Hoag Reappointed Chairman and Mahoney Deputy Chairman of the Federal Reserve Bank of Cleveland, Krueger and Wilson Named Directors; Daberko Reappointed to Federal Advisory Council

David H. Hoag, retired chairman, president and chief executive officer of the LTV Corporation, Cleveland, Ohio, has been reappointed chairman of the board of directors of the Federal Reserve Bank of Cleveland. Robert W. Mahoney, retired chairman of the board and chief executive officer of Diebold, Incorporated, Canton, Ohio, was reappointed a director and deputy chairman of the board. In addition, Stephen P. Wilson, chairman, president, and chief executive officer of the Lebanon Citizens National Bank, Lebanon, Ohio, has been elected a director, and Cheryl Krueger, founder and chief executive officer of Cheryl&Co., Columbus, Ohio, has been reelected a director of the Cleveland Reserve Bank. David A. Daberko was reappointed to the Federal Advisory Council. The appointments were effective January 1, 2001.

David H. Hoag, retired chairman, president, and chief executive officer of the LTV Corporation, served as deputy chairman of the board of directors of the Federal Reserve Bank of Cleveland prior to his appointment as chairman in 1997.

A native of Pittsburgh, Mr. Hoag is a graduate of Allegheny College, Meadville, Pennsylvania. Following his graduation from Allegheny in 1960, Mr. Hoag joined Jones and Laughlin Steel (J&L). Working his way up through the ranks, Mr. Hoag became executive vice president of J&L in 1983.

In 1985, he was named president and chief executive officer of LTV Steel, which had been formed by the 1984 merger of The LTV Corporation and Republic Steel Corporation. He was appointed LTV Corporation chairman and chief executive officer in 1991, positions he held until his retirement in 1999.

Mr. Hoag currently serves on the boards of NACCO Industries, the Lubrizol Corporation, the Chubb Corporation, M.A. Hanna, Brush Wellman, and University Hospitals. He also serves as a trustee of Allegheny College and University Hospitals and is chairman of Cleveland Tomorrow.

Mr. Hoag is a recipient of the Harvard Statesman of the Year Award and a member of the Cleveland Business Hall of Fame.

Robert W. Mahoney is retired chairman of the board and chief executive officer of Diebold, Incorporated, Canton, Ohio. Mr. Mahoney joined Diebold in 1982 as a senior vice president responsible for the company's Automatic Banking Systems and Electronic Engineering Groups. He was named president and chief executive officer in 1985 and chairman of the board in 1988. Prior to joining Diebold, Mr. Mahoney was president of NCR Canada Ltd.

Mr. Mahoney sits on the boards of The Timken Company, Canton, Ohio, and The Sherwin-Williams Company, Cleveland, Ohio. He is also a member of the board of trustees of Mount Union College in Alliance, Ohio, the Ohio Foundation of Independent Colleges, and the Professional Football Hall of Fame.

A native of New York City, Mr. Mahoney holds a bachelor's degree in industrial administration from Villanova University in Pennsylvania and a master's degree in business administration from Roosevelt University in Chicago. He served in the U.S. Navy and retired with the rank of lieutenant commander.

Stephen P. Wilson is chairman, president, and chief executive officer of the Lebanon Citizens National Bank, Lebanon, Ohio, and LCNB Corp, which owns the bank and Dakin Insurance Agency, Incorporated.

Mr. Wilson began his career with Lebanon Citizens in 1975. He earned a number of promotions prior to being named president and chief executive office in 1992, and chairman in 1993. He supervised the formation of LCNB Corp in October 1999 and its acquisition of Dakin Insurance Agency in May 2000, one of the first insurance agency acquisitions by a financial institution under the Gramm-Leach-Bliley Financial Modernization Act.

Mr. Wilson is a member of the Administrative Committee of the American Bankers Association Community Bankers Council, and a former president of the Ohio Bankers Association. He is also chairman of the advisory board for Miami University in Middletown, Ohio; a board member and treasurer of AAA Cincinnati; chairman of the Harmon Civic Trust, and member of the board of trustees of Countryside YMCA. He also serves as a member of the Area Progress Council of Warren County.

Mr. Wilson received a B.S. degree in finance and banking from Miami University, Oxford, Ohio, in 1972. That same year, he was commissioned as a U.S. Navy Officer and named a "distinguished Naval Graduate."

Cheryl Krueger is the president and chief executive officer of Cheryl&Co., a gourmet food and gift company headquartered in Columbus, Ohio. Ms. Krueger opened her first Cheryl's Cookies store in Columbus in 1981, while she was a vice president at Chaus Sportswear in New York City. Prior to joining Chaus, Ms. Krueger had served as a merchandise manager for The Limited Stores in Columbus.

In 1988, Ms. Krueger broadened the scope of her business and Cheryl's Cookies was renamed Cheryl&Co. The company has received numerous awards, including the "Fast Fifty Award," given to the fastest-growing privately held companies in central Ohio, and the "Business Integrity Award" from the Greater Columbus Better Business Bureau. In 1998, the company was honored by Working Woman magazine as one of the "Top 500 Women-Owned Businesses" in the U.S., and the company and its founder are featured in Courage is Contagious, a book by former Congressman John Kasich which features people who make a difference in their community. In 1999, Ms. Krueger was named "Entrepreneur of the Year" by Working Woman magazine. That same year, she was inducted in the Ohio Women's Hall of Fame.

Ms. Krueger earned a bachelor's degree in business and home economics from Bowling Green State University.

David A. Daberko, chairman and chief executive officer of National City Corporation, Cleveland, Ohio, will represent the Fourth Federal Reserve District on the Federal Advisory Council. The Council, which is composed of representatives from each of the 12 Federal Reserve Districts, confers periodically with the Board of Governors of the Federal Reserve System on business conditions and issues related to the banking industry. Mr. Daberko will represent the Fourth District for a one-year term which began January 1, 2001.


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Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of twelve 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 services to financial institutions and to the U.S. government.

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, which includes 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 offices 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.