Federal Reserve Bank of Richmond
Encyclopedia
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
. It covers the District of Columbia, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, South Carolina
South Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
and most of West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...
. Branch offices are located in Baltimore, Maryland and Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
. Currently, the president is Jeffrey M. Lacker
Jeffrey M. Lacker
Jeffrey M. Lacker is an American economist and president of the Federal Reserve Bank of Richmond. He is also a voting member of the Federal Open Market Committee for the year of 2009. Formerly, he was senior vice president and the director of research at the Federal Reserve Bank of...
. The former president, J. Alfred Broaddus, retired in 2004.
Building
The Federal Reserve Bank of Richmond has an aluminum facade and is one of the tallest buildings in the state. 49% of the building's total floor area is located underground. The Federal Reserve Bank of Richmond was designed by Minoru YamasakiMinoru Yamasaki
was a Japanese-American architect, best known for his design of the twin towers of the World Trade Center, buildings 1 and 2. Yamasaki was one of the most prominent architects of the 20th century...
who also designed the World Trade Center
World Trade Center
The original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...
twin towers.
Economy
The Federal Reserve Bank of Richmond is the second-largest Federal Reserve Bank by assets held after the Federal Reserve Bank of New YorkFederal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
as of November 2009.
In April 2009, the Federal Reserve Bank of Richmond planned to lay off 55 workers, tied to the ongoing consolidation of its check processing to other plants in the federal banking system.
Branches
- Federal Reserve Bank of Richmond Baltimore Branch OfficeFederal Reserve Bank of Richmond Baltimore Branch OfficeThe Federal Reserve Bank of Richmond Baltimore Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. The Federal Reserve Bank of Richmond's Baltimore Branch is an operational and regional center for Maryland, the metropolitan Washington D.C. area, Northern Virginia, and...
- Federal Reserve Bank of Richmond Charlotte Branch OfficeFederal Reserve Bank of Richmond Charlotte Branch OfficeThe Federal Reserve Bank of Richmond Charlotte Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. The Federal Reserve Bank of Richmond’s Charlotte Branch is an operational and regional center for the Carolinas, including the nation’s second largest financial center in...
Current Board of Directors
The following people serve on the board of directors as of 2011:All terms expire December 31.
Class A
| Name | Title | Term Expires |
|---|---|---|
| Kelly S. King Kelly King Kelly S. King was born on September 12, 1948, in Raleigh, North Carolina. He serves as Chairman and CEO of BB&T Corporation. Kelly began his career with BB&T by joining BB&T’s Management Development Program in 1972 and has served in many roles, including manager of its Central and Metropolitan... |
Chief Executive Officer BB&T Corporation Winston-Salem, North Carolina Winston-Salem, North Carolina Winston-Salem is a city in the U.S. state of North Carolina, with a 2010 population of 229,617. Winston-Salem is the county seat and largest city of Forsyth County and the fourth-largest city in the state. Winston-Salem is the second largest municipality in the Piedmont Triad region and is home to... |
2011 |
| Richard J. Morgan | President and Chief Executive Officer CommerceFirst Bank Annapolis, Maryland Annapolis, Maryland Annapolis is the capital of the U.S. state of Maryland, as well as the county seat of Anne Arundel County. It had a population of 38,394 at the 2010 census and is situated on the Chesapeake Bay at the mouth of the Severn River, south of Baltimore and about east of Washington, D.C. Annapolis is... |
2012 |
| Alan L. Brill | President and Chief Executive Officer Capon Valley Bank Wardensville, West Virginia Wardensville, West Virginia Wardensville is a town in Hardy County, West Virginia, United States. The population was 246 at the 2000 census. Originally named Trout Run, Wardensville was chartered in Virginia in 1832 and incorporated in West Virginia in 1879. It is named for the town's first merchant. It is home to Trout... |
2013 |
Class B
| Name | Title | Term Expires |
|---|---|---|
| Dana S. Boole | President and Chief Executive Officer Community Affordable Housing Equity Corp. Raleigh, North Carolina Raleigh, North Carolina Raleigh is the capital and the second largest city in the state of North Carolina as well as the seat of Wake County. Raleigh is known as the "City of Oaks" for its many oak trees. According to the U.S. Census Bureau, the city's 2010 population was 403,892, over an area of , making Raleigh... |
2011 |
| Wilbur E. Johnson | Managing Partner Young Clement Rivers, LLP Charleston, South Carolina Charleston, South Carolina Charleston is the second largest city in the U.S. state of South Carolina. It was made the county seat of Charleston County in 1901 when Charleston County was founded. The city's original name was Charles Towne in 1670, and it moved to its present location from a location on the west bank of the... |
2012 |
| Patrick C. Graney, III | Maxum East Regional President Maxum Petroleum Belle, West Virginia Belle, West Virginia Belle is a town in Kanawha County, West Virginia, along the Kanawha River. The population was 1,259 at the 2000 census. Belle was incorporated on December 13, 1958 by the Kanawha County Circuit Court... |
2013 |
Class C
| Name | Title | Term Expires |
|---|---|---|
| Linda D. Rabbitt (Deputy Chair) |
Chairman and Chief Executive Officer Rand Construction Corporation Washington, D.C. Washington, D.C. Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution.... |
2011 |
| Russell C. Lindner | Chairman and Chief Executive Officer The Forge Company Washington, D.C. Washington, D.C. Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution.... |
2012 |
| Margaret E. McDermid (Chair) |
Senior Vice President and Chief Information Officer Dominion Resources, Inc. Richmond, Virginia Richmond, Virginia Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area... |
2013 |
See also
- Federal Reserve Districts
- Federal Reserve BranchesFederal Reserve BranchesThere are 24 Federal Reserve Branches. As late as 2008, there were 25 branches, but in October 2008 the Federal Reserve Bank of New York Buffalo Branch was closed.List of Federal Reserve Branches* Boston* New York...
- Federal Reserve Bank of Richmond Baltimore Branch OfficeFederal Reserve Bank of Richmond Baltimore Branch OfficeThe Federal Reserve Bank of Richmond Baltimore Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. The Federal Reserve Bank of Richmond's Baltimore Branch is an operational and regional center for Maryland, the metropolitan Washington D.C. area, Northern Virginia, and...
- Federal Reserve Bank of Richmond Charlotte Branch OfficeFederal Reserve Bank of Richmond Charlotte Branch OfficeThe Federal Reserve Bank of Richmond Charlotte Branch Office is one of the two Federal Reserve Bank of Richmond branch offices. The Federal Reserve Bank of Richmond’s Charlotte Branch is an operational and regional center for the Carolinas, including the nation’s second largest financial center in...
- Federal Reserve SystemFederal Reserve SystemThe Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
- Federal Reserve ActFederal Reserve ActThe Federal Reserve Act is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes and Federal Reserve Bank Notes as legal tender...
- Structure of the Federal Reserve SystemStructure of the Federal Reserve SystemThe Federal Reserve System is composed of five parts:# The presidentially appointed Board of Governors , an independent federal government agency located in Washington, D.C....