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Federal Reserve Bank of Cleveland

From Wikipedia, the free encyclopedia

Federal Reserve Bank of Cleveland
Federal Reserve Seal

Federal Reserve Seal

HeadquartersE. 6th St. and Superior Ave.
Cleveland, Ohio, USA
EstablishedMay 18, 1914 (106 years ago) (1914-05-18)
PresidentLoretta Mester
Central bank of
The Federal Reserve Bank of Cleveland is one of 12 regional banks that make up the Federal Reserve System

The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. It has branch offices in Cincinnati and Pittsburgh. The check processing center in Columbus, Ohio, was closed in 2005. The chief executive officer and president is Loretta Mester.[1]

The bank building is a 13-story 203 foot high-rise, located at Superior Avenue and East 6th Street in downtown Cleveland was designed by the Cleveland firm of Walker and Weeks and completed in 1923.[2] Its exterior architecture emulates an Italian Renaissance palazzo, is clad in pink Sienna marble. An extension to the building designed by HOK was completed in 1998, providing new facilities for check processing and cash handling. The building is listed on the National Register of Historic Places. The building's entrances feature allegorical sculptures by Henry Hering representing Security and Integrity flanking the East Sixth Street entrance, while his Energy watches the Superior Avenue entry.

Its original 100 short tons (91 t) bank vault door is the largest in the world. The door casting itself was 20 short tons (18 t).[citation needed] It incorporates the largest hinge ever built. The hinge has an overall height of 19 feet (5.8 m) and weighs over 47 short tons (43 t) fully assembled. The vault's use was discontinued in 1997, though it is preserved intact for posterity.[3]

Learning Center and Money Museum

Map of the Fourth District
Map of the Fourth District
The door sealing the original primary vault inside the Bank's basement.
The door sealing the original primary vault inside the Bank's basement.

In January 2006, the bank opened the Learning Center and Money Museum, replacing the public teller windows vacated after September 11, 2001. Over 30 hands-on exhibits focus on the history of money, its effects on societies and cultures, and its central role in peoples' lives.[4] The museum is open from Monday through Thursday, except for bank holidays, and admission is free.

The museum includes a variety of activities and multi-media experiences to educate visitors, including computerized games about trading, writing contests, crayon rubbings, videos, speeches, films, and virtual tours,[5] One recent addition to the Learning Center and Money Museum is the documentary titled "The Panic of 1907" which details how the panic led to the creation of the Federal Reserve System. This film was produced by Joseph G. Haubrich and the Federal Reserve Bank of Cleveland.[6]

Board of directors

The following people are listed as on the board of directors as of 2017. Class A directors are elected by member banks to represent member banks. Class B directors are elected by member banks to represent the public. Class C directors are appointed by the Board of Governors to represent the public. Terms always expire on December 31 of their final year on the board.[7]

Members of Board of Directors
Director Title Director
Todd A. Mason President and CEO, First National Bank of Pandora, Pandora, Ohio A 2017
Claude E. Davis CEO, First Financial Bancorp, Cincinnati, Ohio A 2018
Stephen D. Steinour Chairman, President, and Chief Executive Officer of Huntington Bancshares, Incorporated Columbus, Ohio A 2019
Charles H. Brown Vice President and Secretary, Toyota Motor Engineering & Manufacturing North America, Erlanger, Kentucky B 2017
George S. Barrett Chairman and CEO, Cardinal Health, Inc., Dublin, Ohio B 2018
David Megenhardt Executive Director, United Labor Agency, Cleveland, Ohio B 2019
John P. Surma (Chair) Retired Chairman and CEO, United States Steel Corporation, Pittsburgh, Pennsylvania C 2017
Dawne S. Hickton (Deputy Chair) Former President and CEO, RTI International Metals, Inc, Pittsburgh, Pennsylvania C 2018
Dwight Eric Smith President and Chief Executive Officer, Sophisticated Systems, Inc., Columbus, Ohio C 2019

See also


  1. ^ Loretta J. Mester at
  2. ^ "Federal Reserve Bank Building". Retrieved on 2015-10-16
  3. ^ "Federal Reserve Bank of Cleveland historical photo tour". Federal Reserve Bank of Cleveland. Archived from the original on 21 June 2010. Retrieved 11 December 2009.
  4. ^ Ball, Chris. "Northeast Ohio is home to many museums, from ethnic heritage to politics to financial affairs". Retrieved 6 September 2015.
  5. ^ "Learning Center and Money Museum: Teach". Federal Reserve Bank of Cleveland. Retrieved 2018-01-03.
  6. ^ "Panic of 1907". Cleveland Federal Reserve Bank. Retrieved 2018-01-03.
  7. ^ "Directors of Federal Reserve Bank of Cleveland". The Federal Reserve. 5 August 2017.

External links

This page was last edited on 17 August 2020, at 11:32
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