For immediate release

Contact: Marilyn Wimp, Manager of Media Relations, 215-574-4197

Philadelphia, PA — Blake Prichard, first vice president and chief operating officer of the Federal Reserve Bank of Philadelphia, has announced his plans to retire on February 29, 2016, after more than four decades of service to the Federal Reserve System.

"I am grateful that Blake has agreed to stay through next February. His help has been invaluable during my transition to the role of president and chief executive officer," said Patrick T. Harker, president and chief executive officer of the Philadelphia Fed. "Blake's experience in running the Bank, both as first vice president and most recently as acting president, and his deep knowledge of Federal Reserve System activities have been essential in enlightening me on the workings of the Fed and the opportunities that await us."

Prichard joined the Philadelphia Fed in 1992 as senior vice president of Retail Payments after serving 20 years at the Federal Reserve Bank of Boston. During his tenure at the Boston Fed, he managed check-clearing services for three regional offices and held several officer and managerial positions.

Prichard left the Philadelphia Fed in January 2003 to be vice president of global outsourcing for Unisys Corporation, an information technology services company in Blue Bell, PA. He returned to the Philadelphia Fed in July 2004 as senior vice president to lead the check-processing function, including the Treasury Check Information System and customer relations. He was promoted to executive vice president in January 2005 with added responsibilities for the Bank's Information Technology Services and the national e-mail and collaboration services. In January 2011, he was appointed first vice president and chief operating officer.

Prichard has a bachelor's degree from Northeastern University in Boston and attended the MIT Sloan School's senior executive program. Prichard is past president and a member of the board of directors of the Chester County Council, Boy Scouts of America.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank 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 Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.