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Philadelphia, Pa. – The Federal Reserve Bank of Philadelphia announced the appointments of Keith S. Campbell, chairman of Mannington Mills, Salem, N.J.; Ted T. Cecala, chairman and CEO of Wilmington Trust in Wilmington, Del.; and Jeremy Nowak, Ph.D., president and CEO of The Reinvestment Fund (TRF) in Philadelphia. Their three-year terms begin in January 2008.
Each of the 12 Reserve Banks has a nine-member board of directors that oversees Bank operations. The directors provide information about economic conditions in their industries to monetary policymakers.
Campbell will serve a three-year term as a Class B director. Class B directors are elected by member banks and represent the public. They are drawn from all sectors except banking. The sectors include agriculture, commerce, industry, services, labor, consumers, education, and the professions.
Campbell was named chairman of Mannington Mills, Inc., in 1995. He has served in several senior and management positions at the company since 1977. He is a director for the board of South Jersey Industries, Skytop Lodge, Inc., World Floor Covering Association, Floor Covering Consumer Credit Association, Southern New Jersey Chamber of Commerce, and United Way of Salem. He is a trustee of the John B. Campbell Center and is chairman of the Board of Trustees of Rowan University, Stand Up Salem, and Salem County Memorial Hospital. He has a bachelor’s degree in business and history from Muskingum College, New Concord, Ohio.
Cecala was elected a Class A director by member banks of the Federal Reserve Bank of Philadelphia to represent the banking sector.
Cecala became a director, chairman, and CEO of Wilmington Trust Corp. and Wilmington Trust Company in 1996. He joined Wilmington Trust in 1979. He also recently served as a Federal Advisory Council representative for the Third District. He is past chairman and director for the United Way of Delaware. He is a current director of Wilmington Trust investment affiliates Cramer Rosenthal McGlynn, LLC, and Roxbury Capital Management, LLC. He has a bachelor’s degree in finance and accounting from Florida State University and has earned credentials as a certified public accountant (CPA).
Nowak was appointed a Class C director by the Federal Reserve Board of Governors in Washington. Class C directors represent the public and are selected from all sectors except banking.
Nowak co-founded The Reinvestment Fund in 1985, after serving in a variety of community development and organizing positions. TRF finances neighborhood revitalization. He has also served on the Federal Reserve's Consumer Advisory Council. In 1994, Nowak received The Philadelphia Award, the city’s highest civic honor. He played a key role in establishing the Community Development Financial Institutions Fund, the first federal funding for organizations like TRF. He is currently a member of the editorial board of Economic Development Quarterly. He is also the chairman of the Mastery Charter School and Alex’s Lemonade Stand Foundation. He has a Ph.D. in cultural anthropology from the New School for Social Research, New York.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional 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.