Chicago Fed's Detroit Branch Announces Two New Board Members and Reappointment of Chairman and a Current Board Member
CHICAGO — The Federal Reserve Bank of Chicago's Detroit Branch announces two new board members and the reappointment of the chairman and one current board member effective January 1.
New Board Members
Carl T. Camden, president and CEO of Kelly Service, Inc., was appointed to serve a three-year term that will run through the end of 2010. Camden replaces Irvin D. Reid, president of Wayne State University.
William R. Hartman, CEO of Citizens Republic Bancorp, was appointed to serve a three-year term that will run through the end of 2010. Hartman replaces Ralph W. Babb, Jr., chairman, president and CEO of Comerica, Inc.
Timothy M. Manganello was reappointed to serve as Chairman of the Detroit Branch board for 2008. He also served as chairman of the board in 2007, and as a member of the board since 2006. He is chairman and CEO of Borg Warner, Inc.
Reappointed Current Board Member
Michael M. Magee, Jr., president and CEO of Independent Bank Corporation, was reappointed to serve a second three-year term that will run through the end of 2010.
Background about the Detroit Branch Board of Directors
The Federal Reserve Bank of Chicago's Detroit Branch has a seven-member board of directors. The Board of Governors appoints three members, and the Federal Reserve Bank of Chicago Board of Directors appoints four additional directors. Subject to the approval of the Chicago board, the Detroit Branch board selects its own chair each year.
Federal Reserve Bank of Chicago Background
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. The Chicago Reserve Bank serves the seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.