The Federal Reserve Bank of Philadelphia has announced changes to its Community Depository Institutions Advisory Council (CDIAC), appointing a new chair and welcoming two new members in April 2024.
Jeffrey Stopko, president and CEO of AmeriServ Financial, Inc., has been appointed as the new chair of the CDIAC for 2024, representing the Third Federal Reserve District. Stopko, who has been a member of the advisory council since 2021, will lead the council in its discussions on economic and business trends facing community depository institutions.
Joining the CDIAC are James Donnelly, president and CEO of Wayne Bank and Norwood Financial Corp, and Jeffrey Kapsar, president and CEO of Mifflinburg Bank and Trust Company. Donnelly, who has been leading Wayne Bank and Norwood Financial Corp since May 2022, brings a wealth of experience from his previous roles at various financial institutions. Kapsar, with over 30 years of financial services experience, has been at the helm of Mifflinburg Bank and Trust Company since 2006.
The CDIAC is a 12-member advisory council composed of representatives from commercial banks, thrift institutions, and credit unions. The council meets twice a year with officials from the Federal Reserve Bank of Philadelphia to discuss economic and business trends affecting community depository institutions in their local markets. Following these local meetings, a representative from the Philadelphia council participates in a meeting with counterparts from other Federal Reserve Banks at the Board of Governors of the Federal Reserve System in Washington, D.C.
The Federal Reserve Bank of Philadelphia, which serves eastern and central Pennsylvania, southern New Jersey, and Delaware, plays a crucial role in formulating and implementing monetary policy, supervising financial institutions, and providing financial services to depository institutions and the federal government.
