For immediate release
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Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia has announced the election of R. Scott Smith, Jr., chairman and CEO of Fulton Financial Corporation, and the re-election of Keith S. Campbell, chairman of Mannington Mills, Inc., to its board of directors. The Philadelphia Fed also announced the re-appointments of Charles P. Pizzi, president and CEO of Tasty Baking Company, and Jeremy Nowak, president and CEO of The Reinvestment Fund, to chairman and deputy chairman, respectively. Nowak was also re-appointed to serve a new three-year term.
The nine-member board of directors is chosen in a nonpolitical process, generally with three directors selected each year. Three Class A directors are elected by member banks to represent the District's member banks. Three Class B directors are also elected by member banks to represent businesses and the public; by law, they cannot be directors or officers of a bank or bank holding company. The Board of Governors appoints three Class C directors, who are also nonbankers, including the chair and deputy chair.
The Federal Reserve Bank of Philadelphia's board of directors represents the Third District, which includes eastern Pennsylvania, southern New Jersey and Delaware.
A Reserve Bank board of directors oversees operations. The directors also offer their observations on economic conditions and their perspectives on monetary policy, establish the Bank's discount rate, and serve as a link between the Federal Reserve and the communities in their respective Districts.
R. Scott Smith, Jr.
Smith will serve a three-year term as a Class A director. For the past three years, Smith has been the Third District representative to the Federal Advisory Council, which meets quarterly with the Board of Governors in Washington, D.C. on regulatory matters.
Smith was appointed chairman and CEO of Fulton Financial Corporation in January 2006. In 2001, he was named president and COO, and a director of Fulton Financial Corporation. Smith also served as executive vice president of Fulton Financial Corporation. Before assuming the positions of chairman, president, and CEO of Fulton Bank in 1998, Smith held several other management positions at the bank. He joined Fulton Bank as director of personnel in 1978.
Smith currently serves on the board of the Pennsylvania Chamber of Business and Industry. He is a member of the Consumer Issues Committee for the Financial Services Roundtable, and the Pennsylvania Bankers Association. He is a board member of the Lancaster Alliance and a director and past president of the Economic Development Council of Lancaster. Smith earned an MBA from Widener University and also has bachelor of arts and bachelor of science degrees from Pennsylvania State University.
Keith S. Campbell
Campbell will serve another three-year term as a Class B director. He has been a director since January 2008. At Mannington Mills, Inc., Campbell was appointed chairman in 1995. He has served in several senior and management positions at the company since 1977. He is a director for the boards of South Jersey Industries; Skytop Lodge, Inc.; the World Floor Covering Association; the Floor Covering Consumer Credit Association; the Southern New Jersey Chamber of Commerce; and United Way of Salem County. He is a trustee of the John B. Campbell Family & Fitness Center of Salem County and is chairman of the board of trustees of Rowan University, Stand Up for Salem, and Salem County Memorial Hospital. He has a bachelor's degree in business and history from Muskingum College in New Concord, Ohio.
Nowak will serve another three-year term as a Class C director. Nowak has been a director since January 2008. He has also served on the Federal Reserve's Consumer Advisory Council. Nowak co-founded The Reinvestment Fund in 1985, after serving in a variety of community development and organizing positions. He is currently a Fellow at the Aspen Institute, in a program for entrepreneurial leaders in education, and a member of a Harvard University (Kennedy School) Executive Session on transforming cities through civic entrepreneurship. He also chairs the boards of the Mastery Charter School and Alex's Lemonade Stand Foundation. In 1995, Nowak received the Philadelphia Award, the city's highest civic honor. He holds a Ph.D. from the New School for Social Research and has also been awarded honorary doctorates from Villanova University and LaSalle University.
Charles P. Pizzi
Pizzi has been a Class C director since January 2006. He has served as chairman for the past year, and he previously served as deputy chairman for two years. Before his current position at Tasty Baking Company, Pizzi had been president and CEO of the Greater Philadelphia Chamber of Commerce and commerce director for the city of Philadelphia. He serves on the boards of Drexel University, Brandywine Realty Trust, and the Grocery Manufacturers of America. He is vice chairman of the Independence Blue Cross board of directors. He holds a bachelor's degree from LaSalle University and a master's degree from the University of Pennsylvania.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.