Circular Letter 5790

To: All Member Banks of the Third Federal Reserve District

Subject: Nomination and Election of Reserve Bank Directors

The Federal Reserve Bank of Philadelphia will hold an election under the provisions of Section 4 of the Federal Reserve Act for one Class A (banker) director and one Class B (nonbanker) director for terms that will begin on January 1, 2027. Please note that Group 1 Banks, consisting of member banks having a combined capital and surplus of $100 million or greater, will not be participating in this election since there are no director terms up for election by this group.

Nomination Process:

Group 2 Banks, consisting of member banks having a combined capital and surplus of less than $100 million and greater than $10 million, will nominate and elect one Class A director for a three-year term.

Class A Director, Randall E. Black, president and chief executive officer, Citizens Financial Services, Inc., Mansfield, Pennsylvania, will be completing his term at the end of this year and is not eligible for reelection.

Group 3 Banks, consisting of member banks having a combined capital and surplus of $10 million or less, will nominate and elect one Class B director for a three-year term.

Class B Director, Bret Perkins, senior vice president, external and government affairs, Comcast Corporation, Philadelphia, Pennsylvania, will be completing his term at the end of this year and is not eligible for reelection.

The group in which a member bank is entitled to vote is determined by its classification using the most recent quarterly data available. A list of member banks in each classification can be found in the Member Bank Classifications section below.

The nomination procedure for a bank participating in this election¹ is as follows: Each bank in Group 2 may nominate one candidate for Class A director, and each bank in Group 3 may nominate one candidate for Class B director. Eligibility criteria for Class A and Class B directors are summarized in the Directors section below.

On September 1, 2026, the nomination period will open. Each bank eligible to nominate will receive an email that will contain a LOGIN ID and PASSWORD to access the online application for submitting nominations. The nomination must be made by a duly authorized officer of the bank and submitted on or before September 30, 2026. If you receive a message that your bank is ineligible, you may need to designate an authorized voter. To do so, please contact the Office of the Secretary to obtain a form for such purpose.

Election Process:

An additional circular letter will be published to announce that the election is open. On October 1, 2026, the voting period will commence. A list of the candidates for each position (including an indication of who nominated each candidate) will be made available. Each bank eligible to vote will receive an email that will contain a LOGIN ID and PASSWORD for online voting. Online voting will begin Thursday, October 1, 2026, and must be completed by 2:00 p.m. on Thursday, October 15, 2026. The online ballots will be tallied, and results of the election will be announced.

While banks in Group 1 will not vote in this election, access to the election website is available for their information.

Sincerely,
Erin Mierzwa
Corporate Secretary

Additional Information:

Inquiries concerning this circular letter should be directed to the Office of the Secretary:

Daniel Adamczyk at daniel.adamczyk@phil.frb.org.
Marla Chazin at marla.chazin@phil.frb.org.

Eligibility Criteria for Class A and Class B Directors

Section 4 of the Federal Reserve Act, as amended by the Federal Reserve Reform Act of 1977, contains the following provisions concerning Federal Reserve Bank directors:

Class A shall consist of three members, without discrimination on the basis of race, creed, color, sex, or national origin, who shall be chosen by and be representative of the stockholding banks. No officer or director of a member bank shall be eligible to serve as a class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director. Any person who is an officer or director of more than one member bank shall not be eligible for nomination as a class A director except by banks in the same group as the bank having the largest aggregate resources of any of those of which such person is an officer or director.

Class B shall consist of three members, who shall represent the public and shall be elected without discrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. No class B director shall be an officer, director, or employee of any bank.

No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a director of a Federal Reserve Bank.

In a resolution adopted December 23, 1915, the Federal Reserve Board expressed the opinion "that persons holding political or public office in the service of the United States, or any state, territory, county, district, political subdivision, or municipality thereof, or acting as members of political party committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as directors or officers of a Federal Reserve Bank."

Section 4 of the Federal Reserve Act, as amended, provides that whenever member banks in the same Federal Reserve District are subsidiaries of the same bank holding company, participation in the nomination and election is confined to the member bank designated for that purpose by the holding company.

Member Bank Classifications

Group 1 — Combined Capital and Surplus $100 million or greater
Financial Institution Name	City	State
TD Bank USA, National Association	Wilmington	DE
TD Bank, National Association	Wilmington	DE
U.S. Bank Trust, National Association	Wilmington	DE
OceanFirst Bank, National Association	Toms River	NJ
Wells Fargo Delaware Trust Company, National Association	New York	NY
Citizens & Northern Bank	Wellsboro	PA
CNB Bank	Clearfield	PA
Customers Bank	Malvern	PA
First Citizens Community Bank	Mansfield	PA
Fulton Bank, National Association	Lancaster	PA
Orrstown Bank	Harrisburg	PA
Univest Bank and Trust Co.	Souderton	PA
The Bancorp Bank, National Association	Sioux Falls	SD
Group 2 — Combined Capital and Surplus less than $100 million and greater than $10 million
Financial Institution Name	City	State
ADP Trust Company, National Association	Wilmington	DE
Alvarez & Marsal Trust Company, National Association	Wilmington	DE
Citicorp Trust Delaware, National Association	New Castle	DE
Evercore Trust Company, National Association	Wilmington	DE
The Goldman Sachs Trust Company, National Association	Wilmington	DE
HSBC Trust Company (Delaware), National Association	Wilmington	DE
Stifel Trust Company Delaware, National Association	Greenville	DE
American Bank	Allentown	PA
AmeriServ Financial Bank	Johnstown	PA
Asian Bank	Philadelphia	PA
Atlantic Community Bankers Bank	Camp Hill	PA
The Bank of Landisburg	Landisburg	PA
Ephrata National Bank	Ephrata	PA
The Glenmede Trust Company, National Association	Philadelphia	PA
Vanguard National Trust Company, National Association	Malvern	PA
Woodlands Bank	Williamsport	PA
Group 3 — Combined Capital and Surplus $10 million or less
Financial Institution Name	City	State
Bessemer Trust Company of Delaware, National Association	Wilmington	DE
The Brown Brothers Harriman Trust Company of Delaware	Wilmington	DE
Key National Trust Company of Delaware	Wilmington	DE
Neuberger Berman Trust Co of Delaware, National Association	Wilmington	DE
First National Bank of Absecon	Absecon	NJ
Newfield National Bank	Newfield	NJ
Pennsville National Bank	Pennsville	NJ
The First National Bank of Elmer	Elmer	NJ
The First National Bank & Trust Company of Newtown	Newtown	PA
First Northern Bank and Trust Company	Palmerton	PA
Fleetwood Bank	Fleetwood	PA
The Haverford Trust Company	Radnor	PA
The Honesdale National Bank	Honesdale	PA
Jim Thorpe Neighborhood Bank	Jim Thorpe	PA
Milton Savings Bank	Milton	PA
The National Bank of Malvern	Malvern	PA
The Neffs National Bank	Neffs	PA
New Tripoli Bank	New Tripoli	PA
Turbotville National Bank	Turbotville	PA

Directors of the Federal Reserve Bank of Philadelphia — 2026

Class A Directors	Electoral Group	Term Expires
Curtis J. Myers Chairman and Chief Executive Officer Fulton Bank and Fulton Financial Corporation Lancaster, Pennsylvania	A-1	2028 (1st)
Randall E. Black President and Chief Executive Officer Citizens Financial Services, Inc. First Citizens Community Bank Mansfield, Pennsylvania	A-2	2026 (2nd)
Brian W. Jones President and Chief Executive Officer The First National Bank of Elmer Elmer, New Jersey	A-3	2027 (1st)
Class B Directors	Electoral Group	Term Expires
Sharmain Matlock-Turner Chief Executive Officer Urban Affairs Coalition Philadelphia, Pennsylvania	B-1	2027 (1st)
Peter Ruggiero President and Chief Executive Officer Crayola Easton, Pennsylvania	B-2	2028 (1st)
Bret Perkins Senior Vice President of External and Government Affairs Comcast Corporation Philadelphia, Pennsylvania	B-3	2026 (2nd)
Class C Directors are appointed by the Board of Governors		Term Expires
William Lo Chief Executive Officer Crystal Steel Fabricators, Inc. Delmar, Delaware		2026 (1st)
Kisha Hortman Hawthorne Senior Vice President and Chief Ambulatory Officer Care Network and Behavioral Health and Crisis Center at the Children’s Hospital of Philadelphia Philadelphia, Pennsylvania		2027 (1st)
Michael DiPiano Managing General Partner and Chairman NewSpring Capital Radnor, Pennsylvania		2028 (1st)