For immediate release
Contact: Joey Lee, Media Relations, 215-574-3840
Philadelphia, PA — The Federal Reserve Bank of Philadelphia today announced the appointments of Larry C. Schmidt, president and CEO of 1st Bank of Sea Isle City, and Jeffrey A. Stopko, president and CEO of AmeriServ Financial, Inc., to its Community Depository Institutions Advisory Council. Schmidt and Stopko will begin their three-year terms in March 2021.
The 12-member council is composed of representatives from commercial banks, thrift institutions, and credit unions. The group 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 Board of Governors of the Federal Reserve System in Washington, D.C.
As president and CEO of 1st Bank of Sea Isle City, Schmidt focuses on executing the strategic plan and objectives while maintaining profitability and regulatory compliance. Under his leadership, 1st Bank of Sea Isle City successfully transformed the traditional savings and loan business model of 1888, the year of its founding, to a dynamic model incorporating all the financial services required in a resort area with a contemporary customer base.
Before taking office as president and CEO in 1999, Schmidt served as the bank’s chief financial officer and as controller at First Savings & Loan Association. He currently serves on the board of directors and executive board of the New Jersey Bankers Association and on the executive board of the New Jersey Bankers Charitable Foundation. He is also the chair and a member of the New Jersey Bankers Audit Committee. Schmidt earned his bachelor’s in accounting from Virginia Polytechnic Institute and State University in Blacksburg, VA.
Stopko has served as president and CEO of AmeriServ Financial, Inc., headquartered in Johnstown, PA, since 2015. Previously, Stopko held several positions at AmeriServ Financial, including executive vice president, chief financial and administrative officer, chief financial officer, and principal accounting officer.
He currently serves as treasurer and a board member of Johnstown Area Regional Industries, a board member of the Community Foundation of the Alleghenies, vice president and board member of the Pennsylvania Highlands Community College Foundation, and treasurer and a board member of the Arcadia Theater in Windber, PA. He was also recently elected to the board of directors of the Pennsylvania Bankers Association. Stopko earned his bachelor’s in business administration from Bucknell University and is a licensed certified public accountant.
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.