Timothy Barrett. Photo courtesy of FHLBank Boston.

The Federal Home Loan Bank of Boston has named Timothy J. Barrett its next president and CEO, replacing Edward A. Hjerpe III, who had announced his retirement earlier this year.

Barrett will take over as head of the cooperatively owned wholesale bank, which provides funding to Connecticut banks and credit unions, on Dec. 1.

Martin J. Geitz, chairman of FHLBank Boston’s board of directors and executive regional director of Middletown-based Liberty Bank, said in a statement that Barrett was well respected in the industry.

“Tim is a dedicated and consummate professional who has demonstrated exceptional leadership and a deep commitment to the Bank’s mission, financial success, affordable housing and economic development, and diversity and inclusion efforts during his tenure of more than 10 years,” Geitz said. “His member-centric approach to the Bank’s business will skillfully guide the organization through these challenging times and increase the value of membership. With extensive knowledge of the critical role that FHLBanks play within our financial system, Tim is well respected within the industry and throughout the FHLBank system, and his deep understanding of how varying economic cycles affect the Bank and our members is an invaluable asset.”

FHLBank Boston is one of 11 regional banks in the Federal Home Loan Bank System, a government-sponsored enterprise that supports mortgage lending and community investments. FHLBank Boston provides wholesale funding and liquidity to member financial institutions in the six New England states, including banks, credit unions and insurance companies.

After joining FHLBank Boston in November 2010 as senior vice president and treasurer, Barrett was promoted to executive vice president and treasurer in January 2019. He was previously assistant treasurer at FMR LLC, the parent company of Fidelity Investments, and treasurer and chief investment officer at Fidelity Personal Bank & Trust. He also had roles at Investors Bank & Trust, FleetBoston Financial and its predecessors, and Citibank NA.

“I am honored to assume this new role as president and CEO of FHLBank Boston and excited for the opportunity to work with a focused team and board to meet the needs of our members that serve communities throughout New England,” Barrett said in the statement.

Hjerpe has been president and CEO since July 2009 and announced his retirement in April.

“On behalf of the board and all Bank staff, I extend our sincerest gratitude to Ed for his steady leadership over the last 12 years,” Geitz said. “Tenacious and determined, he was instrumental in successfully steering the Bank through the Great Recession, galvanizing a team of dedicated leaders who restored strength and stability to the Bank, designing and implementing our voluntary affordable housing and economic development programs, and, most importantly, providing uninterrupted access to liquidity and funding for our members and the communities they serve.”

Hjerpe said in the statement that leading FHLBank Boston has been the highlight of his career.

“I have had the privilege of working with some of the finest leaders in the industry including Tim with whom I have worked closely for more than 10 years,” Hjerpe said. “I am confident that he is a very capable and experienced leader who will guide the Bank, along with a very strong senior management team, through these challenging times and into a bright future.”