Federal Reserve Bank of Cleveland Pittsburgh Branch
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. The current chairman is Sunil T. Wadhwani. 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. The Pittsburgh branch presides over Jefferson, Monroe and Belmont counties in Ohio, Wetzel, Tyler, Pleasants, Marshall, Ohio, Brooke and Hancock counties in West Virginia and all of Western Pennsylvania. In 1915 it was revealed that the Pittsburgh branch location was to be the new home of a relocated Cleveland Fed District with a majority vote secured on the board of governors, however the U.S. Attorney General at the time nixed moving the Cleveland, Kansas City, Minneapolis, Boston and Atlanta Federal Reserve Districts stating that it would instead take and act of Congress to move those district headquarters. Pittsburgh remained a branch location only.
Staff cuts and sale
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.
Building sale to Drury Hotels
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 2012. In November 2013 Drury Hotels agree to convert the 1931 structure into a 180 room hotel to open by late 2015.
Current Board of Directors
The following people are on the board of directors as of 2013:
Appointed by the Federal Reserve Bank
|Todd D. Brice||President and Chief Financial Officer
S&T Bancorp, Inc.
|Grant Oliphant||President and Chief Executive Officer
The Pittsburgh Foundation
|Sean McDonald||President and CEO
Precision Therapeutics, Inc.
Appointed by the Board of Governors
|Glenn R. Mahone
|Partner and Attorney at Law
Reed Smith LLP
|Charles L. Hammel III||President
Pitt Ohio Express
|Dawne S. Hickton||Vice Chair, President, and Chief Executive Officer
RTI International Metals, Inc.
- Federal Reserve Act
- Federal Reserve System
- Federal Reserve Districts
- Federal Reserve Branches
- Federal Reserve Bank of Cleveland
- Federal Reserve Bank of Cleveland Cincinnati Branch Office
- "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.
- "Directors of Federal Reserve Banks and Branches". The Federal Reserve. Dec 6, 2013.