Federal Reserve Bank of Cleveland
Member Bank of Federal Reserve From Wikipedia, the free encyclopedia
Member Bank of Federal Reserve From Wikipedia, the free encyclopedia
The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It has branch offices in Cincinnati and Pittsburgh. The check processing center in Columbus, Ohio, was closed in 2005. Since August 21, 2024, Beth M. Hammack has been serving as the bank's chief executive officer and president.[1]
Federal Reserve Seal | |
 Headquarters | |
| Headquarters | E. 6th St. and Superior Ave. Cleveland, Ohio, USA |
|---|---|
| Coordinates | 41°30′6.98″N 81°41′25″W |
| Established | May 18, 1914 |
| President | Beth M. Hammack |
| Central bank of | Fourth District
|
| Website | www.ClevelandFed.org |
| The Federal Reserve Bank of Cleveland is one of 12 regional banks that make up the Federal Reserve System | |
The bank building is a 13-story 203 foot high-rise, located at Superior Avenue and East 6th Street in downtown Cleveland. It was designed by the Cleveland firm of Walker and Weeks and completed in 1923.[2] Its exterior architecture emulates an Italian Renaissance palazzo, and is clad in Georgia pink marble. An extension to the building designed by HOK was completed in 1998, providing new facilities for check processing and cash handling. The building is listed on the National Register of Historic Places. The building's entrances feature allegorical sculptures by Henry Hering representing Security and Integrity flanking the East Sixth Street entrance, while his Energy watches the Superior Avenue entry.
Its original 100 short tons (91 t) bank vault door is the largest in the world and was designed by Frederick S. Holmes. The door casting itself was 20 short tons (18 t).[citation needed] It incorporates the largest hinge ever built. The hinge has an overall height of 19 feet (5.8 m) and weighs over 47 short tons (43 t) fully assembled. The vault's use was discontinued in 1997, though it is preserved intact for posterity.[3]
In January 2006, the bank opened the Learning Center and Money Museum, replacing the public teller windows vacated after September 11, 2001. Over 30 hands-on exhibits focus on the history of money, its effects on societies and cultures, and its central role in peoples' lives.[4] The museum is open from Monday through Thursday, except for bank holidays, and admission is free.
The museum includes a variety of activities and multi-media experiences to educate visitors, including computerized games about trading, writing contests, crayon rubbings, videos, speeches, films, and virtual tours,[5] One recent addition to the Learning Center and Money Museum is the documentary titled "The Panic of 1907" which details how the panic led to the creation of the Federal Reserve System. This film was produced by Joseph G. Haubrich and the Federal Reserve Bank of Cleveland.[6]
The following people are listed as on the board of directors as of 2024[update]. Class A directors are elected by member banks to represent member banks. Class B directors are elected by member banks to represent the public. Class C directors are appointed by the Board of Governors to represent the public. Terms always expire on December 31 of their final year on the board.[7]
| Director | Title | Director Class |
Term Expires |
|---|---|---|---|
| James H. Nicholson | President and Chief Executive Officer, North Valley Bank, Zanesville, Ohio | A | 2026 |
| Eddie L. Steiner | President and Chief Executive Officer, CSB Bancorp, Inc, Millersburg, Ohio | A | 2024 |
| Helga Houston | Senior Executive Vice President and Chief Risk Officer, Huntington Bancshares Inc., Columbus, Ohio | A | 2025 |
| Darrell McNair | President, MVP Plastics, Inc., Middlefield, Ohio | B | 2026 |
| Jacqueline Gamblin | Chief Executive Officer, JYG Innovations, Dayton, Ohio | B | 2024 |
| Holly B. Wiedemann | Founder, AU Associates, Inc., Lexington, Kentucky | B | 2025 |
| Heidi L. Gartland
(Chair) |
Chief Government and Community Relations Officer, University Hospitals Cleveland Medical Center, Cleveland, Ohio | C | 2025 |
| Richard J. Kramer
(Vice Chair) |
Former Chairman, Chief Executive Officer, and President, The Goodyear Tire & Rubber Company, Akron, Ohio | C | 2024 |
| Ramona Hood | Former President and Chief Executive Officer, FedEx Custom Critical, Richfield, Ohio | C | 2026 |
The position was installed under the title of “Governor” until the Banking Act of 1935 abolished the dual role of governor and agent and created a single leadership role – president.
| # | Portrait | CEO | Life span | Term start | Term end | Tenure length | Ref | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Governors | |||||||||||||||||
| 1 | Elvadore R. Fancher* | 1864–1935 | November 2, 1914 | January 16, 1935 | 20 years, 75 days | [8] | |||||||||||
| Presidents | |||||||||||||||||
| 2 | Matthew J. Fleming | 1879–1962 | January 19, 1935 | September 15, 1944 | 9 years, 240 days | [9] | |||||||||||
| 3 |  |
Ray M. Gidney | 1887–1978 | November 1, 1944 | April 16, 1953 | 8 years, 166 days | [10] | ||||||||||
| 4 | Wilbur D. Fulton | 1898–1964 | May 14, 1953 | April 30, 1963 | 9 years, 351 days | [11] | |||||||||||
| 5 | W. Braddock Hickman* | 1911–1970 | May 1, 1963 | November 28, 1970 | 7 years, 211 days | [12] | |||||||||||
| 6 | Willis J. Winn | 1917-2002 | September 1, 1971 | April 30, 1982 | 10 years, 241 days | [13] | |||||||||||
| 7 | Karen N. Horn | 1944– | May 1, 1982 | April 8, 1987 | 4 years, 364 days | [14] | |||||||||||
| 8 | W. Lee Hoskins | October 8, 1987 | November 15, 1991 | 4 years, 38 days | [15] | ||||||||||||
| 9 | Jerry L. Jordan | 1941- | March 10, 1992 | January 31, 2003 | 10 years, 327 days | [16] | |||||||||||
| 10 | Sandra Pianalto | 1954- | February 1, 2003 | May 31, 2014 | 11 years, 119 days | [17] | |||||||||||
| 11 |  |
Loretta J. Mester | 1958– | June 1, 2014 | June 30, 2024 | 10 years, 29 days | [18] | ||||||||||
| 12 | Beth M. Hammack | 1971/1972– | August 21, 2024 | Incumbent | 151 days | [19] | |||||||||||
| † | Stepped down due to reaching retirement age |
| * | Died in office |
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