Todd A. Mason, president and chief executive officer, First National Bank, Pandora, was elected to the board of directors of the Federal Reserve Bank of Cleveland, effective Jan. 1.
In making the announcement, the Federal Reserve Bank also announced the following reappointments to its board:
Alfred M. Rankin, Jr., chairman, president, and chief executive officer of NACCO Industries, Inc., Cleveland, 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 Co., Orrville, was reappointed deputy chairman of the board for 2012. Smucker has served as deputy chair since 2010.
Tilmon F. (Tim) Brown, president and chief executive officer, New Horizons Baking Company, Norwalk, was reelected to a second term as director.
The Federal Reserve System^aEUR"
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^aEUR"
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.
Fourth Federal Reserve District^aEUR"
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).
