FARMINGTON – Gary Downs has retired as president and chief executive at Franklin Savings Bank.

The announcement was made Wednesday by William J. Bernard, chairman of the bank’s Board of Directors.

Downs has held the top post for the past 12 years at the community bank, which has earned the ranking of Strongest Bank in Maine by Weiss Ratings Inc. for the past five years.

“Gary is truly a visionary when it comes to the world of banking. His guidance, philosophy of management and leadership has made this bank … a successful and strong community bank. Gary will be sorely missed,” said Bernard in a prepared statement.

Between 1974 and 1993, Downs, a Rumford native, went from branch manager in Rangeley to chief executive officer, taking on a variety of positions and tasks.

Downs has been a member of the Franklin Savings Bank Board of Directors and president of the Franklin Savings Bank Community Development Foundation. It is anticipated that Downs will remain active with the Board of Directors.

Under Downs’ leadership, Franklin Savings Bank successfully fought the consolidation and buyout trend in financial services. In January 1998, Franklin Savings Bank formed a mutual holding company and became Maine’s first bank mutual holding company, helping to insulate itself from acquisition threats.

In 2000, the bank established the Franklin Savings Bank Community Development Foundation. The foundation’s mission includes supporting area charitable, economic and educational needs. In 2004, foundation support amounted to more than $84,000 with a substantial portion, $34,000, going to area high school seniors in the form of scholarships.

Over the years, Downs has served on many community and statewide organizations. In 2005, he was the recipient of Farmington Rotary Club’s Entrepreneur of the Year Award.

Employees at Franklin Savings Bank dedicated their annual employee outing to acknowledging and thanking Downs for his leadership. The outing included a viewing of an hour-long DVD, which featured bank employees reminiscing about their times with Downs.

Downs lives in Industry with his wife, Jean. They have two grown children, Christine and Kathryn.