The Federal Reserve Bank of Philadelphia has announced the appointment of new members to its Board of Directors, along with a new deputy chair. Kisha Hortman Hawthorne, senior vice president and chief operating officer at the Children’s Hospital of Philadelphia’s Care Network and Behavioral Health & Crisis Center, joins as a Class C director. Brian W. Jones, president and CEO of The First National Bank of Elmer, is appointed as a Class A director. Sharmain Matlock-Turner, CEO of the Urban Affairs Coalition, becomes a Class B director.
William Lo, CEO of Crystal Steel Fabricators, Inc., has been named deputy chair. Anthony Ibargüen continues in his role as chair, serving as executive chair for Culligan Quench and Culligan Latin America.
These appointments took effect on January 1, 2025.
The Board of Directors at the Federal Reserve Bank of Philadelphia consists of nine members who oversee bank operations and provide insights into economic conditions. They also establish the bank’s discount rate and act as a conduit between the Federal Reserve System and communities in eastern Pennsylvania, southern New Jersey, and Delaware. In accordance with the Federal Reserve Act, three Class A directors are elected by District member banks to represent banking interests; three Class B directors are elected to represent public interests; while three Class C directors are appointed by the Board of Governors to also represent public interests but cannot be affiliated with banks or hold financial stakes in such organizations.
The Federal Reserve Bank of Philadelphia plays a significant role in formulating monetary policy and supervising financial institutions within its jurisdiction which includes parts of Pennsylvania, New Jersey, and Delaware. It is part of the broader Federal Reserve System composed of 12 regional reserve banks working alongside the Board of Governors based in Washington D.C.
