings Bank, she is one of only two women leaders among Maine’s top 25 banks in terms of assets. With $ 991 million in assets as of June 30, 2020, Maine Community Bank was # 14 on the most recent Mainebiz list.

Maine Community Bank was formed almost a year ago as a result of the merger between Biddeford Savings and Mechanics Savings Banks, both of which were already under the same mutual ownership umbrella. The new bank is building an $ 8 million operations center in Westbrook which opened in October.

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