Federal Reserve Bank of Cleveland Pittsburgh Branch
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The Federal Reserve Bank of Cleveland Pittsburgh Branch Office is one of the three Federal Reserve Bank of Cleveland branch offices. The Pittsburgh Office of the Federal Reserve Bank of Cleveland hosts one of two savings bonds processing sites in the nation.[1]The current chairman is Sunil T. Wadhwani.[2] The original 1931 building, designed by the noted Cleveland architecture firm Walker and Weeks, was seven stories tall and a 10 story addition to the structure was completed in 1958 with roughly 200,000 square feet of total space. The Art Deco facade of the original Georgia marble building is ornamented with three cast aluminum figures representing mining, agriculture and commerce by the New York sculptor, Henry Hering. The building was listed as a Pittsburgh History & Landmarks Foundation Historic Landmark in 2001.[3]The Pittsburgh branch presides over Jefferson, Monroe and Belmont counties in Ohio and all of Western Pennsylvania.
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Staff cuts and sale [edit]
For decades, it shared responsibility with FRB Minneapolis for processing all US Savings Bond transactions, this service being provided by Federal Reserve System to the US Treasury. Employees numbered 300-350 in total at the complex. With the increase in electronic processing, the US Treasury determined that reduced staffing and only one Federal Reserve site was required for such services, and the operation in Minneapolis was named as the sole site. Pittsburgh branch staff was reduced during 2011-2012 from about 320 to 25 in three separate layoffs. Along with the consolidation in processing to Minneapolis and the staff cuts the Federal Reserve is currently considering selling the historic building as soon as 2013, though it will retain a branch staff in place in Pittsburgh for auditing and bank examination of roughly 20-25 beyond 2013. [1]
On May 8, 2013 M&J Wilkow announced that it obtained an agreement to purchase the structure and either convert it into a hotel or offices, the Reserve staff having relocated to Oxford Centre in October of 2012.[4]
Current Board of Directors [edit]
The following people are on the board of directors as of 2012:[5]
Appointed by the Federal Reserve Bank [edit]
| Name | Title | Term Expires |
|---|---|---|
| Grant Oliphant | President and Chief Executive Officer The Pittsburgh Foundation Pittsburgh, Pennsylvania |
2012 |
| Todd D. Brice | President and Chief Financial Officer S&T Bancorp, Inc. Indiana, Pennsylvania |
2013 |
| Dawne S. Hickton | Vice Chair, President, and Chief Executive Officer RTI International Metals, Inc. Pittsburgh, Pennsylvania |
2014 |
| Petra Mitchell | President Catalyst Connection Pittsburgh, Pennsylvania |
2014 |
Appointed by the Board of Governors [edit]
| Name | Title | Term Expires |
|---|---|---|
| Robert A. Paul | Chairman and Chief Executive Officer Ampco-Pittsburgh Corporation Pittsburgh, Pennsylvania |
2012 |
| Glenn R. Mahone
(Chair) |
Partner and Attorney at Law Reed Smith LLP Pittsburgh, Pennsylvania |
2013 |
| Charles L. Hammel III | President PITT Ohio Pittsburgh, Pennsylvania |
2014 |
See also [edit]
- Federal Reserve System
- Federal Reserve Districts
- Federal Reserve Bank of Cleveland
- Federal Reserve Bank of Cleveland Cincinnati Branch Office
References [edit]
- ^ "Pittsburgh Branch Office". The Federal Reserve. Federal Reserve Bank of Cleveland. Retrieved 2009-02-18.
- ^ "Pittsburgh Board of Directors". The Federal Reserve. Federal Reserve Bank of Cleveland. Retrieved 2009-02-18.
- ^ "Historic Landmark Plaques: 1968–2009". Pittsburgh History & Landmarks Foundation. Retrieved 19 April 2012.
- ^ http://triblive.com/business/headlines/3984043-74/building-sweeney-company#axzz2SjrT9grL
- ^ "Directors of Federal Reserve Banks and Branches". The Federal Reserve. May 27, 2012.
External links [edit]
Coordinates: 40°26′34″N 79°59′41″W / 40.442836°N 79.994811°W
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