KINGFIELD – The man who piloted a modest rural Maine bank as it increased its assets 15-fold was nominated by the governor Tuesday to be chief executive officer of the Finance Authority of Maine.

Pending a confirmation hearing slated for April 6 and a confirmation vote by the Senate, 47-year-old John C. Witherspoon of Kingfield will assume the top post at the Augusta-based FAME, replacing former CEO Charlie Spies.

The independent state agency develops and administers programs related to the financing of higher education and business in the state. The goal, according to the agency’s Web site, is to help people and businesses prosper.

“John Witherspoon brings more than 25 years of financial expertise to this agency,” stated Gov. John Baldacci in a prepared statement. Baldacci credited Witherspoon’s “broad range of experience in budgeting, marketing, strategic planning, and accessing capital markets, coupled with strong leadership and problem-solving skills.”

“This is one of the best things that’s happened in Franklin County in a long time,” said SAD 58 Superintendent Quenten Clark, who knows Witherspoon through his work on the school board since 1998.

$12 million to $180 million

Just five years after starting as a management trainee, at the age of 27, Witherspoon was named president and CEO of Kingfield Bank. Under his leadership, the bank grew its assets from $12 million to $180 million.

He held that position until 1999, when he became president and CEO of United Kingfield Bank, the result of a merger between Kingfield Bank and the Bangor-based United Bank.

Witherspoon resigned last summer from United Kingfield, citing a need to pursue community interests that would help to enhance the economic vitality of western Maine.

Among those community interests are his active memberships on various boards: SAD 58, the University of Maine at Farmington’s Board of Visitors, and the Greater Franklin County Development Corp., of which he was a founding father, according to current Executive Director Alison Hagerstrom.

Witherspoon also has served as president of the Mount Abram Economic Development Association, a group dedicated to improving the economics of the greater Kingfield area, mainly through establishing the region as an arts and culture center. He was instrumental in getting the association’s first major project: becoming the summer home of Bangor Symphony Orchestra. The inaugural Kingfield POPS concert was last summer.

He also serves as volunteer pitching coach for the Mount Abram High School baseball team. “He has a big heart for young people,” Hagerstrom noted.

‘One of the best things’

Witherspoon said Tuesday he was excited about the new challenge and going back to work after taking nearly a year off to “catch his breath.”

The father of two sons, Sam and Carter, he plans to continue living in Kingfield with his wife, Cathy, and staying active in the community.

Those who have worked with Witherspoon around Franklin County, an area hit hard by a recent exodus of manufacturing jobs, were excited about the nomination.

“We’ll at least have a friend in Augusta who will remember us in the often forgotten Franklin County,” said SAD 58 superintendent Clark. “This has got to be a good thing for us, and for the state as a whole.”

Hagerstrom agreed. “I am pleased it’s someone from Franklin County. It puts us on the map as the place to be,” she said.

She cited Witherspoon’s far-reaching connections, his awareness of Maine, his vision and his leadership as his strongest suits. “I think he shows good leadership skills, and he shows a sincere interest in the area and in the state,” she said.

Those at FAME said they too are looking forward to late April when Witherspoon is expected to come on board.

“He enjoys a wonderful reputation,” said Beth Bordowitz, acting CEO. “He is very well respected in the financial world. We’re excited. New blood is always a good thing.”

The CEO position is up in four years, though the current governor can choose to re-appoint him.

FAME services include investment tax credit, direct loan and loan insurance programs for businesses and for those looking to pursue higher education. It offers loans, grants and scholarship programs and helps sponsor the College Goal Sunday program.

FAME has a staff of more than 40.

For more information: www.famemaine.com.

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