For immediate release
Contact: Daneil Mazone, Media Relations, 215-574-7163
Philadelphia, PA —The Federal Reserve Bank of Philadelphia has announced the elections of William S. Aichele, chairman and CEO of Univest Corporation of Pennsylvania, and Edward J. Graham, president and CEO of South Jersey Industries, to its board of directors. Brian M. McNeill, president and CEO of Southco Inc., will also serve on the Bank’s board; he was appointed by the Federal Reserve Board of Governors. The new directors’ three-year terms begin January 2014.
Aichele will serve as a Class A director. His election is concurrent with his retirement as CEO at Univest Corporation. He will continue in his role as chairman of the board for the corporation, based in Souderton, PA., and its wholly owned subsidiary, Univest Bank and Trust Co.
Aichele started with the Univest Corporation as a management trainee in 1971 and became vice president in 1988. In 1990, he was appointed executive vice president for Univest Corporation as well as chairman of Univest Bank and Trust Co. He became president of Univest Corporation in 1997, and took on the additional roles of president and CEO in 1999, and chairman in 2005. In 2013, as Univest began implementing its succession plan to prepare for Aichele’s retirement, he left his role as president but continued on as chairman and CEO.
Aichele serves on the boards of the James A. Michener Art Museum, North Penn United Way, Grand View Hospital, and Grand View Health Foundation. He is the recipient of Penn Foundation’s Adventures in Excellence Award and was named the 2011 Pillar of the Community by Encore Experience. He was also inducted into the Pennsylvania Bankers Association’s 40-Year Club, honoring his years of service in Pennsylvania’s banking industry.
Aichele, who has an associate’s degree in business administration from Valley Forge Military Academy, is also a graduate of the Stonier Graduate School of Banking.
Graham will serve as a Class B director. In addition to his roles at South Jersey Industries, headquartered in Folsom, N.J., Graham serves as chairman of South Jersey Gas. In 1981, he joined South Jersey Industries, where he held various professional and managerial positions prior to his election as an officer of South Jersey Gas in 1988. Previously, he was an internal auditor for Golden Nugget, Inc. and Midlantic Banks, Inc.
Graham had served on the Bank’s Economic Advisory Council. He is an officer and member of the board of Choose New Jersey and he serves on the boards of the American Gas Association, the New Jersey Manufacturers Insurance Company, the New Jersey Business & Industry Association, and the United Way of Greater Philadelphia and Southern New Jersey. He is also a member of Drexel University’s Energy and Environment Council, as well as Stockton College’s William J. Hughes Center for Public Policy and Lloyd Levenson Institute of Gaming, Hospitality and Tourism. In addition, he is a trustee of The Foundation of the New Jersey Alliance for Action.
Graham holds a bachelor’s degree in accounting from Rider University and an MBA from Drexel University.
McNeill will serve as a Class C director. He joined Southco as president and CEO in 2000. During his 13-year tenure, he has led the expansion of Southco, a leading designer and manufacturer of engineered access control hardware, services, and solutions. Southco, a privately held company based in Concordville, PA, does business in more than 80 countries in North America, South America, Europe, and Asia.
Prior to joining Southco, McNeill served as executive vice president of Danaher Corporation. Before that, he spent 17 years at Ingersoll Rand Company serving in several executive positions.
Since 2001, McNeill has served as co-chair of the board of advisors of Berwind Corporation, a private investment management firm based in Philadelphia. He received a bachelor’s degree in industrial engineering from Rutgers University and an MBA from the Wharton School of the University of Pennsylvania.
About the Reserve Banks’ Boards of Directors
Each of the 12 Reserve Banks has a nine-member board of directors that oversees the Bank’s direction and performance. The directors also participate in the formulation of the Fed’s monetary policy through their reports on economic and financial conditions and their decisions on the Bank’s discount rate. The board of directors is chosen through a nonpolitical process. Three Class A directors are elected by the District’s member banks to represent banking. Three Class B directors are also elected by member banks to represent the public; by law, they cannot be directors or officers of a bank or bank holding company. The Board of Governors appoints three Class C directors, who are non-bankers, including the chair and deputy chair.
About the Federal Reserve Bank of Philadelphia
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.