Franklin Savings Bank board chairman retires

7 mins read
William Bernard

FARMINGTON – William J. Bernard has announced his retirement as Chairman of the Franklin Savings Bank Board of Directors. Bernard, who was elected chairman in 2003, has been a member of the board since 1985.

“It has been one of the proudest moments of my life to be elected chairman of the board by peers,” he said.

Richard M. Walker of Rangeley has been elected by the Board of Directors to assume the Chairmanship of the Board going forward.

“I am honored to be elected chairman of the Board,” said Walker. “Franklin Savings Bank is a vital part of our western Maine communities. It’s the only locally-owned bank in Franklin County. As we embark on our 150th year, I’d like to ensure that it continues to be a healthy, strong, independent community bank for generations to come.”

“Franklin Savings Bank is like a family in the communities we serve. We know everyone and they know us. We’ve seen what happens when the little banks get taken over by big banks. They lose their community identity. This bank has forged a solid relationship with the communities it serves. Franklin Savings Bank is the only independent bank still headquartered in Franklin County,” said Bernard. “This community feel works well with the open management style at the bank, where everyone has a voice.”

Richard Walker

“Bill has been a true friend to the employees of Franklin Savings Bank. It is a credit to his leadership that we are able to maintain traditional employee benefit packages while remaining the strongest bank in Maine throughout his Chairmanship,” said Executive Vice President Shelley Deane.

Bernard has been with the bank for 32 years. “I’ve had the privilege of serving four presidents,” he says, adding that he misses serving a fifth president by one day because he is retiring one day before President Peter Judkins. “Each one of them brought the bank to a different level. We had two presidents who came from the regulatory environment, one from the financial and retail industry and one from the banking and retail sales area,” he said.

“When I first became a member of the board in 1985, banking was much different. The only loans we made were consumer and home mortgage type loans,” said Bernard. Regulatory supervision has become much more stringent, which has led to more focused attention on safety and soundness. “We have also had a lot of changes at the board level as to the responsibility of the board members to the overall health of the bank. All our board members have expertise in their own areas such as: financial, woods industry, human resources, small business management, service and retail. We have a great board of directors,” said Bernard.

“All in all it’s been a terrific experience, I feel like I’ve grown a great abundance. In some small way I hope I have contributed to Franklin Savings Bank, our great community bank and I’ve certainly enjoyed being chairman of the board for the past 15 years.”

An independent accountant, Bernard’s financial background has been a valuable asset on the board. Bernard stresses that he has no plans to retire from his tax and accounting practice, however. His business will continue to be active in Farmington.

Prior to entering private practice, Bernard was a cost accountant at G.H. Bass and a merchandise manager at W.T. Grant Company. He taught accounting at the University of Maine at Farmington for 13 years and at Thomas College in Waterville for two. Bernard was born and raised in Rumford, where he graduated from Stephens High School. He earned degrees from Husson College in Bangor and UMF and studied master’s level coursework in taxation at Thomas College. Bernard is a past president of the Farmington Lions Club and served on the town’s Budget Committee for seven years. He is a member of the Eagles Club and the Elks Club. He is a U.S. Navy veteran, having served three tours of duty in Vietnam.

Bernard and his wife Betty live in Farmington.

In 1990, Walker was invited to join FSB’s Board of Corporators, which is comprised of community members who represent the bank’s customers. He has been a member of the FSB Board of Directors since 1991.

Walker is a Certified Public Accountant in Rangeley, where he has had his own accounting, audit, tax and consulting practice since 1986. Prior to that, Walker worked in public accounting and private industry in Massachusetts.

He earned a Bachelor of Science in Business Administration in accounting at Boston University.

He is a member of the American Institute of Certified Public Accountants and the Maine Society of Certified Public Accountants.

Walker has been involved as a volunteer on a number of local non-profit organizations in the area, including the Rangeley Rotary Club, the Rangeley Chamber of Commerce, Rangeley Lakeside Youth Theater and Franklin Memorial Hospital. He has also served the Town of Rangeley on its Budget Committee and Planning Board and as its Town Treasurer. He currently serves on the Rangeley School Board.

Walker and his wife Anne live in Rangeley.

Franklin Savings Bank, which has $393 million in assets, has ranked as the strongest banking entity in Maine by the Independent rating firm of Weiss Ratings Inc. every year since 1999. The 149-year-old community bank has locations in Franklin, Oxford and Somerset Counties, a Business Center in Ellsworth and a financial services entity, Western Mountain Financial Services.

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