Leading With Values

Excellence • Reliability • Integrity • Respect

Letter to Our Shareholders

“Since the Bank was established in 1932, we have seen many changes, and yet our core values remain the same. From growing our balance sheet to supporting community economic development, enhancing the online banking user experience to engaging and valuing member and employee perspectives, you’ll see in this Annual Report many examples of the Bank leading with values to make your membership experience all the more valuable.”

Edward A. Hjerpe III
President and Chief Executive Officer

Our Mission

The mission of the Federal Home Loan Bank of Boston is to provide highly reliable wholesale funding, liquidity, and a competitive return on investment to its member financial institutions in New England.

We strive to consistently develop and deliver the best financial products, services, and expertise that support housing finance, community development, and economic growth, including programs targeted to lower-income households.

2017 Board of Directors

Not Pictured: Jay F. Malcynsky and John W. McGeorge

Donna L. Boulanger
President and Chief Executive Officer
North Brookfield Savings Bank
North Brookfield, Massachusetts

Andrew J. Calamare (Chair)
President and Chief Executive Officer
The Co-operative Central Bank
Boston, Massachusetts

Joan Carty
President and Chief Executive Officer
Housing Development Fund
Stamford, Connecticut

Eric Chatman
Executive Vice President and Chief Financial Officer
Housing Partnership Network
Boston, Massachusetts

Patrick E. Clancy
Principal
The Clancy Company
Kennebunkport, Maine

Stephen G. Crowe (Vice Chair)
Community Engagement Officer
MountainOne Bank
North Adams, Massachusetts

Martin J. Geitz
President and Chief Executive Officer
The Simsbury Bank & Trust Company
Simsbury, Connecticut

Cornelius K. Hurley
Professor of the Practice of Banking Law, Boston University
Executive Director, Online Lending Policy Institute
Boston, Massachusetts

Antoinette C. Lazarus
Chief Compliance Officer
Landmark Partners, LLC
Simsbury, Connecticut

Jay F. Malcynsky
Managing Partner
Gaffney Bennett & Associates
New Britain, Connecticut

John W. McGeorge
Chairman of the Board
Needham Bank
Needham, Massachusetts

Emil J. Ragones
Adjunct Professor
Boston College Carroll School of Management
Chestnut Hill, Massachusetts

Gregory Shook
President and Chief Executive Officer
Essex Savings Bank
Essex, Connecticut

Stephen R. Theroux
Director & Vice President
American European Insurance Company
New London, New Hampshire

John F. Treanor
Director
The Washington Trust Company
Westerly, Rhode Island

Michael R. Tuttle
Director
Opportunities Credit Union
South Burlington, Vermont

John Witherspoon
President and Chief Executive Officer
Skowhegan Savings Bank
Skowhegan, Maine

2017 Committees

Executive Committee
Chairman:
Andrew J. Calamare
Vice Chairman:
Stephen G. Crowe
Committee Chairs:
Joan Carty
John W. McGeorge
Martin J. Geitz
Cornelius K. Hurley
Jay F. Malcynsky
Emil J. Ragones
John F. Treanor

Audit Committee
Chairman:
Emil J. Ragones
Vice Chairman:
Stephen G. Crowe

Eric Chatman
Antoinette Lazarus
Jay Malcynsky
John F. Treanor

Finance Committee
Chairman:
John F. Treanor
Vice Chairman:
Cornelius K. Hurley

Donna L. Boulanger
Emil Ragones
Gregory R. Shook
Stephen R. Theroux
John C. Witherspoon

Governance / Government Relations Committee
Chairman:
Jay F. Malcynsky
Vice Chairman:
Donna L. Boulanger

Martin J. Geitz
John W. McGeorge
John F. Treanor

Housing & Community Development Committee
Chairman:
Joan Carty
Vice Chairman:
Patrick E. Clancy

Donna L. Boulanger
Antoinette Lazarus
Stephen R. Theroux
Michael R. Tuttle
John C. Witherspoon

Human Resources & Compensation Committee
Chairman:
John W. McGeorge
Vice Chairman:
Jay F. Malcynsky

Joan Carty
Martin J. Geitz
Michael R. Tuttle

Risk Committee
Chairman:
Martin J. Geitz
Vice Chairman:
Patrick E. Clancy

Donna L. Boulanger
Eric Chatman
Cornelius K. Hurley
Gregory R. Shook
Michael R. Tuttle

Ad Hoc Remediation Committee
Chairman:
Cornelius K. Hurley

Patrick E. Clancy
Stephen G. Crowe
Jay F. Malcynsky

Council of Federal Home Loan Banks
Edward A. Hjerpe III
Andrew J. Calamare
Stephen G. Crowe

2017 Advisory Council

Not Pictured: Taylor Caswell, Marc Dohan, Barbara G. Fields and Cynthia L. Reid

Taylor Caswell
Executive Director
New Hampshire Community Development Finance Authority
Concord, New Hampshire

Michael C. Claflin
Executive Director
Affordable Housing & Education Development Inc. (AHEAD)
Littleton, New Hampshire

Jeanne Cola
2017 Chair of the Advisory Council
Executive Director
Local Initiatives Support Corporation – Providence
Providence, Rhode Island

Erin Cooperrider
Development Director
Community Housing of Maine
Portland, Maine

Marc Dohan
Executive Director
NewVue Communities
Fitchburg, MA

Barbara G. Fields
Executive Director
Rhode Island Housing
Providence, Rhode Island

John A. Hodge
Executive Director
Brunswick & Topsham Housing Authority
Brunswick, Maine

Nicholas D. Lundgren
Deputy Commissioner
Connecticut Department of Housing
Hartford, Connecticut

Christopher R. Miller
2017 Vice Chair of the Advisory Council
Managing Director, Management and Development
New Hampshire Housing Finance Authority
Bedford, New Hampshire

Seila Mosquera-Bruno
Executive Director
NeighborWorks New Horizon
New Haven, Connecticut

Mickey T. Northcutt
Chief Executive Officer
North Shore Community Development Coalition
Salem, Massachusetts

Cynthia L. Reid
Director of Development
Cathedral Square Corporation
South Burlington, Vermont

Timothy C. Sullivan
Former Executive Director
MassHousing
Boston, Massachusetts

Brenda M. Torpy
Chief Executive Officer
Champlain Housing Trust
Burlington, Vermont

2017 Management Committee

Edward A. Hjerpe III
President
Chief Executive Officer

George H. Collins
Executive Vice President
Chief Risk Officer

M. Susan Elliott
Executive Vice President
Chief Business Officer

Frank Nitkiewicz
Executive Vice President
Chief Financial Officer

Timothy J. Barrett
Senior Vice President
Treasurer

Barry F. Gale
Senior Vice President
Executive Director, Human Resources
Director, Office of Minority & Women Inclusion

Sean R. McRae
Senior Vice President
Chief Information Officer

Carol Hempfling Pratt
Senior Vice President
General Counsel
Corporate Secretary

2017 Bank Leaders

Senior Vice President
Brian G. Donahue

First Vice Presidents
Ana C. Dyer
Paul T. Pouliot
Edward Schultze
Kenneth A. Willis
Vice Presidents
Melissa Benson
Gina M. Brown
Mark Burton
Brian S. Chase
Mark D. Cogan
Adam Coldwell
Paresh Fondeker
D. Patrick Green
Jane Harper
Neil Hiralall
Wesley Howland
Jason Hwang
Katherine A. Judge
Mary Ellen D. Jutras
George E. Maroun
Kevin G. Martin
Rachele McDonough
Stephen M. McHugh
Shawn R. Movsessian
Maria Nichols
Geoff Plume
John Poole
Daniel B. Redmond
Brian Shannahan
Matthew Stewart
Joanne M. Sullivan
Mark J. Sullivan
Newton H. Thompson
David M. Trant
Keith Walsh
Assistant Vice Presidents
Rick Barek
Linda M. Berman
William J. Evans
Michael Farrell
Cindy L. Foreman
Tong Han
Timothy Howard
Brenda Kirouac
Theresa Mahoney
Matthew McDermod
Jane M. Moreau
Nicolas Paraschos
Shirley Seraphin
Patricia M. Tully
Paul J. Willoughby

Assistant Corporate Secretary
Mary E. Noyes