January 13, 2020
On Friday, two South Jersey leaders were announced as directors for the Federal Reserve Bank of Philadelphia.
OceanFirst Financial Corp. and OceanFirst Bank Chairman, Chief Executive Officer and President Christopher Maher will serve as a Class A director while Rutgers University–Camden Chancellor Phoebe Haddon was reappointed as a Class C director and chair.
Maher will serve a three-year term beginning this month, while Haddon will lead the nine-member board for a two-year term.
The Philadelphia Fed – one of 12 regional Reserve Banks – works to create monetary policy and put it into practice, supervise banks and banks savings and loan holding companies, and provides financial services to the federal government and depository organizations. Its district covers South Jersey, eastern Pennsylvania and Delaware.
The nine-member board of directors, which Haddon will lead, provides oversight of Bank operations, observes economic conditions, sets up the Bank’s discount rate and serves as a pipeline between the Fed and the Third District’s communities
At Rutgers–Camden, Haddon is responsible for the research university featuring more than 7,350 students enrolled in 39 undergraduate programs and 28 master’s and doctoral programs. The school has more than 1,300 employees.
In addition to his duties at OceanFirst, Maher also serves as chairman of the board for OceanFirst Foundation and as a director of Hackensack Meridian Health and Hackensack Meridian Residential Care, the Philadelphia Fed said. He is a member of the board of trustees of the Helen Keller Services for the Blind nonprofit, serves as treasurer as a member of the board of trustees for Monmouth University, and is on the board of directors of the New Jersey Bankers Association.
Six directors are elected by district member banks – three Class A directors to represent banking and three Class B directors to represent the public. The board of governors appoints the remaining three Class C directors, the board chair and the deputy chair to represent the public.
The Philadelphia Fed also announced the appointment of Drexel University President John Fry as a Class B director and that the Children’s Hospital of Philadelphia President and CEO Madeline Bell was reappointed as a Class C director and deputy chair. AquaVenture Holdings and Quench USA CEO and President Anthony Ibargüen was also re-elected to a three-year term as a Class C director.