Bank Appoints Advisory Council Member

For immediate release

Contact: Daneil Mazone, Media Relations, 215-574-7163

Philadelphia, PA — The Federal Reserve Bank of Philadelphia today announced the appointment of William Wood, chairman, president, and CEO of CBT Financial Corporation and Clearfield Bank & Trust Company, to its Community Depository Institutions Advisory Council (CDIAC). He will serve a three-year term beginning in March 2015.

The CDIAC is a 12-member council composed of representatives from commercial banks, thrift institutions, and credit unions. The council convenes twice a year with officials from the Federal Reserve Bank of Philadelphia to share insights about economic and business trends facing community depository institutions in their local markets. After each local meeting, a representative from the Philadelphia council joins counterparts from other Federal Reserve Banks at a meeting hosted by the Federal Reserve Board of Governors in Washington, D.C.

Wood has been the chairman, president, and CEO of CBT Financial Corporation and Clearfield Bank & Trust Company since 1999. He is also the director of Penn Highlands Healthcare and past chair of the audit committee. Wood serves as the major gifts campaign chair for the Clearfield Area United Way, as well as director and officer of the Pennsylvania Association of Community Bankers.

Wood has an M.B.A. in finance from Saint Francis University and a bachelor's degree in economics from Robert Morris University. He also has an advanced banking degree from the Stonier Graduate School of Banking at the University of Delaware.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank 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.