Wilmington Trust Chairman and CEO Ted T. Cecala Appointed to Board of Directors of Federal Reserve Bank of Philadelphia.
The Federal Reserve Bank of Philadelphia is one of 12 Federal Reserve Banks across the United States. Along with the Board of Governors in Washington, D.C., these 12 regional banks make up the Federal Reserve System. They help formulate and implement monetary policy, supervise banks and bank holding companies, and provide financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves the Federal Reserve System's Third District, which includes eastern Pennsylvania, southern New Jersey, and Delaware.
Each of the 12 regional banks has a nine-member Board of Directors that oversees its operations. Board membership is drawn from various regional business sectors and the regional banking community. One expectation of Board members is to provide information about local market and economic conditions, which is used to help determine monetary policy.
Mr. Cecala has served as Wilmington Trust's chairman and CEO since 1996. He joined the company in 1979 as controller and later became chief financial officer. Under Mr. Cecala's leadership, Wilmington Trust has diversified its revenue sources and experienced significant expansion by focusing on three core businesses: Regional Banking, Wealth Advisory Services, and Corporate Client Services.
In 2006 and 2007, Mr. Cecala served on the Federal Advisory Council representing the Federal Reserve Bank of Philadelphia and the Third District. He is a past chairman and director of the United Way of Delaware and is a current director of Wilmington Trust investment affiliates Cramer Rosenthal McGlynn, LLC and Roxbury Capital Management, LLC. Mr. Cecala has earned a designation as a certified public accountant (CPA) and is a graduate of Florida State University, where last year he was inducted into the Hall of Fame of the College of Business.
Wilmington Trust Corporation (NYSE:WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory Services for high-net-worth clients in 36 countries, and Corporate Client Services for institutional clients in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, and Luxembourg. For more information, visit www.wilmingtontrust.com.
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|Date:||Jan 8, 2008|
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