For immediate release
Contact: Daneil Mazone, Media Relations, 215-574-7163
Philadelphia, PA — The Federal Reserve Bank of Philadelphia today announced two appointments to its Community Depository Institutions Advisory Council (CDIAC): Richard Stipa, CEO of TruMark Financial Credit Union, and Rory Ritrievi, president and CEO of Mid Penn Bancorp, Inc. and Mid Penn Bank. Each appointee will serve a three-year term, beginning in March 2015.
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 on 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 Federal Reserve Board of Governors in Washington, D.C.
Stipa has been CEO of TruMark Financial Credit Union since 2001. Previously, he was CEO and president of Sentry Federal Credit Union from 1994 to 2001 and Elmwood Federal Savings Bank from 1992 to 1994.
Stipa is a director of the Pennsylvania Credit Union Association and the Pennsylvania Credit Union Foundation. He also is a member of the United Way's Income Vision Council and the National Association of State Credit Union Supervisors. He has an M.B.A. from Drexel University and a bachelor's degree in business and economics from Ursinus College.
Ritrievi has been president and CEO of Mid Penn Bancorp, Inc. and Mid Penn Bank since 2009. Prior to joining Mid Penn, he was executive vice president, chief lending officer, and market president of Commerce Bank Harrisburg. Ritrievi began his career in banking in 1986 at CoreStates Hamilton Bank.
Ritrievi is a board member of the Pennsylvania Association of Community Bankers and chairman of its legislative committee. He is also chairman of the 2015 March for Babies, Central Pennsylvania Division, to support March of Dimes. Ritrievi has a JD from the Widener University School of Law and a bachelor's degree in economics from the University of Pittsburgh.
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.