Philadelphia Fed Appoints New Member to Community Bank Advisory Council

For immediate release

Contact: Joey Lee, Media Relations, 215-574-3840

Philadelphia, PA —The Federal Reserve Bank of Philadelphia today announced the appointment of Gary S. Olson, president and chief executive officer (CEO) of ESSA Bank & Trust, to its Community Depository Institutions Advisory Council (CDIAC). Olson will serve a three-year term beginning in October 2018.

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.

Headquartered in Stroudsburg, PA, ESSA Bank & Trust serves the Greater Pocono, Lehigh Valley, Scranton/Wilkes-Barre, and Philadelphia regions.

Olson joined ESSA Bank & Trust in 1977 and since then has held numerous positions within the company, including director of the bank and director of the ESSA Bank & Trust Foundation.

Additionally, he has previously served on the board of Pocono Health System, the board of the American Cancer Society Pennsylvania and Ohio, and the foundation boards of both East Stroudsburg University and Northampton Community College. He was also a director of the Pennsylvania Association of Community Bankers from 2002 to 2005.

Currently, Olson serves on the boards of PBS39 in Bethlehem, PA and the Pocono Mountains Economic Development Corporation.

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 Federal Reserve Bank of Philadelphia serves eastern Pennsylvania, southern New Jersey, and Delaware.