For Release::January 25, 1999
Contact: June Gates, 216/579-2048
Effective January 1, 1999, David H. Hoag, chairman of The LTV Corporation, Cleveland, Ohio, was reappointed to a three-year term as director, and was redesignated deputy chairman of the board for 1999.
John R. Cochran, chairman and chief executive officer of FirstMerit Corporation, Akron, Ohio, was elected to a three-year term as director, also effective January 1, 1999.
Effective November 11, 1998, Cheryl L. Krueger-Horn, president and chief executive officer of Cheryl&Co., Westerville, Ohio, was elected a director. Ms. Krueger-Horn has assumed an existing three-year term which expires December 31, 2000.
Thomas Revely III, president and chief executive officer of Cincinnati Bell Supply Co., Cincinnati, Ohio, was reappointed to a three-year term as director, effective January 1, 1999.
Jean R. Hale, president and chief executive officer of Community Trust Bank, N.A., Pikeville, Ky., was also reappointed to a three-year director position that began January 1, 1999.
Gretchen R. Haggerty, vice president, accounting and finance, of USX Corporation’s U.S. Steel Group, Pittsburgh, Pa., was reappointed to a three-year term as director, effective January 1, 1999.
Edward V. Randall, Jr., management consultant with Babst, Calland, Clements & Zomnir, Pittsburgh, Pa., was also reappointed to a three-year term as director, effective January 1, 1999.
Each Reserve Bank has a nine-member board of directors. Three directors represent the interests of banking in each District and are elected by member banks. The other six represent the general public through interests such as business, agriculture, labor and consumers. Of these, three are elected by member banks and three are appointed by the Board of Governors.
Directors’ responsibilities include providing information on regional business conditions; recommending changes in the Federal Reserve’s discount rate; selecting the Bank’s president and first vice president; and overseeing the Bank’s budget and finances. Reserve Bank branches in Cincinnati and Pittsburgh each have seven-member boards of directors, which oversee branch operations.
The Federal Reserve Bank of Cleveland, including its branch offices in Cincinnati and Pittsburgh, and its check-processing center in Columbus, serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
Federal Reserve Bank of Cleveland
Announces Director and Federal
Advisory Council Appointments for 1999
Federal Reserve Bank of Cleveland
G. Watts Humphrey, Jr., president of GWH Holdings, Inc., Pittsburgh, Pa., was redesignated to a one-year term as 1999 chairman of the board.Cincinnati Office
George C. Juilfs, president and chief executive officer of SENCORP, Newport, Ky., was redesignated 1999 chairman of the board of the Cincinnati office of the Federal Reserve Bank of Cleveland.
Pittsburgh Office
John T. Ryan III, chairman and chief executive officer of Mine Safety Appliances Company, Pittsburgh, Pa., was redesignated 1999 chairman of the board of the Pittsburgh office of the Federal Reserve Bank of Cleveland.Federal Advisory Council
Robert W. Gillespie, chairman and chief executive officer of KeyCorp, Cleveland, Ohio, was reappointed by the Federal Reserve Bank of Cleveland to represent the Fourth Federal Reserve District on the Federal Advisory Council for 1999. The Council confers quarterly with the Federal Reserve System’s Board of Governors on banking and economic developments and Federal Reserve operations. Council members are bankers, with one appointed from each of the 12 Federal Reserve Banks.
Fourth Federal Reserve District
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation’s central bank, the Federal Reserve System formulates U.S. monetary policy, regulates state-chartered member banks and bank holding companies, and provides payment system services to financial institutions and the U.S. government.