Directors of Federal Reserve Banks and Branches
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May 1995 529 Directors of Federal Reserve Banks and Branches Regional decentralization and a combination of govern- crimination as to race, creed, color, sex, or national mental and private characteristics are important hall- origin. marks of the uniqueness of the Federal Reserve System. Class A directors of each Reserve Bank represent the Under the Federal Reserve Act, decentralization was stockholding member banks of the Federal Reserve Dis- achieved by division of the country into twelve regions trict. Class B and Class C directors represent the public called Federal Reserve Districts, and the establishment and are chosen with due, but not exclusive, consider- in each District of a separately incorporated Federal ation to the interests of agriculture, commerce, industry, Reserve Bank with its own board of directors. The services, labor, and consumers; they may not be officers, blending of governmental and private characteristics is directors, or employees of any bank. In addition, Class C provided through ownership of the stock of the Reserve directors may not be stockholders of any bank. The Bank by member banks in its District, which also elect Board of Governors designates annually one Class C the majority of the board of directors, and by the general director as chairman of the board of directors of each supervision of the Reserve Banks by the Board of Gover- District Bank and designates another Class C director as nors, an agency of the federal government. The Board deputy chairman. also appoints a minority of each board of directors. Each of the twenty-five Branches of the Federal Thus, there are essential elements of regional participa- Reserve Banks has a board of either seven or five direc- tion and counsel in the conduct of the System's affairs tors, a majority of whom are appointed by the parent for which the Federal Reserve relies importantly on the Federal Reserve Bank; the others are appointed by the contributions of the directors of the Federal Reserve Board of Governors. One of the Board's appointees is Banks and Branches. designated annually as chairman of the board of that The following list of directors of Federal Reserve Branch in a manner prescribed by the parent Federal Banks and Branches shows for each director the class of Reserve Bank. directorship, the principal business affiliation, and the The names of the chairman and deputy chairman of date the current term expires. Each Federal Reserve the board of directors of each Reserve Bank and of the Bank has nine members on its board of directors: The chairman of each Branch are published monthly in the member banks elect the three Class A and three Class B Federal Reserve Bulletin.1 directors, and the Board of Governors appoints the three directors in Class C. Directors are chosen without dis- 1. The current list appears on page A86 of this Bulletin. Term expires DISTRICT 1—BOSTON December 31 Class A Ira Stepanian Chairman and Chief Executive Officer, The Bank of Boston 1995 Corporation, Boston, Massachusetts David A. Page President and Chief Executive Officer, Ocean National Bank of 1996 Kennebunk, Kennebunk, Maine Jane C. Walsh President and Chief Executive Officer, Northmark Bank, 1997 North Andover, Massachusetts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 1995 530 Federal Reserve Bulletin • May 1995 Term expires DISTRICT 1—Continued December 31 Class B Joan T. Bok Chairman, New England Electric System, Westborough, 1995 Massachusetts Stephen L. Brown Chairman and Chief Executive Officer, John Hancock Mutual Life 1996 Insurance Company, Boston, Massachusetts Edward Dugger III President and Chief Executive Officer, UNC Ventures, Inc., 1997 Boston, Massachusetts Class C Professor of Economics and Chair, Department of Economics, 1995 William C. Brainard Yale University, New Haven, Connecticut Executive Director, The Quality Connection, East Dennis, 1996 John E. Flynn Massachusetts Chairman and Chief Executive Officer, New England Medical Center, 1997 Jerome H. Grossman Inc., Boston, Massachusetts DISTRICT 2—NEW YORK Class A Chairman, President, and Chief Executive Officer, Manufacturers and 1995 Robert G. Wilmers Traders Trust Company, Buffalo, New York Chairman and Chief Executive Officer, The First National Bank of 1996 J. William Johnson Long Island, Glen Head, New York Chairman and Chief Executive Officer, The Bank of New York, 1997 J. Carter Bacot New York, New York Class B William C. Steere, Jr. Chairman and Chief Executive Officer, Pfizer Inc., New York, 1995 New York Sandra Feldman President, United Federation of Teachers, New York, New York 1996 Eugene R. McGrath Chief Executive Officer, Consolidated Edison Company of New York, 1997 Inc., New York, New York Class C Herbert L. Washington Owner, HLW Fast Track, Inc., Rochester, New York 1995 David A. Hamburg President, Carnegie Corporation of New York, New York, New York 1996 Maurice R. Greenberg Chairman and Chief Executive Officer, American International Group, 1997 Inc., New York, New York BUFFALO BRANCH Appointed by the Federal Reserve Bank George W. Hamlin IV President and Chief Executive Officer, The Canandaigua National 1995 Bank and Trust Company, Canandaigua, New York Louise C. Woerner Chairman and Chief Executive Officer, HCR, Rochester, New York 1996 William E. Swan President and Chief Executive Officer, Lockport Savings Bank, 1997 Lockport, New York Mark W. Adams Owner and Operator, Adams Poultry Farm, Naples, New York 1997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 1995 Directors of Federal Reserve Banks and Branches 531 Term expires DISTRICT 2—Continued December 31 Buffalo Branch—Continued Appointed by the Board of Governors F.C. Richardson President, Buffalo State College, Buffalo, New York 1995 Joseph J. Castiglia President and Chief Executive Officer, Pratt & Lambert, Inc., Buffalo, 1996 New York Donald L. Rust Plant Manager, Tonawanda Engine Plant, General Motors Powertrain 1997 Division, General Motors Corporation, Buffalo, New York DISTRICT 3—PHILADELPHIA Class A Carl L. Campbell President and Chief Executive Officer, Keystone Financial, Inc., 1995 Harrisburg, Pennsylvania Terry K. Dunkle Chairman, United States National Bank, Johnstown, Pennsylvania 1996 Dennis W. DiLazzero President and Chief Executive Officer, Minotola National Bank, 1997 Vineland, New Jersey Class B David W. Huggins President and Chief Executive Officer, RMS Technologies, Inc., 1995 Marlton, New Jersey J. Richard Jones President and Chief Executive Officer, Jackson-Cross Company, 1996 Philadelphia, Pennsylvania Robert D. Burris President and Chief Executive Officer, Burris Foods, Inc., 1997 Milford, Delaware Class C James M. Mead President and Chief Executive Officer, Capital Blue Cross, 1995 Harrisburg, Pennsylvania Joan Carter President and Chief Operating Officer, UM Holdings Ltd., 1996 Haddonfield, New Jersey Donald J. Kennedy Business Manager, International Brotherhood of Electrical Workers, 1997 Local Union No. 269, Trenton, New Jersey DISTRICT 4—CLEVELAND Class A Chairman and Chief Executive Officer, National City Corporation, 1995 Edward B. Brandon Cleveland, Ohio Chairman, President, and Chief Executive Officer, The Apple Creek 1996 Alfred C. Leist Banking Company, Apple Creek, Ohio President and Chief Executive Officer, Southwest National 1997 David S. Dahlmann Corporation, Greensburg, Pennsylvania Class B I.N. Rendall Harper, Jr. President and Chief Executive Officer, American Micrographics 1995 Company, Inc., Monroeville, Pennsylvania Thomas M. Nies President, Cincom Systems, Inc., Cincinnati, Ohio 1996 Michele Tolela Myers President, Denison University, Granville, Ohio 1997 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 1995 532 Federal Reserve Bulletin • May 1995 Term expires DISTRICT 4—Continued December 31 Class C Chief Executive, Old Mill Group, Hudson, Ohio 1995 Executive Secretary-Treasurer, Ohio State Building and Construction 1996 A. William Reynolds Robert Y. Farrington Trades Council, Columbus, Ohio G. Watts Humphrey, Jr. President, GWH Holdings, Inc., Pittsburgh, Pennsylvania 1997 CINCINNATI BRANCH Appointed by the Federal Reserve Bank Jerry W. Carey President and Chief Executive Officer, Union National Bank and Trust 1995 Company, Barbourville, Kentucky Judith G. Clabes Editor, The Kentucky Post, Covington, Kentucky 1996 Phillip R. Cox President, Cox Financial Corporation, Cincinnati, Ohio 1996 Jerry A. Grundhofer Chairman, President, and Chief Executive Officer, Star Banc 1997 Corporation, Cincinnati, Ohio Appointed by the Board of Governors Eleanor Hicks President, M.I.N.D.S. International, Cincinnati, Ohio 1995 John N. Taylor, Jr. Chairman and Chief Executive Officer, Kurz-Kasch, Inc., 1996 Dayton, Ohio C. Wayne Shumate Chairman and Chief Executive Officer, Kentucky Textiles, Inc. 1997 Paris, Kentucky PITTSBURGH BRANCH Appointed by the Federal Reserve Bank Helen J. Clark Chairman, President, and Chief Executive Officer, Apollo Trust 1995 Company, Apollo, Pennsylvania Randall L.C. Russell President and Chief Executive Officer, Ranbar Technology, Inc., 1996 Glenshaw, Pennsylvania Wesley W. von Schack Chairman, President, and Chief Executive Officer, DQE, 1996 Pittsburgh, Pennsylvania Thomas J. 0'Shane President and Chief Executive Officer, First Western Bancorp, Inc., 1997 New Castle, Pennsylvania Appointed by the Board of Governors Robert P. Bozzone Vice Chairman of the Board, Allegheny Ludlum Corporation, 1995 Pittsburgh, Pennsylvania Sandra