The Federal Reserve Bank of Richmond is one of the twelve Federal Reserve Banks of the United States. It is responsible for the Fifth District of the Federal Reserve System, which encompasses the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia (excluding the Northern Panhandle). The district is headquartered in Richmond and has branch offices in Baltimore and Charlotte. Since 2017, Thomas Barkin has been serving as the bank's chief executive officer and president.
History and building
The Federal Reserve Bank of Richmond has had three locations in downtown Richmond, Virginia. When it opened in 1914, it was located near the federal courts. From 1919 to 1921, a new building for the Federal Reserve was constructed at 100 North Ninth Street. The Fed offices existed here from 1921 until 1978, when they moved to their current location. The old 1921 Fed building is now used as the Supreme Court of Virginia, which moved to the location in 1978 from its former building at 1111 East Broad Street.
The current building, in the Central Office District, has an aluminum facade and was designed by Minoru Yamasaki, who also designed the former World Trade Center. Despite being one of the tallest buildings in the state, 49% of the building's total floor area is located underground. The building was proposed in 1972, and built from 1975 to 1978.
Thomas Barkin became president of the Richmond Fed following the retirement of Jeffrey M. Lacker in April 2017. The previous president, J. Alfred Broaddus, retired in 2004.
Economy The Federal Reserve Bank of Richmond is the fourth-largest Federal Reserve Bank by assets held, after New York, San Francisco, and Atlanta, as of December 2018.
Branches Federal Reserve Bank of Richmond Baltimore Branch Office Federal Reserve Bank of Richmond Charlotte Branch Office
Board of directors The following people serve on the board of directors :
Class A + Name Title Term expires onDecember 31Jennifer LaClairChief Financial OfficerAlly BankCharlotte, North Carolina2023James H. Sills, IIIPresident and chief executive officerMechanics and Farmers BankDurham, North Carolina2024Alice P. FrazierPresident and chief executive officerBank of Charles TownCharles Town, West Virginia2025
Class B
+ Name Title Term expires onDecember 31Robert M. BluePresident and chief executive officerDominion EnergyRichmond, Virginia2023Nazzic KeeneChief executive officerSAICReston, Virginia2021Wayne A. I. FrederickPresidentHoward UniversityWashington, D.C.2025
Class C
+ Name Title Term expires onDecember 31Lisa M. Hamilton (vice chair)President and chief executive officerThe Annie E. Casey FoundationBaltimore, Maryland2023Halsey M. CookPresident and chief executive officerMilliken & CompanySpartanburg, South Carolina2024Jodie McLean (chair)Chief Executive OfficerEDENSWashington, D.C.2025
See also
Federal Reserve Districts Federal Reserve Branches Federal Reserve Bank of Richmond Baltimore Branch Office Federal Reserve Bank of Richmond Charlotte Branch Office Federal Reserve System Federal Reserve Act Structure of the Federal Reserve System
References
External links Richmond Fed's home page Historical resources by and about the Federal Reserve Bank of Richmond including annual reports back to 1915