Federal Reserve Bank of Cleveland
Loretta J. Mester

Loretta J. Mester
President
Federal Reserve Bank of Cleveland

Loretta J. Mester took office on June 1, 2014, as the 11th president and chief executive officer of the Fourth District, Federal Reserve Bank of Cleveland. In 2021, she serves as an alternate voting member of the Federal Open Market Committee.

Prior to being named president and chief executive officer of the Federal Reserve Bank of Cleveland, Dr. Mester had been executive vice president and director of research at the Federal Reserve Bank of Philadelphia, where she was the chief policy adviser and oversaw the economists and analysts in the Research Department as well as professionals in the Financial Statistics Department and the Payment Cards Center. She joined the Federal Reserve Bank of Philadelphia in 1985, becoming senior vice president and director of research in 2000.

Dr. Mester is an adjunct professor of finance at the Wharton School of the University of Pennsylvania and is a fellow at the Wharton Financial Institutions Center. She has also taught in the undergraduate finance and MBA programs at Wharton and in the PhD program in finance at New York University.

Her areas of research expertise include the organizational structure and productive efficiency of financial institutions, financial intermediation and regulation, agency problems in credit markets, credit card pricing, central bank governance, and inflation. She has published numerous articles on a variety of topics, including economics, central banking, and financial issues. In addition, she is a management committee member of the International Journal of Central Banking and co-editor of the Journal of Financial Services Research, and she is an associate editor of several other academic journals.

Dr. Mester is a director of the Greater Cleveland Partnership, a trustee of the Cleveland Clinic, a trustee of the Musical Arts Association (Cleveland Orchestra), a director of the Council for Economic Education, a member of the Ohio Governor's Economic Advisory Board, a founding director of the Financial Intermediation Research Society, and a member of the advisory board of the Financial Intermediation Network of European Studies. She is a member of the American Economic Association, the American Finance Association, the Econometric Society, and the Financial Management Association International.

Dr. Mester was born in Baltimore, Maryland. She graduated summa cum laude with a bachelors of arts degree in mathematics and economics from Barnard College of Columbia University. She earned MA and PhD degrees in economics from Princeton University, where she was a National Science Foundation Fellow.

Bank Location

1455 East Sixth Street
Cleveland, OH 44114
(216) 579-2000
Visitor Information
Money Museum

Head office at Cleveland, Ohio.

Branch Banks at Cincinnati, Ohio, and Pittsburgh, Pennsylvania.

Covers the state of Ohio; 56 counties in eastern Kentucky; 19 counties in western Pennsylvania; and 6 counties in northern West Virginia .

Website: https://www.clevelandfed.org/

Cleveland district map

Branches

Cincinnati
150 East Fourth Street, Cincinnati, OH 45202
(513) 721-4787

Pittsburgh
One Oxford Centre, Suite 3000
301 Grant Street, Pittsburgh, PA 15219
P.O. Box 867, Pittsburgh, PA 15230
(412) 261-7800


List of Directors
Class A
Name Title Term expires
December 31
Eddie L. Steiner President and Chief Executive Officer
CSB Bancorp, Inc.
Millersburg, Ohio
2021
Amy G. Brady Chief Information Officer, Executive Vice President
KeyBank
Cleveland, Ohio
2022
Dean J. Miller President and Chief Executive Officer
First National Bank of Bellevue
Bellevue, Ohio
2023
Class B
Name Title Term expires
December 31
Valarie L. Sheppard Retired Controller and Treasurer, Group Vice President-Company Transition Leader
The Procter & Gamble Company
Cincinnati, Ohio
2021
David Megenhardt Executive Director
United Labor Agency
Cleveland, Ohio
2022
Heidi L. Gartland Chief Government and Community Relations Officer
University Hospitals
Cleveland, Ohio
2023
Class C
Name Title Term expires
December 31
Cain A. Hayes President and Chief Executive Officer
Gateway Health
Pittsburgh, Pennsylvania
2021
Dwight E. Smith
(Chair)
President and Chief Executive Officer
Sophisticated Systems, Inc.
Columbus, Ohio
2022
Doris Carson Williams
(Deputy Chair)
President and Chief Executive Officer
African American Chamber of Commerce of Western Pennsylvania
Pittsburgh, Pennsylvania
2023


CINCINNATI BRANCH

Appointed by the Federal Reserve Bank:
Name Title Term expires
December 31
Tucker Ballinger President and Chief Executive Officer
Forcht Bank, N.A.
Lexington, Kentucky
2021
Darin C. Hall President and Chief Executive Officer
Civitas Development Group
Cincinnati, Ohio
2022

Alfonso Cornejo

President
Hispanic Chamber Cincinnati USA
Cincinnati, Ohio
2023
David C. Evans President and Chief Executive Officer
TESSEC LLC
Dayton, Ohio
2023

 

Appointed by the Board of Governors:
Name Title Term expires
December 31
Rachid Abdallah
(Chair)
Chairman and Chief Executive Officer
Jedson Engineering
Cincinnati, Ohio
2021

Holly B. Wiedemann

Founder and President
AU Associates, Inc.
Lexington, Kentucky
2022
Ashish K. Vaidya President
Northern Kentucky University
Highland Heights, Kentucky
2023


 

PITTSBURGH BRANCH

Appointed by the Federal Reserve Bank:
Name Title Term expires
December 31
Vera Krekanova Chief Strategy and Research Officer
Allegheny Conference on Community Development
Pittsburgh, Pennsylvania
2021

Shelley L. Fant

President and Chief Executive Officer
FCG Solutions, Inc.
Pittsburgh, Pennsylvania

2022
Earl Buford Chief Executive Officer
Partner4Work
Pittsburgh, Pennsylvania
2023
Christina A. Cassotis Chief Executive Officer
Allegheny County Airport Authority
Pittsburgh, Pennsylvania
2023

 

Appointed by the Board of Governors
Name Title Term expires
December 31
Dmitri D. Shiry Retired Partner
Deloitte LLP
Pittsburgh, Pennsylvania
2021

Kathryn Z. Klaber

Managing Partner
The Klaber Group
Sewickley, Pennsylvania

2022
Suzanne Mellon President
Carlow University
Pittsburgh, Pennsylvania
2023
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Last Update: April 07, 2021