For immediate release
Contact: Joey Lee, Media Relations, 215-574-3840
Philadelphia, PA — The Federal Reserve Bank of Philadelphia announces the appointments of Randall E. Black, president and CEO of Citizens Financial Services Inc. and its subsidiary First Citizens Community Bank, as a Class A director, and Sharmain Matlock-Turner, president and CEO of the Urban Affairs Coalition, as a Class C director. Their terms were effective on January 1, 2021.
Madeline Bell, president and CEO of the Children’s Hospital of Philadelphia, was reappointed to a one-year term as chair and a three-year term as a Class C director. Anthony Ibargüen, CEO of Quench USA, Inc., was reappointed to a one-year term as deputy chair. In addition, Patricia Hasson, past president and executive director of Clarifi, was reelected to serve an additional year as a Class B director.
Black has been the president and CEO of Citizens Financial Services Inc. and its subsidiary First Citizens Community Bank since 2004. The First Citizens’ agricultural team has over 350 years of experience in farming and agricultural banking. He previously served as controller, senior vice president of finance, and chief financial officer of First Citizens. Before joining First Citizens, Black worked at Parente, Randolph, Orlando, Carey & Associates of Williamsport, PA, where he focused on providing accounting services for a variety of industries, including the banking industry. Black is on the board of trustees of The Pennsylvania State University. He attended Bloomsburg University of Pennsylvania and the Graduate School of Banking at Louisiana State University.
Matlock-Turner is president and CEO of the Urban Affairs Coalition, which unites government, businesses, neighborhoods, and individual initiatives to improve the quality of life in the Philadelphia region, build wealth in urban communities, and solve emerging issues. Prior to leading the coalition, she was associate vice president, legislative and community affairs, for Mercy Health System and AmeriHealth Caritas. Matlock-Turner is currently on the boards of the Chamber of Commerce for Greater Philadelphia, Uplift Solutions, Street Soccer of Philadelphia, Entrepreneur Works, the Children’s Scholarship Fund of Philadelphia, and United Way of Greater Philadelphia and Southern New Jersey. She is also on the board of trustees of Peirce College and Foundations Inc. National Advisory Board.
Matlock-Turner has a B.S. in education from Temple University. In 2005, she was one of three Philadelphia nonprofit leaders selected to receive a scholarship to the Harvard Business School’s nonprofit leaders’ summer program.
The Federal Reserve Bank of Philadelphia’s nine-member board of directors oversees Bank operations, offers observations on economic conditions, establishes the Bank’s discount rate, and is a link between the Federal Reserve and the communities in the Third District, which includes eastern Pennsylvania, southern New Jersey, and Delaware. In keeping with the Federal Reserve Act, District member banks elect three Class A directors to represent banking and three Class B directors to represent the public, while the Board of Governors appoints three Class C directors, including the chair and deputy chair of the board, to represent the public. Neither Class B nor Class C directors may be directors or officers of a bank or bank holding company, and Class C directors may not have any financial interests in such organizations.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy; supervises state member banks, bank holding companies, 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 Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.