Federal Reserve Bank of Richmond

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Federal Reserve Bank of Richmond
Fifth District of the Federal Reserve

The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia (all state, except for the Northern Panhandle). Branch offices are located in Baltimore, Maryland and Charlotte, North Carolina. Currently, the president is Jeffrey M. Lacker. The former president, J. Alfred Broaddus, retired in 2004.

Building[edit]

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 Yamasaki who also designed the World Trade Center twin towers.[1] The building was completed in 1975.

Economy[edit]

The Federal Reserve Bank of Richmond is the second-largest Federal Reserve Bank by assets held after the Federal Reserve Bank of New York as of November 2009.[2] 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.[3]

Branches[edit]

Current Board of Directors[edit]

The following people serve on the board of directors as of 2013:[4] All terms expire December 31.[4]

Class A[edit]

Class A
Name Title Term Expires
Alan L. Brill President and Chief Executive Officer
Capon Valley Bank
Wardensville, West Virginia
2013
Edward L. Willingham, IV President
First Citizen BancShares, Inc. and First Citizens Bank
Raleigh, North Carolina
2014
Brad E. Schwartz Chief Executive Officer
Monarch Bank and Monarch Financial Holdings, Inc.
Chesapeake, Virginia
2015

Class B[edit]

Class B
Name Title Term Expires
Patrick C. Graney, III Maxum East Regional President
Maxum Petroleum
Belle, West Virginia
2013
Marshall O. Larsen Chairman, President, and Chief Executive Officer
Goodrich Corporation
Charlotte, North Carolina
2014
Wilbur E. Johnson Managing Partner
Young Clement Rivers, LLP
Charleston, South Carolina
2015

Class C[edit]

Class C
Name Title Term Expires
Margaret G. Lewis President
HCA Capital Division
Richmond, Virginia
2013
Linda D. Rabbitt

(Chair)

Chairman and Chief Executive Officer
Rand Construction Corporation
Washington, D.C.
2014
Russell C. Lindner

(Deputy Chair)

Chairman and Chief Executive Officer
The Forge Company
Washington, D.C.
2015

See also[edit]

References[edit]

  1. ^ Federal Reserve Bank Building
  2. ^ Release Dates
  3. ^ Daniel J. Sernovitz (February 17, 2009). "Winchester Homes, Federal Reserve cutting Maryland jobs". Baltimore Business Journal. Retrieved 2009-02-19. 
  4. ^ a b "Directors of Federal Reserve Banks and Branches". The Federal Reserve. Dec 6, 2013. 

External links[edit]

Coordinates: 37°32′08″N 77°26′26″W / 37.535639°N 77.440645°W / 37.535639; -77.440645