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Philadelphia Fed Appoints MBNA CEO to Federal Advisory Council

For release: December 20, 2004 at noon
Contact: Kathy Dibling, 215-574-4119

PHILADELPHIA - The Federal Reserve Bank of Philadelphia's Board of Directors has appointed Bruce L. Hammonds, president and CEO, of MBNA Corp., Wilmington, Del., to represent the Third Federal Reserve District on the Federal Advisory Council for a one-year term beginning in January 2005.

The Third Federal Reserve District covers eastern Pennsylvania, southern New Jersey, and Delaware. The Federal Advisory Council is composed of 12 representatives of the banking industry. The council consults and advises the Federal Reserve Board of Governors on all matters within the Board's jurisdiction.

Hammonds is also a director of MBNA Corp. He has served as director, chairman, CEO, and COO of MBNA Bank. In addition, he is a director of the Financial Services Roundtable and the Delaware Business Roundtable, and he chairs the Roundtable's Education Committee. He has 34 years of management experience in consumer lending and was a member of the management team that established MBNA in 1982. Hammonds has a bachelor's degree in business from the University of Baltimore.

The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey, and Delaware. The Bank supplies cash to the banks and thrifts, supervises them, collects and processes about 5 million checks daily, wires money and securities nationwide, and participates in the broader objective of setting monetary policy.

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