Cleveland Fed Announces Appointments to Cleveland, Cincinnati, and Pittsburgh Boards and Federal Advisory Council
The Federal Reserve Bank of Cleveland announced the following appointments and elections to its main office and branch boards of directors and to the Federal Advisory Council, effective January 1, 2012.
Federal Reserve Bank of Cleveland
Alfred M. Rankin, Jr., chairman, president, and chief executive officer of NACCO Industries, Inc., Cleveland, Ohio, was reappointed chairman of the board of directors of the Federal Reserve Bank of Cleveland for 2012. Rankin has served as chairman of the Cleveland Reserve Bank since 2010 and as a Bank director since 2006. He also served as the Bank’s deputy chair from 2007 through 2009.
Richard K. Smucker, chief executive officer, The J.M. Smucker Company, Orrville, Ohio, was reappointed deputy chairman of the board for 2012. Smucker has served as deputy chair since 2010.
Todd A. Mason, president and chief executive officer, First National Bank of Pandora, Pandora, Ohio, was elected a director.
Tilmon F. (Tim) Brown, president and chief executive officer, New Horizons Baking Company, Norwalk, Ohio, was reelected to a second term as director.
Peter S. Strange, chairman, Messer Inc., Cincinnati, Ohio, was appointed chairman of the board of the Cincinnati Branch of the Federal Reserve Bank of Cleveland for 2012. Strange has served as a director of the Cincinnati Branch board since 2008.
Susan Croushore, president and chief executive officer, The Christ Hospital, Cincinnati, Ohio, was appointed a director.
Amos L. Otis, founder, president and chief executive officer, SoBran, Inc., Dayton, Ohio, was appointed a director.
Gregory B. Kenny, president and chief executive officer, General Cable Corporation, Highland Heights, Kentucky, was reappointed to a second term as director.
Glenn R. Mahone, partner and attorney at law, Reed Smith LLP, Pittsburgh, Pennsylvania, was appointed chairman of the board of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland for 2012. Mahone has served as a director of the Pittsburgh Branch board since 2008.
Charles L. Hammel III, president, PITT OHIO, Pittsburgh, Pennsylvania, was appointed a director.
Dawne S. Hickton, vice chair, president and chief executive officer, RTI International Metals, Inc., Pittsburgh, Pennsylvania, was appointed a director.
Petra Mitchell, president, Catalyst Connection, Pittsburgh, Pennsylvania, was reappointed to a second term as director.
Federal Advisory Council
James E. Rohr, chairman and chief executive officer, PNC Financial Services Group, Inc., Pittsburgh, Pennsylvania, was reappointed to a one-year term as the Fourth Federal Reserve District's representative on the Federal Advisory Council.
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.
Reserve Bank Directors
Each Reserve Bank's main office has a nine-member board of directors. Three directors are elected by and representative of the stockholding banks in each Federal Reserve District. 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 on primary credit; providing information about regional business conditions to their Reserve Bank president; and overseeing the Bank's budget and finances.
Each Reserve Bank branch has a five- or seven-member board of directors that 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, click here.
Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.
The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
Doug Campbell, email@example.com, 513.455.4479