For immediate release

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

Philadelphia, PA — The Federal Reserve Bank of Philadelphia today announced the appointments of James Wang, president and chief executive officer (CEO) of Asian Bank, and Patrick L. Ryan, president and CEO of First Bank, to its Community Depository Institutions Advisory Council (CDIAC). Wang and Ryan will serve three-year terms beginning in March 2017.

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 Board of Governors of the Federal Reserve System in Washington, D.C.

Wang has served as the president and CEO of Asian Bank, an independent community bank located in Center City Philadelphia, since 2012. Prior to becoming CEO, Wang served as chief operating officer, chief lending officer, a director, and founding member of the bank. He is also chairman, president, and CEO of Asian Financial Corporation, the holding company for Asian Bank. Wang began his career in finance in 1994 as an analyst with Salomon Brothers in New York.

Wang serves on the boards and finance committees of several local nonprofit organizations covering education, elder care, and commercial development of the community in which Asian Bank serves. He is also an appointed commissioner on the Pennsylvania Governor’s Advisory Commission on Asian Pacific American Affairs. Wang has a bachelor’s degree in finance and international business from New York University’s Stern School of Management.

Before leading a recapitalization of First Bank in 2008, Ryan managed the Corporate Development department at Yardville National Bank. He started his career in 1997 as an investment banking analyst at Goldman Sachs, working in New York and London. He then worked in corporate development at Medsite and was a consultant at the management consulting firm Bain & Company from 2003 to 2005.

Ryan is involved with several nonprofit organizations, including the Hamilton Partnership, the 200 Club of Mercer County, the Friendly Sons and Daughters of St. Patrick, Crossroads of the American Revolution, the Community Bankers Association, the New Jersey Bankers Association, and the Ancient Order of Hibernians, and serves on the board of trustees for the YMCA of Trenton. Ryan has an M.B.A. from Dartmouth University’s Tuck School of Business and a bachelor’s degree in government from Hamilton College.

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.