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Federal Reserve Bank of Cleveland Pittsburgh Branch

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Title: Federal Reserve Bank of Cleveland Pittsburgh Branch  
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Subject: List of hotels in the United States, Pittsburgh/On this day, Pittsburgh/On this day/March 11, Federal Reserve Banks, Pittsburgh Central Downtown Historic District
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Federal Reserve Bank of Cleveland Pittsburgh Branch

The Federal Reserve Bank of Cleveland Pittsburgh Branch Office is one of the three Henry Hering. The building was listed as a Pittsburgh History & Landmarks Foundation Historic Landmark in 2001.[3] The Pittsburgh branch presides over Jefferson, Monroe and Belmont counties in Ohio, Wetzel, Tyler, Pleasants, Marshall, Ohio, Brooke and Hancock counties in West Virginia and all of Western Pennsylvania. In 1915 it was revealed that the Pittsburgh branch location was to be the new home of a relocated Cleveland Fed District with a majority vote secured on the board of governors, however the U.S. Attorney General at the time nixed moving the Cleveland, Kansas City, Minneapolis, Boston and Atlanta Federal Reserve Districts stating that it would instead take and act of Congress to move those district headquarters. Pittsburgh remained a branch location only.[4]

Staff cuts and sale

For decades, it shared responsibility with FRB Minneapolis for processing all US Savings Bond transactions, this service being provided by Federal Reserve System to the US Treasury. Employees numbered 300-350 in total at the complex. With the increase in electronic processing, the US Treasury determined that reduced staffing and only one Federal Reserve site was required for such services, and the operation in Minneapolis was named as the sole site. Pittsburgh branch staff was reduced during 2011-2012 from about 320 to 25 in three separate layoffs. Along with the consolidation in processing to Minneapolis and the staff cuts the Federal Reserve is currently considering selling the historic building as soon as 2013, though it will retain a branch staff in place in Pittsburgh for auditing and bank examination of roughly 20-25 beyond 2013.[5]

Federal Reserve Bank of Cleveland Pittsburgh Branch, built from 1930 to 1931, located at 717 Grant Street in Downtown Pittsburgh and home to the bank until October, 2012.

Building sale to Drury Hotels

On May 8, 2013 M&J Wilkow announced that it obtained an agreement to purchase the structure and either convert it into a hotel or offices, the Reserve staff having relocated to Oxford Centre in October 2012. In November 2013 Drury Hotels agree to convert the 1931 structure into a 180 room hotel to open by late 2015.[6][7]

Current Board of Directors

The following people are on the board of directors as of 2013:[8]

Appointed by the Federal Reserve Bank

Appointed by the Federal Reserve Bank
Name Title Term Expires
Todd D. Brice President and Chief Financial Officer
S&T Bancorp, Inc.
Indiana, Pennsylvania
2013
Petra Mitchell President
Catalyst Connection
Pittsburgh, Pennsylvania
2014
Grant Oliphant President and Chief Executive Officer
The Pittsburgh Foundation
Pittsburgh, Pennsylvania
2015
Sean McDonald President and CEO
Precision Therapeutics, Inc.
Pittsburgh, Pennsylvania
2015

Appointed by the Board of Governors

Appointed by the Board of Governors
Name Title Term Expires
Glenn R. Mahone (Chair) Partner and Attorney at Law
Reed Smith LLP
Pittsburgh, Pennsylvania
2013
Charles L. Hammel III President
Pitt Ohio Express
Pittsburgh, Pennsylvania
2014
Dawne S. Hickton Vice Chair, President, and Chief Executive Officer
RTI International Metals, Inc.
Pittsburgh, Pennsylvania
2015

See also

References

  1. ^ "Pittsburgh Branch Office". The Federal Reserve. Federal Reserve Bank of Cleveland. Retrieved 2009-02-18. 
  2. ^ "Pittsburgh Board of Directors". The Federal Reserve. Federal Reserve Bank of Cleveland. Retrieved 2009-02-18. 
  3. ^ "Historic Landmark Plaques: 1968–2009". Pittsburgh History & Landmarks Foundation. Retrieved 19 April 2012. 
  4. ^ http://news.google.com/newspapers?id=R4dRAAAAIBAJ&sjid=DmgDAAAAIBAJ&dq=district%20attorney%20pittsburgh&pg=3030%2C2538809
  5. ^ http://www.post-gazette.com/stories/business/news/federal-reserve-bank-sells-downtown-building-cuts-jobs-224918/
  6. ^ http://www.post-gazette.com/local/city/2013/11/06/Convention-center-hotel-idea-fading/stories/201311060084
  7. ^ http://triblive.com/business/headlines/3984043-74/building-sweeney-company#axzz2SjrT9grL
  8. ^ "Directors of Federal Reserve Banks and Branches".  

External links

  • Federal Reserve Bank of Cleveland Pittsburgh Branch Office
  • Pittsburgh Board of Directors

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