July 25, 2011 – Bank of Ann Arbor is pleased to announce that it’s President and CEO, Timothy G. Marshall, has been appointed to the Federal Reserve Bank of Chicago’s 2011 Community Depository Institution Advisory Council (CDIAC). Marshall will serve as the sole community banker representing the State of Michigan
The CDIAC provides an avenue for the Federal Reserve Bank to learn more about specific financial sectors throughout the Seventh Federal Reserve District, which encompasses Illinois, Indiana, Wisconsin, Michigan and Iowa. Further, CDIAC meetings are intended to provide an opportunity for council members to discuss their concerns and views on economic, financial, and regulatory matters with key decision makers.
“It’s an honor to be asked by the Federal Reserve Bank of Chicago to serve in this capacity as a representative for all of the Michigan based community banks,” explained Tim Marshall. “It’s a positive reflection on the strong financial performance of Bank of Ann Arbor during the most recent economic downturn as well as the importance of the Ann Arbor region to the economic vitality of our state.”
Council members serve staggered terms lasting up to three years and meet twice annually to provide their views on current business and economic conditions to Chicago Fed President Charles Evans and other senior officials of the Federal Reserve Bank. Input from Council members on regional banking conditions helps contribute to the Federal Reserve System's formulation of national supervisory and monetary policy.
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks across the United States that, together with the Board of Governors in Washington, D.C., serves as the central bank for the United States. Congress created the Federal Reserve System in 1913, charging it with the responsibility to foster a sound banking system and a healthy economy. This remains the broad mission of the Fed and its component parts: the 12 Federal Reserve Banks nationwide that each serve a specific region of the country, and the Board of Governors in Washington, D.C., which is set up to oversee the Fed System.
About Bank of Ann Arbor
Bank of Ann Arbor is a locally owned and operated bank with total assets and assets under management of over $1.4 billion, serving people and businesses in the Ann Arbor area with offices at the corner of Fifth Avenue and Washington Street in downtown Ann Arbor, in the Traver Village Shopping Center, across from the Arborland Mall, at the corner of Stadium and Liberty streets, on West Ellsworth Road in Pittsfield Township, and on West Michigan Avenue in downtown Ypsilanti. Its newest office is on Ann Arbor Road in Plymouth. The web site is www.boaa.com. Visit us on Facebook, Twitter, and LinkedIn.