Jeffery B. Savage, CEO of Franklin Savings Bank, announced on December 21, that Ronald L. Magoon is intended to succeed him as President and CEO upon his retirement late in 2016. The Board of Directors unanimously approved Magoon as President and Chief Operating Officer at its December 16 meeting. Savage will retain the title of CEO and will remain as a member of the Board of Directors for Franklin Savings Bank.

“Ron and I have been working together for 27 years, and I know that this transition will be an important part of the continuing evolution and success of Franklin Savings Bank,” commented Savage. “We are very fortunate to have this transition take place from within our organization. Ron is a very knowledgeable, experienced, and enthusiastic professional. I have the utmost confidence that he will do extremely well in leading the bank forward.”

As Chairman John L. Lard stated at the bank’s recent annual meeting, “The Board of Directors started very early in 2014 on formalizing a succession plan for the bank. We feel strongly that Ron has the institutional knowledge, work ethic, talent, and management support to assume this key leadership role within the organization. The board unanimously supported Ron as Jeff’s successor to lead the bank forward.”

Magoon joined Franklin Savings Bank in 1988 as Assistant Treasurer and Controller, advancing to Executive Vice President and Chief Operating Officer before his appointment to President. He is also a Corporator of the bank. Magoon has over 29 years of experience in the banking industry. He graduated magna cum laude with an MBA from Southern New Hampshire University of Manchester and has a BS in business administration from the Whittemore School of Business and Economics from the University of New Hampshire in Durham.

In addition, Magoon obtained a graduate banking degree from the National School of Banking at Fairfield University and is a graduate of the ABA National Compliance School, Class of 1987.

An active member of the community, Magoon has volunteered his time to serve on a number of civic boards over the years. He was a member of the finance, audit, and executive committees at Riverbend Community Mental Health in Concord where he served a two-year term as Board Chair. Further, he is a past Director and Board Chair of Riverbend Mill House in Boscawen; Director and Vice-Chair of Capital Region Health Care; Director and Treasurer of the Caring Community Network of the Twin Rivers; Director of Neighbor to Neighbor; and Incorporator of the Lakes Region Charitable Foundation.

Magoon currently serves on the Board of Directors for the Northern New England School of Banking and Spaulding Youth Center and is Board President of the Franklin Animal Shelter. He is also an Incorporator of the Belknap Economic Development Council.

Magoon resides in Loudon with his wife, Lori.