The Federal Reserve Bank of New York has announced the appointment of Martin G. Morgado to its Community Depository Institutions Advisory Council (CDIAC), effective immediately. Morgado is currently serving as the president and CEO of Ives Bank, which is located in Danbury, Connecticut.

The council consists of representatives from commercial banks, thrift institutions, and credit unions within the Federal Reserve's Second District that have assets under $10 billion. The role of the council is to provide information and insights to the New York Fed from the perspective of community depository institutions. Each member serves a three-year term.

The president and first vice president of the New York Fed meet with CDIAC members twice annually to discuss regional economic and financial conditions along with other issues affecting community depository institutions. The upcoming CDIAC meeting is scheduled for March 27.

For further details, including a complete list of current members, refer to the Community Depository Institutions Advisory Council.

Contact:

Ellen Simon

(347) 978-3036

Ellen.Simon@ny.frb.org