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For immediate release
Contact: Daneil Mazone, Media Relations Representative, 215-574-7163
Philadelphia, PA —The Federal Reserve Bank of Philadelphia has appointed Scott V. Fainor, president and CEO of National Penn Bancshares, Inc. and National Penn Bank, as its representative to the Federal Reserve Board of Governors’ Federal Advisory Council for 2014.
Each Federal Reserve Bank chooses one person every year to represent its District on this 12-member council of banking industry representatives to consult with and advise the Board of Directors on all matters within the Board’s jurisdiction. The council meets in Washington, D.C. at least four times a year.
Fainor brings over three decades of banking experience to the council. He has been president and CEO of National Penn Bancshares, Inc. since 2010, and National Penn Bank since 2008. Previously, Fainor was president and CEO of KNBT Bancorp, Inc., until KNBT’s merger with National Penn in 2008.
Prior to KNBT, Fainor was president and CEO of First Colonial Group Inc., parent company of Nazareth National Bank & Trust Co. Before that, he held various executive positions with Wachovia/First Union related to corporate banking, retail banking, and bank operations, including regional president for the Lehigh Valley and Northeast Pennsylvania, and executive vice president overseeing business banking for a five-state territory.
Fainor has been a trustee of the Keystone Savings Foundation since its inception in 2003. He serves on the boards of National Penn, Lehigh Valley Industrial Parks, and Lehigh Valley Partnership, and he is actively involved in the Pennsylvania Bankers Association. He earned a bachelor’s degree in marketing and finance from DeSales University, Allentown, PA.
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.