Christopher Murphy, chairman and CEO of South Bend-based 1st Source Bank, recently was elected to the board of directors of the Federal Reserve Bank of Chicago.
1st Source Corp., parent company of 1st Source Bank, has assets of $6.29 billion and operates 80 banking centers across southwest Michigan and northern Indiana. The company also operates 22 1st Source Bank Specialty Finance Group locations nationwide, eight Wealth Advisory Services locations and 10 1st Source Insurance offices.
The Federal Reserve Bank of Chicago is one of 12 regional reserve banks that, along with the Board of Governors in Washington comprise the nation’s central bank. The Chicago reserve bank serves the Seventh Federal Reserve District, which includes northern portions of Illinois and Indiana, southern Wisconsin, Michigan’s lower peninsula and Iowa.
Besides weighing in on monetary policy, each reserve bank supervises member banks and bank holding companies, provides financial services to depository institutions and the federal government, and monitors economic conditions in its district.
Other newly elected members and appointments by the Federal Reserve Bank of Chicago include:
- Susan Collins, Edward M. Gramlich Collegiate Professor of Public Policy and Professor of Economics, Gerald R. Ford School of Public Policy, Ann Arbor, Mich.; re-elected to board.
- Helene Gayle, president and CEO, The Chicago Community Trust, Chicago; elected to board.
- Wright Lassiter, president and CEO, Henry Ford Health System, Detroit; appointed to board.
- Anne Pramaggiore, senior executive vice president and CEO, Exelon Utilities, Chicago; named chair of the board of directors for 2019.
- E. Scott Santi, chairman and CEO, Illinois Tool Works Inc., Glenview, Ill.; named deputy chair of the board of directors for 2019.
Detroit branch board reappointments and appointments include:
- James Nicholson, co-chairman, PVS Chemicals Inc., Detroit; reappointed to three-year term on Detroit branch board.
- Rip Rapson, president and CEO, The Kresge Foundation, Troy, Mich.; reappointed to three-year term on Detroit branch board.
- Joseph Anderson Jr., chairman and CEO, TAG Holdings, Wixom, Mich.; appointed chair of the Detroit Branch Board of Directors for 2019.
The Board of Governors in Washington appoints three of the Detroit branch directors, and the Federal Reserve Bank of Chicago Board of Directors appoints four additional Detroit branch directors. Members of the Chicago board also approve the Detroit branch board chair.
Jeffrey Brown, CEO of Ally Financial Inc. in Detroit, was re-appointed to a one-year term as the Federal Advisory Council representative for the Seventh Federal Reserve District.
