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Directors of Federal Reserve Banks and Branches

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May 1990 395 Directors of Federal Reserve Banks and Branches Regional decentralization and a combination of chosen without discrimination as to race, creed, governmental and private characteristics are im- color, sex, or national origin. portant hallmarks of the uniqueness of the Fed- Class A directors of each Reserve Bank repre- eral Reserve System. Under the Federal Reserve sent the stockholding member banks of the Fed- Act, decentralization was achieved by division of eral Reserve District. Class B and Class C direc- the country into twelve regions called Federal tors represent the public and are chosen with Reserve Districts and the establishment in each due, but not exclusive, consideration to the in- District of a separately incorporated Federal terests of agriculture, commerce, industry, ser- Reserve Bank, with its own board of directors. vices, labor, and consumers; they may not be The blending of governmental and private char- officers, directors, or employees of any bank. In acteristics is provided through ownership of the addition, Class C directors may not be stockhold- stock of the Reserve Bank by member banks in ers of any bank. The Board of Governors desig- its District who also elect the majority of the nates annually one Class C director as chairman board of directors, and by the general supervi- of the board of directors of each District Bank, sion of the Reserve Banks by the Board of and designates another Class C director as dep- Governors, an agency of the federal government. uty chairman. The Board also appoints a minority of each board Each of the twenty-five Branches of the Fed- of directors. Thus, there are essential elements of eral Reserve Banks has a board of either seven or regional participation and counsel in the conduct five directors, a majority of whom are appointed of the System's affairs for which the Federal by the parent Federal Reserve Bank; the others Reserve relies importantly on the contributions are appointed by the Board of Governors. One of of the directors of the Federal Reserve Banks the Board's appointees is designated annually as and Branches. chairman of the board of that Branch in a manner The following list of directors of Federal Re- prescribed by the parent Federal Reserve Bank. serve Banks and Branches shows for each direc- The names of the chairman and deputy chair- tor the class of directorship, the principal busi- man of the board of directors of each Reserve ness affiliation, and the date the current term Bank and of the chairman of each Branch are expires. Each Federal Reserve Bank has nine published monthly in the Federal Reserve members on its board of directors: The member BulletinJ banks elect the three Class A and three Class B directors, and the Board of Governors appoints the three directors in Class C. Directors are 1. The current list appears on page A80 of this Bulletin. DISTRICT 1—BOSTON Term expires Class A Dec. 31 Richard D. Wardell President and Chief Executive Officer, National Bank of Salisbury, 1990 Salisbury, Connecticut William H. Chadwick Vice Chairman of the Board and Chief Operating Officer, Banknorth 1991 Group, Inc., Burlington, Vermont Terrence Murray Chairman of the Board, President, and Chief Executive Officer, 1992 Fleet/Norstar Financial Group, Inc., Providence, Rhode Island Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 1990 396 Federal Reserve Bulletin • May 1990 DISTRICT 1—Continued Term expires Class B Dec. 31 Stephen R. Levy Chairman of the Board and Chief Executive Officer, Bolt Beranek 1990 and Newman, Inc., Cambridge, Massachusetts Edward H. Ladd Chairman and Chief Executive Officer, Standish, Ayer and Wood, 1991 Inc., Boston, Massachusetts Joan T. Bok Chairman of the Board, New England Electric System, 1992 Westborough, Massachusetts Class C Richard L. Taylor President, Taylor Properties, Inc., Boston, Massachusetts 1990 Dr. Jerome H. Grossman Chairman of the Board and Chief Executive Officer, New England 1991 Medical Center, Inc., Boston, Massachusetts Richard N. Cooper Maurits C. Boas Professor of International Economics, Harvard 1992 University, Cambridge, Massachusetts DISTRICT 2—NEW YORK Class A J. Kirby Fowler President and Chief Executive Officer, The Flemington National 1990 Bank and Trust Company, Flemington, New Jersey Chairman of the Board and Chief Executive Officer, Manufacturers 1991 John F. McGillicuddy Hanover Trust Company, New York, New York Chairman of the Board, President, and Chief Executive Officer, 1992 Victor J. Riley, Jr. KeyCorp, Albany, New York Class B John F. Welch, Jr. Chairman of the Board and Chief Executive Officer, GE, Fairfield, 1990 Connecticut Richard L. Gelb Chairman of the Board and Chief Executive Officer, Bristol-Myers 1991 Squibb Company, New York, New York John A. Georges Chairman of the Board and Chief Executive Officer, International 1992 Paper, Purchase, New York Class C Ellen V. Futter President, Barnard College, New York, New York 1990 Maurice R. Greenberg President and Chief Executive Officer, American International 1991 Group, Inc., New York, New York Cyrus R. Vance Presiding Partner, Simpson Thacher & Bartlett, New York, New 1992 York —BUFFALO BRANCH Appointed by the Federal Reserve Bank Norman W. Sinclair Chairman of the Board, Lockport Savings Bank, Lockport, New 1990 York Richard H. Popp Operating Partner, Southview Farm, Castile, New York 1991 Robert G. Wilmers Chairman of the Board and Chief Executive Officer, Manufacturers 1991 and Traders Trust Company, Buffalo, New York Wilbur F. Beh President and Chief Executive Officer, FNB Rochester Corp., 1992 Rochester, New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 1990 Directors of Federal Reserve Banks and Branches 397 DISTRICT 2—Continued Term expires BUFFALO BRANCH—Continued Dec. 31 Appointed by the Board of Governors Paul E. McSweeney Executive Vice President, United Food and Commercial Workers, 1990 District Union Local One, AFL-CIO, Amherst, New York Mary Ann Lambertsen Vice President-Human Resources and Information Systems, 1991 Fisher-Price, Division of The Quaker Oats Company, East Aurora, New York Vacancy 1992 DISTRICT 3—PHILADELPHIA Class A Constantinos I. Costalas Chairman of the Board, President, and Chief Executive Officer, 1990 Glendale National Bank of New Jersey, Voorhees, New Jersey Gary E. Burl President, Delaware National Bank, Georgetown, Delaware 1991 Samuel A. McCullough Chairman of the Board and Chief Executive Officer, Meridian 1992 Bancorp, Inc., Reading, Pennsylvania Class B Charles F. Seymour Chairman of the Board, Jackson-Cross Company, Philadelphia, 1990 Pennsylvania Nicholas Riso Executive Vice President, AHOLD, U.S.A., Harrisburg, 1991 Pennsylvania David W. Huggins President, RMS Technologies, Inc., Marlton, New Jersey 1992 Class C Jane G. Pepper President, The Pennsylvania Horticultural Society, Philadelphia, 1990 Pennsylvania Chairman of the Board, President, and Chief Executive Officer, 1991 Gunnar E. Sarsten United Engineers & Constructors, Inc., Philadelphia, Pennsylvania Chairman of the Board, Quaker Chemical Corporation, 1992 Peter A. Benoliel Conshohocken, Pennsylvania DISTRICT 4—CLEVELAND Class A William H. May Chairman of the Board and President, First National Bank of 1990 Nelsonville, Nelsonville, Ohio William T. McConnell President, The Park National Bank, Newark, Ohio 1991 Frank Wobst Chairman of the Board and Chief Executive Officer, Huntington 1992 Bancshares Incorporated, Columbus, Ohio Class B Verna K. Gibson President, The Limited Stores, Inc., Columbus, Ohio 1990 Douglas E. Olesen President and Chief Executive Officer, Battelle Memorial Institute, 1991 Columbus, Ohio Laban P. Jackson, Jr. Chairman of the Board, Clearcreek Properties, Lexington, Kentucky 1992 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis May 1990 398 Federal Reserve Bulletin • May 1990 DISTRICT 4—Continued Term expires Class C Dec. 31 Robert D. Storey Partner, Burke, Haber & Berick, Cleveland, Ohio 1990 John R. Miller Former President and Chief Operating Officer, The Standard Oil 1991 Company (Ohio), Cleveland, Ohio Charles W. Parry Retired Chairman and Chief Executive Officer, Aluminum Company 1992 of America, Pittsburgh, Pennsylvania —CINCINNATI BRANCH Appointed by the Federal Reserve Bank Jack W. Buchanan President, Sphar & Company, Inc., Winchester, Kentucky 1990 Jerry L. Kirby Chairman of the Board, President, and Chief Executive Officer, 1990 Citizens Federal Savings & Loan Association, Dayton, Ohio Allen L. Davis President and Chief Executive Officer, The Provident Bank, 1991 Cincinnati, Ohio Clay Parker Davis President and Chief Executive Officer, Citizens National Bank, 1992 Somerset, Kentucky Appointed by the Board of Governors Marvin Rosenberg Partner, Towne Properties, Ltd., Cincinnati, Ohio 1990 Kate Ireland National Chairman of the Board, Frontier Nursing Service, 1991 Wendover, Kentucky Vacancy 1992 —PITTSBURGH BRANCH Appointed by the Federal Reserve Bank George A. Davidson, Jr. Chairman of the Board and Chief Executive Officer, Consolidated 1990 Natural Gas Company, Pittsburgh, Pennsylvania Stephen C. Hansen President and Chief Executive Officer, Dollar Bank, F.S.B., 1990 Pittsburgh, Pennsylvania E. James Trimarchi President and Chief Executive Officer, First Commonwealth 1991 Financial Corporation, Indiana, Pennsylvania William F. Roemer President and Chief Executive Officer, Integra Financial 1992 Corporation, Pittsburgh, Pennsylvania Appointed by the Board of
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