The Federal Reserve Bank of Philadelphia has appointed two new members to its Community Depository Institutions Advisory Council (CDIAC). Mark W. Jaindl, CEO and chairman of the board of American Bank, and Gregory Matuson, president and CEO of Sturdy Savings Bank, have started their three-year terms on the council as of October 2024.
Mark W. Jaindl has been with American Bank since 1997 and has held various leadership roles, including chairman of the board since April 2004. He is also a trustee for the Jaindl Foundation, which supports charitable causes in the Lehigh Valley. The bank is based in Allentown, Pennsylvania, with assets totaling approximately $929 million.
Gregory Matuson has been part of Sturdy Savings Bank for 24 years and became its president and CEO in January 2023. His career began at Ford, Scott & Associates in Ocean City, New Jersey. At Sturdy Savings Bank, he progressed through several positions before reaching his current role.
The CDIAC consists of 12 members representing commercial banks, thrift institutions, and credit unions. The council meets twice annually with officials from the Federal Reserve Bank of Philadelphia to discuss economic trends affecting community depository institutions. A representative from this council also participates in meetings hosted by the Board of Governors of the Federal Reserve System in Washington D.C., alongside representatives from other Federal Reserve Banks.
The Federal Reserve Bank of Philadelphia plays a crucial role in monetary policy formulation and implementation. It supervises state member banks and provides financial services to depository institutions and the federal government. It serves regions including eastern and central Pennsylvania, southern New Jersey, and Delaware.
