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Pennsville Bank Officer Elected to Philadelphia Fed's Board

For release: February 14, 2001
Contact: Marilyn Wimp, (215) 574-4197

Robert J. Vanderslice, president and chief operating officer of Pennsville National Bank in Pennsville, N.J., has been elected to the Federal Reserve Bank of Philadelphia's board of directors. He was elected to serve a three-year term beginning 2001 along with Ronald Naples, chairman and chief executive officer of Quaker Chemical Corp.; and Doris Damm, president and chief executive officer of ACCU Staffing Services.

Vanderslice has had a 20-year career at Pennsville National Bank. In addition to his position with Pennsville Bank, he is also vice president of Penn Bancshares Inc.

He is active in the community and is co-chairman of the Pennsville Economic Development Coalition. Vanderslice is also a director of the Penns Grove Rotary Club and the Salem County Chamber of Commerce. He is involved with various educational activities throughout Salem County including the Salem County School-to-Work Initiative program.

The Bank's directors provide Federal Reserve officials with grass roots information on business, agricultural, and financial conditions. They also set the discount rates Reserve Banks charge on loans to depository institutions (subject to approval by the Board of Governors). Additionally, directors have administrative responsibilities for overseeing management of the Bank's operations and assuring that the affairs of the Bank are administered fairly and impartially.

The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey and Delaware by supplying cash to these banks and thrifts, supervising them, collecting and processing about 4.6 million checks daily, wiring money and securities nationwide, as well as participating in the broader objective of setting monetary policy.

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