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Thursday, November 27, 2014

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Jersey Shore State Bank CEO Appointed to Advisory Council

For immediate release
Contact: Katherine Dibling, E-mail Public Affairs Specialist, (215) 574-4119

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Philadelphia, Pa. — The Federal Reserve Bank of Philadelphia announced today that it has appointed Richard A. Grafmyre, president and CEO of Jersey Shore State Bank and its holding company, Penns Woods Bancorp, Inc., to the Community Depository Institutions Advisory Council (CDIAC) for a three-year term.

The 12-member council is composed of representatives from commercial banks, thrift institutions, and credit unions. CDIAC convenes twice a year in Philadelphia to share insights on economic and business trends facing community depository institutions in their local markets. Subsequent to each local meeting, a representative from Philadelphia's council joins counterparts from other Federal Reserve Banks at a meeting hosted by the Federal Reserve Board of Governors in Washington, D.C.

Richard A. GrafmyreRichard A. Grafmyre

Grafmyre has more than 39 years of banking experience. Prior to his current role at Jersey Shore State Bank and Penns Woods Bancorp, Inc., he was president and CEO of FNB Bank, NA (an affiliate of Fulton Financial Corporation). Concurrent with his responsibilities there, he had oversight of the Swineford National Bank and the Fulton State College Division banking operations.

Grafmyre currently teaches at the Pennsylvania Bankers Association's schools of commercial and retail banking. He serves on the boards of the Geisinger Health System Foundation, Geisinger Health Plan, Geisinger Health System Advisory Council, and the Penn College Foundation and is a member of the Lycoming County United Way Finance Committee.

He has a bachelor's degree in business from Empire State College and a master's degree in financial planning from the College of Financial Planning in Denver, and he is a certified financial planner.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan 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.

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