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Federal Reserve Bank of Philadelphia Appoints Bank CEO to Board of Directors

For release: February 19, 2003
Contact: Kathy Woodbury, (215) 574-4119

PHILADELPHIA, Pa. - Kenneth R. Shoemaker, CEO, president, and director of Orrstown Bank and Orrstown Financial Services Inc. in Shippensburg, Pa., recently was appointed to the Federal Reserve Bank of Philadelphia's Board of Directors. Shoemaker began his term Jan. 1, 2003. His term will expire Dec. 31, 2005.

Shoemaker and the other eight directors oversee the operations of the Bank to ensure it is run efficiently and that its management follows sound business practices. He also has an opportunity to contribute to our nation's monetary policy during board meetings in which the directors give input about trends and developments in their business or industry.

Prior to the Orrstown positions, Shoemaker was vice president of commercial loans and business development for Dauphin Deposit Bank and Trust Co., with locations in Shippensburg and Carlisle, Pa. He served in a variety of management capacities for Peoples National Bank, also in Shippensburg, from 1967 to 1982.

Shoemaker is a former vice chairman of the Community Bank Council for the Federal Reserve Bank of Philadelphia. Currently, he is a Pennsylvania membership chairman for the American Bankers Association.

Shoemaker chairs the Shippensburg University Council of Trustees and the Borough of Shippensburg's Enterprise Loan Committee. He is the founder and president of the Mainstreet Non-Profit Redevelopment Corp. He serves on the boards of the Carlisle Area Capital Campaign Review Board, the Cumberland Valley School of Music, and the Carlisle Regional Medical Center.

Shoemaker is the 2001 recipient of the Keystone Area Boy Scout Council's Distinguished Citizen Award and the 2002 Shippensburg Chamber of Commerce's Business Person of the Year Award.

Shoemaker attended Shippensburg University, where he majored in business administration. He attended Bucknell University's Pennsylvania School of Banking and the university's Central Atlantic School of Commercial Lending, as well as the University of Maryland's National Personnel School. Shoemaker resides in Carlisle, Pa.

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 5 million checks daily, wiring money and securities nationwide, as well as participating in the broader objective of setting monetary policy.

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