The boards of directors of the Bank's Baltimore and Charlotte offices elected the following chairmen for 2008:
Cynthia Collins Allner — Principal, Miles & Stockbridge P.C., Baltimore, Md., was re-elected chairman of the Bank's Baltimore Office. Ms. Allner has served as a director since 2003.
Claude C. Lilly — Dean, Clemson University, College of Business & Behavioral Science, Clemson, S.C., was elected chairman of the Bank's Charlotte Office. Mr. Lilly has served as a director since 2007.
The boards of directors of the Baltimore and Charlotte offices of the Federal Reserve Bank of Richmond have seven members. A majority of each office's directors are appointed by the board of directors of the Richmond Reserve Bank and the remainder by the Board of Governors of the Federal Reserve System. The chairmen of the boards of the Baltimore and Charlotte offices are selected for one-year terms from among those directors appointed by the Board of Governors.
The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.
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