Cleveland Fed Announces Appointments to Cleveland, Cincinnati and Pittsburgh Boards and the Federal Advisory Council

CLEVELAND - 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, 2007.

Federal Reserve Bank of Cleveland

(Ms.) Tanny B. Crane, president and chief executive officer of Crane Group, Columbus, Ohio, was appointed chairman of the board of directors of the Federal Reserve Bank of Cleveland for 2007 and was reappointed to a three-year term as a Bank director. Crane was deputy chair of the Cleveland Reserve Bank in 2006 and has served as a Bank director since January 2003.

Alfred M. Rankin, Jr., chairman, president and chief executive officer of NACCO Industries, Inc., Cleveland, Ohio, was named deputy chairman of the board for 2007. Rankin has served as a director of the Bank since August 2006.

Roy W. Haley, chairman and chief executive officer, WESCO International, Inc., Pittsburgh, Pennsylvania, was appointed a director of the Cleveland Reserve Bank. Haley served as a director and chairman of the board of the Pittsburgh Office of the Federal Reserve Bank of Cleveland from 2003 to 2006.

In addition, C. Daniel DeLawder, chairman and chief executive officer of Park National Bank, Newark, Ohio, was elected a director, and V. Ann Hailey, executive vice president, corporate development, Limited Brands, Columbus, Ohio, was re-elected a director of the Federal Reserve Bank of Cleveland.

Cincinnati Office

James M. Anderson, president and chief executive officer of the Cincinnati Children's Hospital Medical Center, Cincinnati, Ohio, was reappointed chairman of the board of the Cincinnati Office of the Federal Reserve Bank of Cleveland for 2007. Anderson has served as a director and chairman of the Cincinnati Office board since January 2005.

In addition, Daniel B. Cunningham, president and chief executive officer, Long-Stanton Manufacturing companies, Cincinnati, Ohio, was appointed a director, and Charlotte W. Martin, president and chief executive officer, Great Lakes Bankers Bank, Gahanna, Ohio, was reappointed a director of the Cincinnati Office of the Cleveland Reserve Bank.

Pittsburgh Office

Robert O. Agbede, president and chief executive officer of Chester Engineers, Inc., Pittsburgh, Pennsylvania, was appointed chairman of the board of the Pittsburgh Office of the Federal Reserve Bank of Cleveland for 2007. Agbede has served as a director of the Pittsburgh Office since January 2002.

In addition, Howard W. Hanna, III, chairman and chief executive officer, Howard Hanna Real Estate Services, Pittsburgh, Pennsylvania; Robert A. Paul, chairman and chief executive officer, Ampco-Pittsburgh Corporation, Pittsburgh, Pennsylvania; and Margaret Irvine Weir, president, NexTier Bank, Butler, Pennsylvania, were appointed directors of the Pittsburgh Office of the Cleveland Reserve Bank.

Federal Advisory Council

George A. Schaefer, Jr., chairman and chief executive officer of Fifth Third Bancorp, Cincinnati, Ohio, was appointed to a second one-year term as the Fourth Federal Reserve District's representative on the Federal Advisory Council. Schaefer's current term began on January 1, 2007.

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, supervises 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 directors 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 Federal Reserve's Board of Governors in Washington, D.C.

Directors' responsibilities include: making recommendations to the Board of Governors regarding the Federal Reserve's discount rate; providing information about regional business conditions to their Reserve Bank president; selecting the Reserve Bank's president and chief operating officer; and overseeing the Bank's budget and finances. Each Reserve Bank branch has a five- or seven-member board of directors that oversees branch operations and provides 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 http://www.clevelandfed.org/about/BODclev.cfm.

Fourth Federal Reserve District

The Federal Reserve Bank of Cleveland, with branch offices in Cincinnati and Pittsburgh, serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.