For immediate release
Contact: Katherine Dibling, senior media representative, (215) 574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia has announced the election of Deborah M. Fretz, president and CEO of Sunoco Logistics, and the re-election of Aaron L. Groff, Jr., chairman, president, and CEO of Ephrata National Bank to the Bank's board of directors.
Groff will begin his new term and Fretz will begin her first term on January 1, 2010. Each of the 12 Reserve Banks has a nine-member board of directors that oversees Bank operations. The directors provide information about economic conditions in their industries to monetary policymakers.
Deborah M. Fretz
Fretz works for Sunoco Logistics Partners, which is a publicly traded master limited partnership founded in 2001 to acquire, own, and operate crude oil and refined products pipelines, terminals, and storage facilities. Before assuming her current position in 2001, she was senior vice president, mid-continent region, Sunoco, Inc. From January 1997 to November 2000, she was senior vice president of the lubricants business at Sunoco, Inc.
Fretz is also a director of GATX Corporation, a Chicago-based transportation company. She has a bachelor's degree in biology and chemistry from Butler University and an MBA from Temple University.
Aaron L. Groff, Jr.
Groff began his career at Ephrata National Bank in 1967 as a clerk. After a short hiatus in 1969, he returned to the bank in 1971 as a teller. Groff worked his way up to vice president and cashier in 1984 and was promoted to his current position in 1999. He was a member and then chairman of the Philadelphia Fed's Community Bank Advisory Council from 2003 to 2005.
Groff is a graduate of the American Institute of Banking, the New Jersey Bankers Data Processing School, and the International Business Machines Data Processing School.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.