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Bank Announces 2013 Director Changes

For immediate release
Contact: Katherine Dibling, E-mail Public Affairs Specialist, 215-574-4119

The Federal Reserve Bank of Philadelphia today announced the election of David R. Hunsicker, chairman, president, and CEO of New Tripoli Bank, and Rosemary Turner, president of the United Parcel Service’s (UPS) Chesapeake District, to its board of directors. The new directors began their three-year terms on January 1, 2013.

The Bank also announced the re-appointments of Jeremy Nowak, president of J Nowak and Associates, LLC, and James E. Nevels, chairman and founder of The Swarthmore Group, to second one-year terms as chairman and deputy chairman, respectively.

Each of the Reserve Banks has a nine-member board of directors who oversee the Bank’s direction and performance. They also participate in the formulation of the Fed’s monetary policy through their reports on economic and financial conditions and their decisions on the Bank’s discount rate.

The board of directors is chosen through a nonpolitical process. Three Class A directors are elected by the District’s member banks to represent banking. Three Class B directors are also elected by member banks to represent the public; by law, they cannot be directors or officers of a bank or bank holding company. The Board of Governors appoints three Class C directors, who are nonbankers, including the chair and deputy chair. Hunsicker will serve as a Class A director and Turner will serve as a Class B director.

David R. HunsickerDavid R. Hunsicker

Hunsicker has served as president and CEO of New Tripoli Bank, New Tripoli, PA, since 1997, and was named as the bank’s chairman in 2011. He began his career at New Tripoli Bank as a teller in 1973. In 2004, he was appointed by former Pennsylvania Governor Ed Rendell to the Working Families Task Force. He is currently a board member of the Pennsylvania Association of Community Bankers, the Independent Community Bankers Association, and Lehigh Carbon Community College.

Hunsicker has an associate’s degree in business management from Lehigh Carbon Community College, Schnecksville, PA, and holds a certificate from the American Institute of Banking.

Rosemary TurnerRosemary Turner

As president of UPS’s Chesapeake District, Turner oversees operations in six states, including southeastern Pennsylvania, southern New Jersey, Delaware, Maryland, Virginia, and West Virginia. Her career at UPS dates back to 1979 when she began as a clerk in the Metro Los Angeles District. She was promoted to business manager in 1985 and held several other management and special assignment positions in that district before her promotion to president of UPS’s Prairie Mountain District in 1998. Turner had also served as president in the South California District and the Metro Philadelphia District before accepting her current assignment in the Chesapeake District.

Turner is an executive board member of the Greater Philadelphia Chamber of Commerce and the Urban League of Philadelphia. She is a vice chair for the Diversity Council for Comcast/NBC and a member of the Mayor’s Private Sector Task Force in Philadelphia, the Philadelphia School Reform Working Group, and the CEO Ambassadors for 21st Century Education. She serves on the boards of Main Line Health and Loyola Marymount University, where she chairs the technology committee. Turner has a bachelor’s degree from Loyola Marymount University, Los Angeles, CA.

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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