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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.
There were 25 branches but in October 2008 the Federal Reserve Bank of New York Buffalo Branch was closed. List of Federal Reserve branches [ 1 ] [ 2 ] Map of the twelve Federal Reserve Districts, with the twelve Federal Reserve Banks marked as black squares, and all Branches within each district (24 total) marked as red circles.
A bank's stock ownership does not give it proportional voting power to choose the Reserve Bank's directors; instead, each member bank receives three ranked votes for six of the Reserve Bank's nine directors, who are subject to qualifications defined in the Federal Reserve Act. If a Reserve Bank were ever dissolved or liquidated, the Act states ...
The 12 regional reserve banks, on the other hand, are scattered throughout the country. Each has its own president and board of directors, who stay informed on their regional economies and report ...
The United States has an interest in the Federal Reserve Banks as tax-exempt federally created instrumentalities whose profits belong to the federal government, but this interest is not proprietary. [25] Each member bank (commercial banks in the Federal Reserve district) owns a nonnegotiable share of stock in its regional Federal Reserve Bank.
The list excludes the following three banks listed amongst the 100 largest by the Federal Reserve but not the Federal Financial Institutions Examination Council because they are not holding companies: Zions Bancorporation ($87 billion in assets), Cadence Bank ($48 billion in assets) and Bank OZK ($36 billion in assets). [2]
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.
appointed by the Federal Reserve Bank Name Title Term Expires Alfonso Cornejo: President Hispanic Chamber Cincinnati USA Cincinnati, Ohio: 2017 Amos L. Otis: Founder, President, and Chief Executive Officer SoBran, Inc. Dayton, Ohio: 2017 Tucker Ballinger: President and Chief Executive Officer Forcht Bank, N.A. Lexington, Kentucky: 2018 Darin C ...