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February 11, 2016 11:23 AM ET

Diversified Financial Services

Company Overview of Federal Reserve Bank of Philadelphia, Inc.

Company Overview

Federal Reserve Bank of Philadelphia, Inc. provides central banking services in Pennsylvania, southern New Jersey, and Delaware. It helps formulating and implementing monetary policies; supervises banks, and bank and savings and loan holding companies; provides financial services to depository institutions and the federal government; performs services for the U.S. Treasury; and supports an effective payments system. The company was founded in 1914 and is based in Philadelphia, Pennsylvania.

Ten Independence Mall

Philadelphia, PA 19106-1574

United States

Founded in 1914





Key Executives for Federal Reserve Bank of Philadelphia, Inc.

Chief Executive Officer, President and Director
Age: 56
Chairman and Chief Financial Officer
Age: 50
Chief Operating Officer and First Vice President
Chief Information Officer and Senior Vice President
Senior Vice President and General Counsel
Compensation as of Fiscal Year 2015.

Federal Reserve Bank of Philadelphia, Inc. Key Developments

The Federal Reserve Bank of Philadelphia Announces Executive Promotions

The Federal Reserve Bank of Philadelphia has announced the following promotions: Paul Calem to vice president in the supervision, regulation, and credit department, from special adviser in the bank's retail risk analysis unit; Heather Derbyshire to assistant vice president in the financial statistics department, from statistics manager; Linda Van Valkenburg to assistant vice president in the information technology services department, from systems development officer in supervision, regulation, and credit; James W. Corkery to officer in SRC, from manager and central point of contact in the safety and soundness unit of supervision, regulation, and credit; and Daniel Crouthamel to research information technology support officer, from automation support manager in research.

Federal Reserve Bank of Philadelphia Announces Executive Changes

The Federal Reserve Bank of Philadelphia announced the appointment of Michael J. Angelakis, chairman and CEO of Atairos Management, L.P. and senior advisor to the Executive Management Committee of Comcast Corporation, to chairman of its board of directors. Angelakis succeeds James E. Nevels, who retired from the Bank's board on December 31, 2015. Brian McNeill, president and CEO of TouchPoint, Inc., is appointed to deputy chairman, replacing Angelakis in this role. Their one-year terms begin in January 2016. In addition, Patricia Hasson, president and executive director of Clarifi, was elected as a Class B director, Angelakis was previously deputy chairman of the Bank's board and had been a Class C director at the Bank since January 2012. McNeill, who had been a Class C director since 2014, led the expansion and creation of TouchPoint Inc. Patricia Hasson spent more than 12 years as a banking executive before joining Clarifi in 1998.

Federal Reserve Bank of Philadelphia Announces Management Promotions

The Federal Reserve Bank of Philadelphia has announced the following promotions: Paul Calem has been promoted to vice president in the Supervision, Regulation, and Credit (SRC) Department; Heather Derbyshire to assistant vice president in the Financial Statistics Department; Linda Van Valkenburg to assistant vice president in the Information Technology Services (ITS) Department; James W. Corkery to officer in SRC; and Daniel Crouthamel to Research Information Technology Support Officer in the Research Department. Calem rejoined the Bank in November 2011 as a special advisor in the Bank's Retail Risk Analysis unit after serving as a senior economist in the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System. He will continue to lead the Retail Risk Analysis unit, which develops and implements the Dodd-Frank supervisory stress tests for retail portfolios and provides quantitative analytical support for bank examinations. Derbyshire has held several positions in Financial Statistics since she joined the Bank in 2000 as a statistical reports analyst. She was promoted to statistics coordinator in 2005 and to statistics manager in 2012. Since joining ITS in 1987, Van Valkenburg has held positions of increasing responsibility. She has made significant contributions to the Bank and the System by leading the Subcommittee on Credit Risk Management's (SCRM) Collateral Management System development function. She also represents SCRM on the national Application Development Leadership Team. Before joining the Bank, Van Valkenburg worked for Bell of Pennsylvania in Philadelphia and for Mutual Benefit Life Insurance in Newark, NJ. Corkery started his career at the Bank in 1989 and then served as credit review officer at Downingtown National Bank before rejoining the Bank in 1999. He will manage a team of bank examiners whose responsibilities include evaluating an institution's internal operations, policies, and risk management. In this role, he serves as the central point of contact for TD Bank US Holding Company. Crouthamel joined the Bank in 2000 as a senior research project manager. He is responsible for software and hardware testing, deployment and training, user support, and the department's information security. He also coordinates activities related to the design, development, and implementation of the Research Area Network (RAN) that supports the work of the department's economists and analysts. Previously, he served in various technical and network engineering positions at ECRL and CemcoLIFT.

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