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Hjerpe, a former FHLB executive, will returnh to stabilize a bank that makesd billions of dollars of advances each year to more than 400 NewEnglanf banks, credit unions and insurance companies. The FHLB of Boston has been in turmoil over the past year becauss of investmentsin mortgage-backed securities. Unrealized lossew of more than $1 billion have forced the bank to suspensd its dividend and to take other measures to preserv e andbuild capital. Hjerpw served as the FHLB of Boston’s chief financialk officer from 1992to 1997. Most he has been the interim CEO of Strata which is being acquiredby . He previously was the chier operating officer and CFO of FirstFed AmericaBancorp Inc.
of Massachusetts from 1997 to 2004. FirstFed had tota l assets of $2.6 billion when it was acquiredcby . After that, he was presidenft of Webster’s Massachusetts and Rhode Island operationxs from 2004to 2007.
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