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Release Date: December 12, 2002

For immediate release

The Federal Reserve Bank of Cleveland has appointed Sandra Pianalto as the Bank's new president. The announcement was made Thursday by David Hoag, chairman of the Cleveland Bank's board of directors.

The appointment was made by the directors of the Federal Reserve Bank of Cleveland and approved by the Board of Governors of the Federal Reserve System.

She succeeds Jerry L. Jordan, who will retire January 31, 2003, after having served as president since 1992. She will assume her duties as president on February 1, 2003.

Pianalto has served as first vice president and chief operating officer of the Cleveland Bank since 1993. She joined the Federal Reserve Bank of Cleveland in 1983 as an economist. In 1984, she was appointed assistant vice president for public affairs, and in 1988 she was named vice president and secretary to the board of directors. Before joining the Bank, Pianalto was an economist at the Board of Governors and served on the staff of the Budget Committee of the U.S. House of Representatives.

In announcing the appointment, Hoag said, "Sandy Pianalto brings to her new position an extensive knowledge of monetary policy as well as a keen understanding of financial services and the changing payments system."

Robert Mahoney, deputy chairman of the Cleveland board, led the search committee to find Jordan's successor. He said, "Sandy has served this Bank well for nearly twenty years. We are proud of her accomplishments and believe that her exceptional leadership will continue to be an asset to the Fourth District and the Federal Reserve System."

"It has been my great fortune to work with Jerry Jordan," said Pianalto. "He is a thoughtful leader who inspires, teaches, and learns. I'm proud to have the opportunity to continue the tradition of excellence that has defined our Bank and our employees."

Pianalto is active in the Fourth District's civic community, serving on the boards of directors of many community organizations including United Way Services of Cleveland, the northeast Ohio Council on Higher Education, Leadership Cleveland, the Rock and Roll Hall of Fame and Museum, and the Akron Center for Economic Education.

She received a B.A. in economics from the University of Akron and an M.A. in economics from The George Washington University. She is a graduate of the Advanced Management Program at Duke University's Fuqua School of Business, and she was awarded an honorary doctor of humane letters from the University of Akron.

The Federal Reserve Bank of Cleveland is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, regulates state-chartered member banks and bank holding companies, and provides payment services to financial institutions and the U.S. government.

The Federal Reserve Bank of Cleveland, including its branch offices in Cincinnati and Pittsburgh, and its check-processing center in Columbus, serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

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Last update: December 12, 2002