CLEVELAND--(BUSINESS WIRE)--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, 2013.
Federal Reserve Bank of Cleveland
Richard K. Smucker, chief executive officer, The J.M. Smucker Company, Orrville, Ohio, was appointed chairman of the board of directors of the Federal Reserve Bank of Cleveland for 2013. Smucker has served as deputy chairman of the Cleveland Reserve Bank since 2010.
Christopher M. Connor, chairman and chief executive officer, The Sherwin-Williams Company, Cleveland, Ohio, was appointed deputy chairman of the board for 2013. Connor has served as a Bank director since 2011.
Claude E. Davis, president and chief executive officer, First Financial Bancorp, Cincinnati, Ohio, was elected a director.
John P. Surma, chairman and CEO, United States Steel Corporation, Pittsburgh, Pennsylvania, was appointed a director.
Susan Tomasky, energy consultant and former president, AEP Transmission, Columbus, Ohio, was reelected to an additional term as a 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 2013. Strange has served as chairman of the Cincinnati Branch board since 2012 and as a director since 2008.
Charles Brown, vice president and secretary, Toyota Motor Engineering & Manufacturing, North America, Inc., Erlanger, Kentucky, was appointed a director.
Donald E. Bloomer, president and chief executive officer, Citizens National Bank, Somerset, Kentucky, was reappointed to an additional 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 2013. Mahone has served as chairman of the Pittsburgh Branch board since 2012 and as a director since 2008.
Grant Oliphant, president and chief executive officer, The Pittsburgh Foundation, Pittsburgh, Pennsylvania, was reappointed to an additional 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.
The Federal Reserve System
The Federal Reserve Bank of Cleveland is one of 12 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 are elected by and representative of the member 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.
Main office 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.
Fourth Federal Reserve District
The Federal Reserve Bank of Cleveland, with branches in Cincinnati and Pittsburgh, serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. For more information on the Federal Reserve Bank of Cleveland, see www.clevelandfed.org or follow us on Facebook and Twitter (@ClevelandFed).