For immediate release

Contact: Rachel Brown, Media Relations Representative, 215-574-3840

The Federal Reserve Bank of Philadelphia has announced the following promotions: Paul Calem has been promoted to vice president in the Supervision, Regulation, and Credit (SRC) Department; Heather Derbyshire to assistant vice president in the Financial Statistics Department; Linda Van Valkenburg to assistant vice president in the Information Technology Services (ITS) Department; James W. Corkery to officer in SRC; and Daniel Crouthamel to Research Information Technology Support Officer in the Research Department.

Calem rejoined the Bank in November 2011 as a special advisor in the Bank's Retail Risk Analysis unit after serving as a senior economist in the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System. He will continue to lead the Retail Risk Analysis unit, which develops and implements the Dodd-Frank supervisory stress tests for retail portfolios and provides quantitative analytical support for bank examinations. Calem has a Ph.D. and a master's degree in economics from Brown University and a bachelor's degree in mathematics from Duke University.

Derbyshire has held several positions in Financial Statistics since she joined the Bank in 2000 as a statistical reports analyst. She was promoted to statistics coordinator in 2005 and to statistics manager in 2012. Her contributions at the Federal Reserve System level include serving as the project manager on the Committee on Current Reporting Series' Policies, Processes, and Procedures work group and supporting various work groups aimed at improving instruction for and collection of supervisory capital data. Derbyshire has a bachelor's degree in economics from the University of Delaware.

Since joining ITS in 1987, Van Valkenburg has held positions of increasing responsibility. She has made significant contributions to the Bank and the System by leading the Subcommittee on Credit Risk Management's (SCRM) Collateral Management System development function. She also represents SCRM on the national Application Development Leadership Team. Before joining the Bank, Van Valkenburg worked for Bell of Pennsylvania in Philadelphia and for Mutual Benefit Life Insurance in Newark, NJ. She has a bachelor's degree in business administration from Montclair State University.

Corkery started his career at the Bank in 1989 and then served as credit review officer at Downingtown National Bank before rejoining the Bank in 1999. He will manage a team of bank examiners whose responsibilities include evaluating an institution's internal operations, policies, and risk management. In this role, he serves as the central point of contact for TD Bank US Holding Company. Corkery has an M.B.A. from Drexel University and a bachelor's degree in finance from the Pennsylvania State University.

Crouthamel joined the Bank in 2000 as a senior research project manager. He is responsible for software and hardware testing, deployment and training, user support, and the department's information security. He also coordinates activities related to the design, development, and implementation of the Research Area Network (RAN) that supports the work of the department's economists and analysts. Previously, he served in various technical and network engineering positions at ECRL and CemcoLIFT.

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.