For immediate release
Contact: Daneil Mazone, Media Relations, 215-574-7163
Philadelphia, PA — The Federal Reserve Bank of Philadelphia has announced the elections of two new members to its board of directors: Jon Evans, president and CEO of Atlantic Community Bankers Bank of Camp Hill, PA, and Carol J. Johnson, president and COO of AlliedBarton Security Services of Conshohocken, PA. Evans's three-year term begins in January 2015. Johnson will fill an unexpired term that ends in 2015 before she begins a three-year term in January 2016.
Evans will serve as a Class A director. For 36 years, he has served banks in the mid-Atlantic region, ranging from small community to regional institutions. He worked in operation and credit positions before managing the Financial Institutions Group at Summit Bank in Princeton, NJ, in 1996. Evans became the CEO of Atlantic Community Bankers Bank in 2001. He founded ACBB-BITS in 2005 and continues to chair the subsidiary, a privately owned telecommunications company created to help U.S. financial institutions simplify and enhance their telecommunication needs.
Evans serves on the American Bankers Association's Correspondent Working Committee. He is also a member of several banking trade associations including the Bankers' Bank Council, Pennsylvania Bankers Association, Pennsylvania Association of Community Bankers, New Jersey Bankers Association, and Delaware Bankers Association. He graduated from Rutgers University with a bachelor's degree in economics.
Johnson will serve as a Class B director. She joined AlliedBarton as senior vice president of client experience in 2011 and became president and COO in 2013. She is a member of the Committee of 200, an invitation-only membership organization of women business leaders. She is also a member of the International Security Management Association and is affiliated with the National Association of Corporate Directors.
Johnson has an M.B.A. in accounting from Loyola University Chicago and a bachelor's degree in business administration and merchandising from Northern Illinois University; she also completed the International Security Management Association Leadership Program at the Kellogg School of Management at Northwestern University.
Patrick T. Harker, president of the University of Delaware, was re-elected to a second three-year term to the board.
The Federal Reserve Board renamed James E. Nevels, founder and chairman of the Swarthmore Group in Philadelphia, PA, as chair. Michael Angelakis, vice chairman and CFO of the Comcast Corporation of Philadelphia, PA, was renamed deputy chair. They will both serve one-year terms beginning January 2015.
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. There are nine directors on the board. 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 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.