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Bank Announces 2012 Director Changes

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Contact: Katherine Dibling, E-mail Senior Media Representative, (215) 574-4119

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Philadelphia, Pa. — The Federal Reserve Bank of Philadelphia has announced the appointment of Michael J. Angelakis, vice chairman and chief financial officer of Comcast Corp., to its board of directors. In addition, Patrick T. Harker, president of the University of Delaware, was elected to the board, and Frederick C. "Ted" Peters II, chairman and CEO of Bryn Mawr Trust Company, was re-elected to a second term. The terms for each board member begin in January 2012.

Michael J. AngelakisMichael J. Angelakis

Angelakis will serve a three-year term as a Class C director. From 1999 to 2007, he was a managing director and a member of the management and investment committees of Providence Equity Partners. Before that, he was president and CEO of State Cable TV Corp. and Aurora Telecommunications. He also served as a vice president at Manufacturers Hanover Trust Company in New York, where he oversaw one of the bank’s media and communications portfolios. He was named one of America’s Best CFOs by Institutional Investor magazine in 2008 and 2009.

Angelakis serves on the board of directors of NBCUniversal and Big Brothers Big Sisters of America and is a trustee of Babson College. He is a graduate of Babson College and the Owner/President Management Program at the Harvard Business School.

Patrick T. HarkerPatrick T. Harker

Harker will serve a three-year term as a Class B director. In addition to serving as president of the University of Delaware, he is also a professor of business administration at the university’s Alfred Lerner College of Business and Economics and a professor of civil and environmental engineering at the university’s College of Engineering. Prior to that, he was the dean of the Wharton School at the University of Pennsylvania and the Reliance Professor of Management and Private Enterprise. Before his appointment as dean in 2000, he was an interim dean and deputy dean, and he also acted as chair of the operations and information management department at Wharton.

Harker is on the board of directors of Pepco Holdings Inc., as well as the Huntsman Corp., and is a founding member of the board of advisors for Decision Lens, Inc. He is a member of the Regional Leadership Initiative Steering Committee at the Council on Competitiveness and a trustee of Howard University. Harker received a B.S.E. and an M.S.E. in civil engineering in 1981 and a master’s degree in economics and a Ph.D. in civil and urban engineering from the University of Pennsylvania.

Frederick C. "Ted" Peters IIFrederick C. "Ted" Peters II

Peters will serve a second three-year term as a Class A director. Prior to his election to the board in 2008, Peters was on the Philadelphia Fed's Community Bank Advisory Council from 2001 to 2003, serving as the council's chairman in 2003.

He has more than 30 years of banking experience in the Philadelphia area. Before his current position at Bryn Mawr Trust Company, Peters was founder and CEO of the First Main Line Bank and, before that, the co-founder and CEO of the National Bank of the Main Line. Peters is also a director of the Pennsylvania Association of Community Bankers and the Bryn Mawr Film Institute. He is a cum laude graduate of the Haverford School and has a bachelor’s degree from Amherst College.

The Bank’s board of directors oversees the Bank’s operations, offers observations on economic conditions, establishes the Bank's discount rate, and serves as a link between the Federal Reserve and the communities in the District. Directors on the nine-member board serve three-year terms. In keeping with the Federal Reserve Act, District member banks elect Class A directors to represent banking and three Class B directors to represent the public; the Board of Governors appoints three Class C directors to represent the public, including the chair and deputy chair of the board. Neither Class B nor Class C directors may be directors or officers of a bank or bank holding company; Class C directors may not have any financial interests in such organizations.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve 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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