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New Jersey CEO Appointed to Board of Directors

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

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

Ms. Damm began her staffing firm from her home in 1979, and has grown the business to nine offices. Her temporary staffing services are now South Jersey's largest serving Camden, Burlington, Gloucester and Atlantic counties as well as Philadelphia and Maryland.

She is active in the community and serves as a member of the Cherry Hill Economic Development Council and as vice president of the Cherry Hill Regional Chamber of Commerce. She sits on the board of trustees for Our Lady of Lourdes Medical Center. She acts as chairman of the Lourdes Health Foundation and as a director of its finance committee. In addition, she is involved with Rutgers University School of Business in Camden as a member of its advisory board and foundation board. She also acts as an annual guest professor and a panelist for the University's quarterly economic outlook panel.

Her honors include the1999 President's Award, Girl Scouts of Camden County, N.J.; 1998 Woman of the Year Award, Goodwill Industries; and 1998 Honoree TWIN Award, YWCA.

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). Additional, 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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