For immediate release
Contact: Marilyn Wimp, Public Affairs Specialist, 215-574-4197
The Federal Reserve Bank of Philadelphia has announced the appointments of David E. Gillan, chairman and CEO of County Bank, Rehoboth Beach, DE; Thomas M. Petro, president and CEO of Fox Chase Bancorp, Inc., Hatboro, PA; and Gregory A. Smith, president and CEO of the Pennsylvania State Employees Credit Union (PSECU), Harrisburg, PA to the Bank’s Community Depository Institutions Advisory Council (CDIAC). Gillan, Petro, and Smith will begin their three-year terms on March 22, 2013.
The 12-member council is composed of representatives from commercial banks, thrift institutions, and credit unions. CDIAC convenes twice a year in Philadelphia to share insights on economic and business trends facing community depository institutions in their local markets. Subsequent to each local meeting, a representative from Philadelphia’s council joins counterparts from other Federal Reserve Banks at a meeting hosted by the Federal Reserve Board of Governors in Washington, D.C.
Gillan has served as chairman and CEO of County Bank since 2011. Before that, he served as the bank’s vice president and chief operating officer. He joined County Bank as a loan officer after its inception in 1990. Previously, Gillan was the marketing director at Sussex Trust, Georgetown, DE. He began his career there in the bank’s branch network in 1984.
Gillan is the incoming chairman of the Delaware Bankers Association as well as a member of the Governor’s Council on Banking. Formerly, he served on the board of the YMCA of Delaware and as the state representative on the board of directors of the Independent Community Bankers of America. Gillan graduated from the Stonier Graduate School of Banking in 1989. He received a certified financial planner designation from the College of Financial Planning in Denver and a bachelor’s degree from the University of Delaware.
Petro has held his position at Fox Chase Bancorp. since 2005. There, he has presided over a turnaround, initial public offering, and repositioning of the bank holding company. Similarly, as president and CEO, he led a turnaround at Northeast Pennsylvania Financial Corp. and its principal subsidiary, First Federal Bank, Hazleton, PA. He joined Northeast Pennsylvania Financial Corp. in 2003. Before that, Petro was executive vice president of the Bryn Mawr Trust Co. from 1992 until 2001. He began his banking career in 1980 with Mellon Bank in Pittsburgh.
Petro is a member of the Risk Management Association’s Enterprise Risk Management Council and serves on the American Bankers Association’s Government Relations Council. He is chairman of the audit committee of Eastern University. He has a bachelor’s degree in business management from Point Park College, Pittsburgh.
Smith has served several credit unions in different roles for more than 40 years. He began his career at Torrey Pines FCU in 1972. In 1977, Smith joined WesCorp FCU, and, in 1982, he moved to Orange County FCU, where he served as CEO until 1985. He then joined Teachers FCU in Minneapolis as CEO until 1989. After that, Smith became CEO of Michigan State University EFCU. He joined PSECU in 1991.
Smith also serves on the Pennsylvania Credit Union Association’s (PCUA) State Credit Union Advisory Committee and its Regulatory Review Committee, and he is active on the association’s Governmental Affairs Committee. Smith is a member of the Harrisburg Chapter of Vistage, a CEO group.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is 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.