Cleveland Fed Announces Director Appointments and Federal Advisory Council Appointment

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, 2004

Federal Reserve Bank of Cleveland

Robert W. Mahoney, retired chairman and chief executive officer of Diebold, Incorporated, Canton, Ohio, has been reappointed as a director, and as chairman of the board of directors, of the Federal Reserve Bank of Cleveland.

Charles E. Bunch, president and chief operating officer of PPG Industries, Inc., Pittsburgh, Pennsylvania, was reappointed deputy chairman of the board.

In addition, V. Ann Hailey, executive vice president and chief financial officer, Limited Brands, Columbus, Ohio, was elected a director, and Stephen P. Wilson, president and chief executive officer, Lebanon Citizens National Bank, Lebanon, Ohio, was reelected a director of the Cleveland Reserve Bank.

Cincinnati Office

Dennis C. Cuneo, senior vice president, Toyota Motor North America, Inc., New York, New York, has been reappointed chairman of the board of directors of the Cincinnati Office of the Federal Reserve Bank of Cleveland.

In addition, Charlotte W. Martin, president and chief executive officer, Great Lakes Bankers Bank, Gahanna, Ohio, and Charles Whitehead, retired president, Ashland Inc. Foundation, Covington, Kentucky, were reappointed directors.

Pittsburgh Office

Roy W. Haley, chairman and chief executive officer, WESCO International, Inc., Pittsburgh, Pennsylvania, has been reappointed chairman of the board of directors of the Pittsburgh Office of the Federal Reserve Bank of Cleveland.

In addition, James I. Mitnick, senior vice president, Turner Construction Company, Pittsburgh, Pennsylvania, and Kristine N. Molnar, president and chief executive officer, WesBanco Bank, Inc., Wheeling, West Virginia, were reappointed 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 for a second one-year term, which began on January 1, 2004.

The Federal Advisory 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.

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 System formulates U.S. monetary policy, regulates banks and bank holding companies, 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’s 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 a complete list of the members of the boards of directors of the Federal Reserve Bank of Cleveland and its branches, see 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