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Philadelphia Federal Reserve Appoints PP&L CEO, Bank CEO to Board

For release: February 10, 2004
Contact: Kathy Woodbury, 215-574-4119

PHILADELPHIA, Pa. - William F. Hecht, chairman, president and CEO of PP&L Corporation, Allentown, and Eugene W. Rogers, CEO of Newfield National Bank and Newfield Bancorp., Newfield, N.J., were appointed to the Federal Reserve Bank of Philadelphia's Board of Directors. Hecht and Rogers began their terms January 1, 2004.

Hecht, Rogers, and the other seven directors oversee the operations of the Bank to ensure it is run efficiently and that its management follows sound business practices. They also have an opportunity to participate in the formulation of monetary policy during board meetings in which the directors give input about trends and developments in their business or industry.

Hecht serves on the board of directors of DENTSPLY International Inc., York, Pa., and RenaissanceRe Holdings Ltd. in Bermuda. He is a member of the board of the Nuclear Energy Institute and the Edison Electric Institute, where he serves on the executive committee.

Hecht also serves as president of the Lehigh Valley Partnership and chairman of the Pennsylvania Business Roundtable. He is a member of the boards of Lehigh University, Lehigh Valley Hospital, and Lehigh Valley Hospital and Health Network. Hecht received bachelor's and master's degrees in electrical engineering from Lehigh University, and he is a graduate of the Cornell University Executive Development Program.

Rogers is a director and member of the audit committee for Atlantic Central Bankers Bank, chairman of the South Jersey Community Bankers Association, and a former member of the Federal Reserve Bank of Philadelphia's Community Bank Advisory Council. He serves on the advisory board of Kennedy Hospital. Rogers attended Fairleigh Dickinson University in Teaneck-Hackensack, N.J.

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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