Edward A. Hjerpe III has been named president and chief executive officer of the Federal Home Loan Bank of Boston.

A 20-year veteran of the banking industry, Hjerpe is currently serving as the interim chief executive officer of Medway, Mass.-based Strata Bank and Service Bancorp Inc. Prior to joining Strata Bank, Hjerpe served as senior vice president of Webster Financial Corp., as well as president and chief operating officer of the Massachusetts and Rhode Island division of Webster Bank N.A. from 2004 to 2007.

Webster Financial Corp. acquired FirstFed America Bancorp, where Hjerpe had served as executive vice president, chief operating officer, and chief financial officer from 1997 to 2004.

Hjerpe worked at the Federal Home Loan Bank of Boston from 1988 to 1997, first as senior vice president and director of financial analysis and economic research, and ultimately as executive vice president and chief financial officer.  

Hjerpe has been involved in numerous community, civic, industry and nonprofit organizations during his career.

“Ed brings to the position his unique, firsthand experience, having served on the bank’s senior staff in the past, and in leadership positions for three different member institutions of various sizes. He also has extensive knowledge of, and experience in, housing finance and financial markets,” said Jan Miller, chair of the bank’s board of directors. “These perspectives will serve the bank and our membership well as we continue to confront the challenges presented by the credit and mortgage markets going forward.”