Cleveland Fed Announces Director and Federal Advisory Council Appointments

The Federal Reserve Bank of Cleveland announced the following appointments to its main office and branch boards of directors and to the Federal Advisory Council. All appointments were effective January 1, 2003.

Federal Reserve Bank of Cleveland

Robert W. Mahoney, retired chairman of the board and chief executive officer of Diebold, Incorporated, Canton, Ohio, was appointed chairman of the board of the Federal Reserve Bank of Cleveland. Mahoney previously served as deputy chairman of the board.

Charles E. Bunch, president and chief operating officer of PPG Industries, Inc., Pittsburgh, Pennsylvania, was appointed a director and named deputy chairman. Bunch previously served as chairman of the board of the Bank's Pittsburgh Office.

Benedict Weissenrieder, chairman and chief executive officer of Hocking Valley Bank, Athens, Ohio, and (Ms.) Tanny Crane, president and chief executive officer of Crane Plastics Company, Columbus, Ohio, were elected directors of the Cleveland Reserve Bank. In addition, Phillip R. Cox, president and chief executive officer of Cox Financial Corporation, Cincinnati, Ohio, was reappointed a director. Weissenrieder previously served as a director of the Bank's Cincinnati Office, and Crane is a former member of the Bank's Business Advisory Council.

Cincinnati Office

Dennis C. Cuneo, senior vice president of Toyota Motor Manufacturing North America, Inc., Erlanger, Kentucky, was appointed a director and named chairman of the board of directors of the Cincinnati Office of the Federal Reserve Bank of Cleveland.

Glenn D. Leveridge, president of Bank One, Kentucky, N.A., Lexington, Kentucky, and Charlotte W. Martin, president and chief executive officer of Great Lakes Bankers Bank, Gahanna, Ohio, were appointed directors. In addition, V. Daniel Radford, executive secretary-treasurer of the Cincinnati AFL-CIO Labor Council, Cincinnati, Ohio, was reappointed a director.

Pittsburgh Office

Roy W. Haley, chairman and chief executive officer of WESCO International, Inc., Pittsburgh, Pennsylvania, was appointed a director and named chairman of the board of directors of the Pittsburgh Office of the Federal Reserve Bank of Cleveland.

Ronnie L. Bryant, president and chief operating officer of the Pittsburgh Regional Alliance, Pittsburgh, Pennsylvania, and Georgiana N. Riley, president of TIGG Corporation, Bridgeville, Pennsylvania, were appointed directors.

Federal Advisory Council

Martin G. McGuinn, chairman and chief executive officer of Mellon Financial Corporation, Pittsburgh, Pennsylvania, will represent the Fourth Federal Reserve District on the Federal Advisory Council in 2003.

The Council is composed of representatives of the banking industry from each of the 12 Federal Reserve Districts. The Council consults with and advises the Board of Governors of the Federal Reserve System on general business conditions and issues related to the financial services industry.

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The Federal Reserve System

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 formulates U.S. monetary policy, regulates banking institutions, and provides payment services to financial institutions and to the U.S. government. Payment services include check clearing, electronic payments, and the distribution of currency and coin.

Reserve Bank Directors

Each Reserve Bank main office has a nine-member board of directors. Three directors represent the interests of banking in each District and are elected by banks that are members of the Federal Reserve System. 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 to Reserve Bank presidents on regional business conditions; making recommendations to the Federal Reserve Board regarding the Fed’s primary credit rate; selecting the Reserve Bank's president and chief operating officer; and overseeing the Bank's budget and finances.

Reserve Bank branches each have seven-member boards of directors, which oversee branch operations and provide input regarding local business conditions.

For additional information about Federal Reserve Bank of Cleveland directors, go to http://www.clevelandfed.org/about/BODclev.cfm.

Fourth Federal Reserve District

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.

See also http://www.clevelandfed.org/ccca/Pressrel.cfm