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Camardo, Groff Appointed to Philadelphia Fed Board

For immediate release
Contact: Katherine Q. Dibling at (215) 574-4119

PHILADELPHIA, Pa. – The Federal Reserve Bank of Philadelphia announced the appointments of Aaron L. Groff, Jr., Ephrata National Bank chairman, president, and CEO, and Michael F. Camardo, who recently retired from his position as executive vice president of Lockheed Martin Information & Technology Services, to its board of directors beginning in January 2007.

Each of the 12 Reserve Banks has a nine-member board of directors that oversees Bank operations. The directors provide information about economic conditions in their industries to monetary policymakers.

Groff will serve a three-year term. He began his career at Ephrata National Bank in an evening clerical position in 1967. After a short hiatus in 1969, he returned to the bank in 1971 as a teller. Groff worked his way up to vice president and cashier in 1984 and was promoted to his current position in 1999. He was a member and then chairman of the Philadelphia Fed’s Community Bank Council from 2003 to 2005.

Groff is a graduate of the American Institute of Banking, the New Jersey Bankers Data Processing School, and the International Business Machines Data Processing School.

Camardo will serve two years of an unexpired three-year term. He started his career with Lockheed Martin Corp., then RCA Service Co., as a financial analyst in 1964. RCA merged with GE in 1986. In 1990, Camardo was named president of GE Government Services. He was president of Martin Marietta Services Group after the merger with GE Aerospace in April 1993 and became president of Lockheed Martin Services Group after the Lockheed/Martin Marietta merger in March 1995. Camardo was appointed to the position of executive vice president in 1999 after the reorganization of the Lockheed Martin Corp. He also was corporate vice president of the Lockheed Martin Corp.

Camardo has served on the Philadelphia Fed’s Business Council. He is on the Franklin Institute’s board of trustees, the executive advisory council of the Rutgers School of Business in Camden, and a member of the Camden Partnership. He serves as board chairman for Our Lady of Lourdes Medical Center Healthcare Services Inc., the Haddonfield Symphony Orchestra, and the Greater Camden Partnership. Camardo has a bachelor’s degree in economics from Villanova University.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.

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