The Fifth Federal Reserve District member banks elected the following directors of the Federal Reserve Bank of Richmond for three-year terms effective January 1, 2014:
C. Richard Miller, Jr. – President and Chief Executive Officer, Woodsboro Bank, Woodsboro, Maryland – was elected as a Class A director.
Charles R. Patton – President and Chief Operating Officer, Appalachian Power, Charleston, West Virginia – was elected as a Class B director.
Each Federal Reserve Bank has a nine-member board of directors. Three Class A and three Class B directors are elected to three-year terms by the stockholding member banks, and three Class C directors are appointed to three-year terms by the Board of Governors of the Federal Reserve System. Class A directors represent the stockholding member banks in each Federal Reserve District. Class B and Class C directors represent the public and are chosen with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.
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.