Maine Community Bank chief to serve on Boston Fed's board

File photo / Tim Greenway Jeanne Hulit is president and CEO of Maine Community Bank.

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Maine Community Bank President and CEO Jeanne Hulit, who recently told Mainebiz she considers it an honor to blaze a trail for younger women in banking, will blaze another as she joins the Federal Reserve Bank of Boston's board of directors on Jan. 1.

She will serve on a board chaired by Brown University President Christina Hull Paxson, who will take the helm after serving as deputy chair since 2019.

Hulit, who also serves on the board at Maine Community Bank as well as other organizations, told Mainebiz over the weekend that she is honored to be elected to the Boston Fed's board.

"Being able to represent the interests and perspectives of our customers and communities, as well as other community banks in New England, is a responsibility I take very seriously," she said.

Hulit also noted that the Boston Fed's work to promote economic growth and stability in the region and the nation is essential "as we weather these uncertain times."

She said that work includes promoting economic and monetary policy initiatives to stabilize the economy, providing oversight of financial institutions in the region and delivering payment systems and financial services in this era of cyber security and threats. Having a seat at the table for such duties will be "fascinating."

In last week's announcement about the new board make-up, the Boston Fed cited Hulit's more than two decades of banking experience and several years of public sector experience at the state and federal levels, along with her past leadership of Village Candle Co. in Wells.

Hulit has also served as president of Community Banking for Northeast Bank, senior vice president for commercial lending at Citizens Bank, and vice president of commercial lending at Key Bank.

Along with Patricia Weigel of Norway Savings Bank, she is one of only two women leaders among the top 25 Maine-base banks in terms of assets. With $991 million in assets as of June 30, 2020, Maine Community Bank was No. 14 on the most recent Mainebiz list.

Maine Community Bank was formed almost a year ago from the merger between Biddeford Savings and Mechanics Savings banks, both of which had already been under the same mutual ownership umbrella. The new bank is building an $8 million operations center in Westbrook that broke ground in October.