Federal Reserve Bank of Cleveland

Last updated
Federal Reserve Bank of Cleveland
Seal of the United States Federal Reserve System.svg
Federal Reserve Seal
Federal Reserve Bank -- Cleveland, Ohio.jpg
Headquarters
HeadquartersE. 6th St. and Superior Ave.
Cleveland, Ohio, USA
Coordinates 41°30′6.98″N81°41′25″W / 41.5019389°N 81.69028°W / 41.5019389; -81.69028
EstablishedMay 18, 1914(109 years ago) (1914-05-18)
President Loretta Mester
Central bank of
Fourth District
Website www.ClevelandFed.org
The Federal Reserve Bank of Cleveland is one of 12 regional banks that make up the Federal Reserve System

The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It has branch offices in Cincinnati and Pittsburgh. The check processing center in Columbus, Ohio, was closed in 2005. The chief executive officer and president is Loretta Mester. [1]

Contents

The bank building is a 13-story 203 foot high-rise, located at Superior Avenue and East 6th Street in downtown Cleveland. It was designed by the Cleveland firm of Walker and Weeks and completed in 1923. [2] Its exterior architecture emulates an Italian Renaissance palazzo, and is clad in Georgia pink marble. An extension to the building designed by HOK was completed in 1998, providing new facilities for check processing and cash handling. The building is listed on the National Register of Historic Places. The building's entrances feature allegorical sculptures by Henry Hering representing Security and Integrity flanking the East Sixth Street entrance, while his Energy watches the Superior Avenue entry.

Its original 100 short tons (91 t) bank vault door is the largest in the world and was designed by Frederick S. Holmes. The door casting itself was 20 short tons (18 t).[ citation needed ] It incorporates the largest hinge ever built. The hinge has an overall height of 19 feet (5.8 m) and weighs over 47 short tons (43 t) fully assembled. The vault's use was discontinued in 1997, though it is preserved intact for posterity. [3]

Learning Center and Money Museum

Map of the Fourth District Cleveland Fed map.gif
Map of the Fourth District
Bank entrance on East 6th Street in Downtown Cleveland. Federal Reserve Bank, Cleveland, Ohio LCCN2010630382.tif
Bank entrance on East 6th Street in Downtown Cleveland.
The door sealing the original primary vault inside the Bank's basement. Cleveland FRB Vault Door.jpg
The door sealing the original primary vault inside the Bank's basement.

In January 2006, the bank opened the Learning Center and Money Museum, replacing the public teller windows vacated after September 11, 2001. Over 30 hands-on exhibits focus on the history of money, its effects on societies and cultures, and its central role in peoples' lives. [4] The museum is open from Monday through Thursday, except for bank holidays, and admission is free.

The museum includes a variety of activities and multi-media experiences to educate visitors, including computerized games about trading, writing contests, crayon rubbings, videos, speeches, films, and virtual tours, [5] One recent addition to the Learning Center and Money Museum is the documentary titled "The Panic of 1907" which details how the panic led to the creation of the Federal Reserve System. This film was produced by Joseph G. Haubrich and the Federal Reserve Bank of Cleveland. [6]

Board of directors

The following people are listed as on the board of directors as of 2021. Class A directors are elected by member banks to represent member banks. Class B directors are elected by member banks to represent the public. Class C directors are appointed by the Board of Governors to represent the public. Terms always expire on December 31 of their final year on the board. [7]

Members of Board of Directors
DirectorTitleDirector
Class
Term
Expires
Dean J. MillerPresident and Chief Executive Officer, First National Bank of Bellevue, Bellevue, Ohio A2023
Eddie L. SteinerPresident and Chief Executive Officer, CSB Bancorp, Inc, Millersburg, Ohio A2024
Helga HoustonSenior Executive Vice President and Chief Risk Officer, Huntington Bancshares Inc., Columbus, Ohio A2025
Darrell McNairPresident, MVP Plastics, Inc., Middlefield, Ohio B2023
Jacqueline GamblinChief Executive Officer, JYG Innovations, Dayton, Ohio B2024
Holly B. WiedemannFounder, AU Associates, Inc., Lexington, Kentucky B2025
Doris Carson Williams

(Chair)

President and Chief Executive Officer, African American Chamber of Commerce of Western Pennsylvania, Pittsburgh, Pennsylvania C2023
VacantC2024
Heidi L. Gartland

(Vice Chair)

Chief Government and Community Relations Officer, University Hospitals Cleveland Medical Center, Cleveland, Ohio C2025

See also

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References

  1. Loretta J. Mester Archived 2017-02-06 at the Wayback Machine at federalreserve.gov
  2. "Federal Reserve Bank Building". Archived from the original on October 24, 2015. Retrieved on 2015-10-16
  3. "Federal Reserve Bank of Cleveland historical photo tour". Federal Reserve Bank of Cleveland. Archived from the original on 21 June 2010. Retrieved 11 December 2009.
  4. Ball, Chris (17 April 2009). "Northeast Ohio is home to many museums, from ethnic heritage to politics to financial affairs". Cleveland.com. Retrieved 6 September 2015.
  5. "Learning Center and Money Museum: Teach". Federal Reserve Bank of Cleveland. Archived from the original on 2020-06-01. Retrieved 2018-01-03.
  6. "Panic of 1907". Cleveland Federal Reserve Bank. Retrieved 2018-01-03.
  7. "Directors of Federal Reserve Bank of Cleveland". The Federal Reserve. 5 August 2017.