Federal Reserve Bank of Richmond
Member Bank of Federal Reserve
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.
01History 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.
02Economy
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.
03Branches
04Board of directors
The following people serve on the board of directors as of 2021:
Class A
| Name | Title | Term expires on December 31 |
|---|---|---|
| Jennifer LaClair | Chief Financial Officer Ally Bank Charlotte, North Carolina |
2023 |
| James H. Sills, III | President and chief executive officer Mechanics and Farmers Bank Durham, North Carolina |
2024 |
| Alice P. Frazier | President and chief executive officer Bank of Charles Town Charles Town, West Virginia |
2025 |
Class B
| Name | Title | Term expires on December 31 |
|---|---|---|
| Robert M. Blue | President and chief executive officer Dominion Energy Richmond, Virginia |
2023 |
| Nazzic Keene | Chief executive officer SAIC Reston, Virginia |
2021 |
| Wayne A. I. Frederick | President Howard University Washington, D.C. |
2025 |
Class C
| Name | Title | Term expires on December 31 |
|---|---|---|
| Lisa M. Hamilton
(vice chair) |
President and chief executive officer The Annie E. Casey Foundation Baltimore, Maryland |
2023 |
| Halsey M. Cook | President and chief executive officer Milliken & Company Spartanburg, South Carolina |
2024 |
| Jodie McLean
(chair) |
Chief Executive Officer EDENS Washington, D.C. |
2025 |
Sources and credits
This article is adapted from the Wikipedia article “Federal Reserve Bank of Richmond”, written by its contributors and licensed under CC BY-SA 4.0. Fathomly has changed the layout, removed citation markers, navigation and maintenance notices, and adjusted punctuation. This adapted version is shared under the same license. For references, see the original article.
Images, from Wikimedia Commons:
- Federal Reserve and Riverfront Plaza (9743453366).jpg by Ben Schumin from Silver Spring, Maryland, USA, CC BY-SA 2.0
- Richmond Fed map.png by US gov, Public domain
- Federal Reserve Note Seal (Richmond).tif by National Museum of American History, Public domain
- FRS RICH cent grp 121613 0556 02838 (14079997691).jpg by Federalreserve, Public domain
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