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Federal Reserve Bank of Richmond

Coordinates: 37°32′08″N 77°26′26″W / 37.535639°N 77.440645°W / 37.535639; -77.440645
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Federal Reserve Bank of Richmond
Federal Reserve Seal
Headquarters
Headquarters701 E Byrd St
Richmond, Virginia, USA
EstablishedMay 18, 1914 (110 years ago) (1914-05-18)
PresidentThomas I. Barkin
Central bank of
Fifth District
Websitewww.RichmondFed.org
The Federal Reserve Bank of Richmond is one of 12 regional banks that make up the Federal Reserve System

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, North Carolina, South Carolina, Virginia, and most of West Virginia excluding the Northern Panhandle. Branch offices are located in Baltimore, Maryland and Charlotte, North Carolina. Thomas I. Barkin became president of the Richmond Fed following the retirement of Jeffrey M. Lacker in April 2017.[1] The previous president, J. Alfred Broaddus, retired in 2004.[2]

History and Building

Fifth District of the Federal Reserve

The Federal Reserve Bank of Richmond has had three locations in Downtown Richmond, Virginia. When it opened in 1914, it was located near the federal courts. From 1919 to 1921, a new building for the Federal Reserve was constructed at 100 North Ninth Street. The Fed offices existed here from 1921 until 1978, when they moved to their current location.[3] The old 1921 Fed building is now used as the Supreme Court of Virginia, which moved to the location in 1978 from its former building at 1111 East Broad Street.

The current building has an aluminum facade and was designed by Minoru Yamasaki, who also designed the former World Trade Center.[4] Despite being one of the tallest buildings in the state, 49% of the building's total floor area is located underground.[4] The building was proposed in 1972, and built from 1975 to 1978.[4]

Economy

The Federal Reserve Bank of Richmond is the fourth-largest Federal Reserve Bank by assets held, after New York, San Francisco, and Atlanta, as of December 2018.[5]

Federal Reserve Note Seal (Richmond)
Former presidents of the Richmond Fed (Left to Right: J. Alfred Broaddus Jr.; Robert P. Black; Jeffrey M. Lacker)

Branches

Board of Directors

The following people serve on the board of directors as of 2021:[6]

Class A

Name Title Term expires on
December 31
James H. Sills, III President and chief executive officer
Mechanics and Farmers Bank
Durham, North Carolina 		2021
William A. Loving Jr. Chief Executive Officer
Pendleton Community Bank
Franklin, West Virginia 		2022
Jennifer LaClair Chief Financial Officer
Ally Bank
Charlotte, North Carolina 		2023

Class B

Name Title Term expires on
December 31
Catherine A. Meloy President and chief executive officer
Goodwill of Greater Washington/Goodwill Excel Center
Washington, D.C. 		2021
Wayne A. I. Frederick President
Howard University
Washington, D.C. 		2022
Robert M. Blue President and chief executive officer
Dominion Energy
Richmond, Virginia 		2023

Class C

Name Title Term expires on
December 31
Eugene A. Woods

(chair)

President and chief executive officer
Atrium Health
Charlotte, North Carolina 		2021
Jodie McLean

(deputy chair)

Chief Executive Officer
EDENS
Washington, D.C. 		2022
Vacancy 2023

See also

References

  1. ^ "Federal Reserve Bank of Richmond Presidential Search". www.richmondfed.org. Archived from the original on 25 April 2017. Retrieved 24 April 2017.
  2. ^ "Federal Reserve Bank of Richmond". www.richmondfed.org. Retrieved 12 January 2017.
  3. ^ "RICHMOND FEDERAL RESERVE HEADQUARTERS ON CAPITOL SQUARE, 1939". Library of Virginia DBVa. Retrieved 31 August 2022.
  4. ^ a b c "Federal Reserve Bank Building". Emporis.[dead link]
  5. ^ "FRB: H.4.1 Release--Factors Affecting Reserve Balances-- December 06, 2018".
  6. ^ "Federal Reserve Board - Federal Reserve Bank of Richmond". The Federal Reserve. 8 March 2021.

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


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