Federal Reserve Bank of Cleveland: Difference between revisions

Coordinates: 41°30′6.98″N 81°41′25″W / 41.5019389°N 81.69028°W / 41.5019389; -81.69028
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{{Short description|Member Bank of Federal Reserve}}
{{Infobox NRHP
{{Infobox central bank
| name = Federal Reserve Bank Of Cleveland
| name = Federal Reserve Bank of Cleveland
| nrhp_type =
| image_1 = Seal of the United States Federal Reserve System.svg
| image = Federal Reserve Bank, Cleveland, Ohio LCCN2010630382.tif
| caption = Cleveland Federal Reserve
| image_title_1 = Federal Reserve Seal
| location= E. 6th St. and Superior Ave., [[Cleveland, Ohio]]
| image_2 = Federal Reserve Bank Cleveland, Ohio.jpg
| image_title_2 = Headquarters
| coordinates = {{coord|41|30|6|N|81|41|26|W|display=inline,title}}
| headquarters = E. 6th St. and Superior Ave. <br />[[Cleveland, Ohio]], [[United States of America|USA]]
| locmapin = United States Cleveland#Ohio#USA
| coordinates = {{Coord|41|30|6.98|N|81|41|25|W|display=inline,title}}
| built = 1923
| established = {{Start date and age|p=y|1914|5|18}}
| architect OR builder = Walker & Weeks
| ownership = <!-- Government owned or private co. -->
| architecture = Late 19th And 20th Century Revivals, Other, Second Renaissance Revival
| executive_title = President
| added = October 8, 1976
| executive = [[Loretta Mester]]
| area = {{convert|1|acre}}
| bank_of = {{Collapsible list |title=Fourth District |{{flag| Ohio}} |Parts of: |{{flag| Kentucky}} |{{flag| Pennsylvania}} |{{flag| West Virginia}}}}
| governing_body = Private
| currency =
| refnum = 76001392<ref name="nris">{{NRISref|version=2010a}}</ref>
| currency_iso = <!-- see [[ISO 4217]] -->
| reserves =
| reserve_requirements = <!-- % of reserves required to be held against deposits, or "None" if there are no such requirements -->
| borrowing_rate = <!-- the bank rate, also known as the discount rate in American English -->
| interest_rate_target = <!-- the target interest rate, or target interest rate range -->
| deposit_rate = <!-- % of interest paid on reserves, if any, or "None" if no interest is ever paid on reserves -->
| excess_reserves = <!-- "yes" or "no" reg. interest on excess reserves - or "not applicable - no reserve requirement" if there is no reserve requirement -->
| website = [https://www.clevelandfed.org/ www.ClevelandFed.org]
| predecessor =
| successor =
| footnotes = The Federal Reserve Bank of Cleveland is one of 12 [[Federal Reserve Bank|regional banks]] that make up the [[Federal Reserve System]]
}}
}}
[[File:Cleveland Fed map.gif|thumb|Map of the Fourth District]]
The '''Federal Reserve Bank of Cleveland''' is the [[Cleveland, Ohio|Cleveland]]-based headquarters of the U.S. [[Federal Reserve System]]'s Fourth [[Federal Reserve Districts|District]]. The district is composed of [[Ohio]], western [[Pennsylvania]], eastern [[Kentucky]], and the [[Northern Panhandle of West Virginia|northern panhandle]] of [[West Virginia]]. It has branch offices in [[Cincinnati]] and [[Pittsburgh, Pennsylvania|Pittsburgh]]. The check processing center in [[Columbus, Ohio]], was closed in 2005. The [[chief executive officer]] and [[president]] is [[Loretta Mester]].<ref>[https://www.federalreserve.gov/aboutthefed/bios/banks/pres04.htm Loretta J. Mester] at federalreserve.gov</ref>


The '''Federal Reserve Bank of Cleveland''' is the [[Cleveland, Ohio|Cleveland]]-based headquarters of the U.S. [[Federal Reserve System]]'s Fourth [[Federal Reserve Districts|District]]. The district is composed of [[Ohio]], western [[Pennsylvania]], eastern [[Kentucky]], and the [[Northern Panhandle of West Virginia|northern panhandle of West Virginia]]. It has branch offices in [[Cincinnati]] and [[Pittsburgh, Pennsylvania|Pittsburgh]]. The check processing center in [[Columbus, Ohio]], was closed in 2005. The [[chief executive officer]] and [[president (corporate title)|president]] is [[Loretta Mester]].<ref>[https://www.federalreserve.gov/aboutthefed/bios/banks/pres04.htm Loretta J. Mester] {{Webarchive|url=https://web.archive.org/web/20170206202351/https://www.federalreserve.gov/aboutthefed/bios/banks/pres04.htm |date=2017-02-06 }} at federalreserve.gov</ref>
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.<ref>{{cite web|url=http://www.emporis.com/complex/106064/federal-reserve-bank-of-cleveland-cleveland-oh-usa|title=Federal Reserve Bank Building}} Retrieved on 2015-10-16</ref> Its exterior architecture emulates an [[Renaissance architecture|Italian Renaissance]] [[palazzo]], is clad in pink Sienna [[marble]]. An extension to the building designed by [[Hellmuth, Obata and Kassabaum|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 bank building is a 13-story 203 foot [[high-rise]], located at Superior Avenue and East 6th Street in [[downtown Cleveland]]. It was designed by the Cleveland firm of [[Walker and Weeks]] and completed in 1923.<ref>{{cite web|url=http://www.emporis.com/complex/106064/federal-reserve-bank-of-cleveland-cleveland-oh-usa|archive-url=https://web.archive.org/web/20151024043822/http://www.emporis.com/complex/106064/federal-reserve-bank-of-cleveland-cleveland-oh-usa|url-status=dead|archive-date=October 24, 2015|title=Federal Reserve Bank Building}} Retrieved on 2015-10-16</ref> Its exterior architecture emulates an [[Renaissance architecture|Italian Renaissance]] [[palazzo]], and is clad in [[Etowah marble|Georgia pink marble]]. An extension to the building designed by [[Hellmuth, Obata and Kassabaum|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 sculpture]]s by [[Henry Hering]] representing ''Security'' and ''Integrity'' flanking the East Sixth Street entrance, while his ''Energy'' watches the Superior Avenue entry.
The building's entrances feature [[allegorical sculpture]]s by [[Henry Hering]] representing ''Security'' and ''Integrity'' flanking the East Sixth Street entrance, while his ''Energy'' watches the Superior Avenue entry.


Its original {{convert|100|ST|t}} [[bank vault]] door is the largest in the world. The hinge has an overall height of {{convert|19|ft|m}} and weighs over {{convert|47|ST|t}} fully assembled. The door casting itself was {{convert|20|ST|t}}.{{Citation needed|reason=Can't find a source for this last number|date=December 2009}} It incorporates the largest hinge ever built. The vault's use was discontinued in 1997, though it is preserved intact for posterity.<ref>{{cite web|url=http://www.clevelandfed.org/For_the_Public/Tours/About_the_Cleveland_Fed/Photo_Tour/photo_tour_thirteen.cfm|title=Federal Reserve Bank of Cleveland historical photo tour|publisher=Federal Reserve Bank of Cleveland|accessdate=11 December 2009}}</ref>
Its original {{convert|100|ST|t}} [[bank vault]] door is the largest in the world and was designed by [[Frederick S. Holmes]]. The door casting itself was {{convert|20|ST|t}}.{{Citation needed|reason=Can't find a source for this last number|date=December 2009}} It incorporates the largest hinge ever built. The hinge has an overall height of {{convert|19|ft|m}} and weighs over {{convert|47|ST|t}} fully assembled. The vault's use was discontinued in 1997, though it is preserved intact for posterity.<ref>{{cite web|url=http://www.clevelandfed.org/For_the_Public/Tours/About_the_Cleveland_Fed/Photo_Tour/photo_tour_thirteen.cfm|title=Federal Reserve Bank of Cleveland historical photo tour|publisher=Federal Reserve Bank of Cleveland|access-date=11 December 2009|archive-url=https://web.archive.org/web/20100621010311/http://clevelandfed.org/For_the_Public/Tours/About_the_Cleveland_Fed/Photo_Tour/photo_tour_thirteen.cfm|archive-date=21 June 2010|url-status=dead}}</ref>
[[Image:Cleveland FRB Vault Door.jpg|thumb|right|The door sealing the original primary vault inside the Bank's basement.]]


==Learning Center and Money Museum==
==Learning Center and Money Museum==
[[File:Cleveland Fed map.gif|thumb|Map of the Fourth District]]
In January 2006, the bank opened the '''Learning Center and Money Museum''', replacing the public teller windows vacated after [[September 11, 2001 attacks|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.<ref>{{cite web|last1=Ball|first1=Chris|title=Northeast Ohio is home to many museums, from ethnic heritage to politics to financial affairs|url=http://www.cleveland.com/bestofcleveland/index.ssf/2009/04/northeast_ohio_is_home_to_many.html|website=Cleveland.com|accessdate=6 September 2015}}</ref> The museum is open from Monday through Thursday, except for bank holidays, and admission is free.
[[File:Federal Reserve Bank, Cleveland, Ohio LCCN2010630382.tif|thumb|right|Bank entrance on East 6th Street in Downtown Cleveland.]]
[[File:Cleveland FRB Vault Door.jpg|thumb|right|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 attacks|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.<ref>{{cite web|last1=Ball|first1=Chris|title=Northeast Ohio is home to many museums, from ethnic heritage to politics to financial affairs|url=http://www.cleveland.com/bestofcleveland/index.ssf/2009/04/northeast_ohio_is_home_to_many.html|website=Cleveland.com|date=17 April 2009 |access-date=6 September 2015}}</ref> 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,<ref>{{Cite web|url=https://www.clevelandfed.org/learningcenter/teach.aspx|title=Learning Center and Money Museum: Teach|last=|first=|date=|website=Federal Reserve Bank of Cleveland|archive-url=|archive-date=|dead-url=|access-date=2018-01-03}}</ref> 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. <ref>{{Cite web|url=https://www.clevelandfed.org/learningcenter/panic-of-1907.aspx|title=Panic of 1907|last=|first=|date=|website=Cleveland Federal Reserve Bank|archive-url=|archive-date=|dead-url=|access-date=2018-01-03}}</ref>
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,<ref>{{Cite web|url=https://www.clevelandfed.org/learningcenter/teach.aspx|title=Learning Center and Money Museum: Teach|website=Federal Reserve Bank of Cleveland|access-date=2018-01-03|archive-date=2020-06-01|archive-url=https://web.archive.org/web/20200601145030/https://www.clevelandfed.org/learningcenter/teach.aspx|url-status=dead}}</ref> 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.<ref>{{Cite web|url=https://www.clevelandfed.org/learningcenter/panic-of-1907.aspx|title=Panic of 1907|website=Cleveland Federal Reserve Bank|access-date=2018-01-03}}</ref>


==Board of directors==
==Board of directors==
The following people are listed as on the board of directors {{As of|2017|lc=yes}}. 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.<ref>{{cite web|url=https://www.federalreserve.gov/aboutthefed/federal-reserve-system-cleveland.htm |title=Directors of Federal Reserve Bank of Cleveland |date=5 August 2017 |publisher=[[The Federal Reserve]]}}</ref>
The following people are listed as on the board of directors {{As of|2021|lc=yes}}. 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.<ref>{{cite web|url=https://www.federalreserve.gov/aboutthefed/federal-reserve-system-cleveland.htm |title=Directors of Federal Reserve Bank of Cleveland |date=5 August 2017 |publisher=[[The Federal Reserve]]}}</ref>


{| class="wikitable sortable"
{| class="wikitable sortable"
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! Director<br/>Class
! Director<br/>Class
! Term<br/>Expires
! Term<br/>Expires
|-align="center"
!Dean J. Miller
|President and Chief Executive Officer, [[First National Bank of Bellevue]], [[Bellevue, Ohio]]
|A
|2023
|-
|- align="center"
|- align="center"
!Todd A. Mason
!Eddie L. Steiner
|President and CEO, First National Bank of Pandora, [[Pandora, Ohio]]
|President and Chief Executive Officer, [[CSB Bancorp, Inc]], [[Millersburg, Ohio]]
|A
|A
|2024
|2017
|-align="center"
|-align="center"
!Helga Houston
!Claude E. Davis
|Senior Executive Vice President and Chief Risk Officer, [[Huntington Bancshares Inc.]], [[Columbus, Ohio]]
|CEO, [[First Financial Bank (Ohio)|First Financial Bancorp]], [[Cincinnati, Ohio]]
|A
|A
|2025
|2018
|-align="center"
|-align="center"
!Darrell McNair
!Stephen D. Steinour
|Chairman, President, and Chief Executive Officer of [[Huntington Bancshares|Huntington Bancshares, Incorporated]] [[Columbus, Ohio]]
|President, [[MVP Plastics, Inc.]], [[Middlefield, Ohio]]
|A
|2019
|-align="center"
!Charles H. Brown
|Vice President and Secretary, [[Toyota Motor Engineering & Manufacturing North America]], [[Erlanger, Kentucky]]
|B
|B
|2023
|2017
|-align="center"
|-align="center"
!Jacqueline Gamblin
!George S. Barrett
|Chairman and CEO, [[Cardinal Health|Cardinal Health, Inc.]], [[Dublin, Ohio]]
|Chief Executive Officer, [[JYG Innovations]], [[Dayton, Ohio]]
|B
|B
|2024
|2018
|-align="center"
|-align="center"
!Holly B. Wiedemann
!David Megenhardt
|Founder, [[AU Associates, Inc.]], [[Lexington, Kentucky]]
|Executive Director, United Labor Agency, [[Cleveland, Ohio]]
|B
|B
|2025
|2019
|-align="center"
|-align="center"
!Doris Carson Williams
!John P. Surma (Chair)
(Chair)
|Retired Chairman and CEO, [[United States Steel Corporation]], [[Pittsburgh, Pennsylvania]]
|President and Chief Executive Officer, [[African American Chamber of Commerce of Western Pennsylvania]], [[Pittsburgh|Pittsburgh, Pennsylvania]]
|C
|C
|2023
|2017
|-align="center"
|-align="center"
!colspan="2"|''Vacant''
!Dawne S. Hickton (Deputy Chair)
|Former President and CEO, [[RTI International Metals|RTI International Metals, Inc]], [[Pittsburgh, Pennsylvania]]
|C
|C
|2024
|2018
|-align="center"
|-align="center"
!Heidi L. Gartland
!Dwight Eric Smith
''(Vice Chair)''
|President and Chief Executive Officer, Sophisticated Systems, Inc., [[Columbus, Ohio]]
|Chief Government and Community Relations Officer, [[University Hospitals Cleveland Medical Center]], [[Cleveland, Ohio]]
|C
|C
|2025
|2019
|}
|}


==See also==
==See also==
{{Portal|Banks}}
* [[Federal Reserve Act]]
* [[Federal Reserve Act]]
* [[Federal Reserve Bank of Cleveland Cincinnati Branch Office]]
* [[Federal Reserve Bank of Cleveland Cincinnati Branch Office]]
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==References==
==References==
{{reflist}}
{{Reflist}}


==External links==
==External links==
{{commons category|Federal Reserve Bank of Cleveland}}
{{Commons category|Federal Reserve Bank of Cleveland}}
*{{official website|http://www.clevelandfed.org/}}
*{{official website|http://www.clevelandfed.org/}}
*[http://www.bluffton.edu/~sullivanm/ohio/cleveland/fedreserve/fedreserve.html Images and architectural information]
*[http://www.bluffton.edu/~sullivanm/ohio/cleveland/fedreserve/fedreserve.html Images and architectural information]
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{{Federal Reserve System}}
{{Federal Reserve System}}
{{Federal Reserve Banks}}
{{Federal Reserve Banks}}
{{Cleveland}}
{{National Register of Historic Places in Ohio}}
{{National Register of Historic Places in Ohio}}

{{authority control}}


[[Category:Government buildings completed in 1923]]
[[Category:Government buildings completed in 1923]]
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[[Category:1923 establishments in Ohio]]
[[Category:1923 establishments in Ohio]]
[[Category:Downtown Cleveland]]
[[Category:Downtown Cleveland]]
[[Category:Numismatic museums]]

Latest revision as of 14:27, 17 April 2024

Federal Reserve Bank of Cleveland
Federal Reserve Seal
Federal Reserve Seal
Headquarters
Headquarters
HeadquartersE. 6th St. and Superior Ave.
Cleveland, Ohio, USA
Coordinates41°30′6.98″N 81°41′25″W / 41.5019389°N 81.69028°W / 41.5019389; -81.69028
EstablishedMay 18, 1914 (110 years ago) (1914-05-18)
PresidentLoretta Mester
Central bank of
Fourth District
Websitewww.ClevelandFed.org
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. It was designed by the Cleveland firm of Walker and Weeks and completed in 1923.[2] Its exterior architecture emulates an Italian Renaissance palazzo, and is clad in Georgia pink 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 and was designed by Frederick S. Holmes. 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[edit]

Map of the Fourth District
Bank entrance on East 6th Street in Downtown Cleveland.
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[edit]

The following people are listed as on the board of directors as of 2021. 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
Class
Term
Expires
Dean J. Miller President and Chief Executive Officer, First National Bank of Bellevue, Bellevue, Ohio A 2023
Eddie L. Steiner President and Chief Executive Officer, CSB Bancorp, Inc, Millersburg, Ohio A 2024
Helga Houston Senior Executive Vice President and Chief Risk Officer, Huntington Bancshares Inc., Columbus, Ohio A 2025
Darrell McNair President, MVP Plastics, Inc., Middlefield, Ohio B 2023
Jacqueline Gamblin Chief Executive Officer, JYG Innovations, Dayton, Ohio B 2024
Holly B. Wiedemann Founder, AU Associates, Inc., Lexington, Kentucky B 2025
Doris Carson Williams

(Chair)

President and Chief Executive Officer, African American Chamber of Commerce of Western Pennsylvania, Pittsburgh, Pennsylvania C 2023
Vacant C 2024
Heidi L. Gartland

(Vice Chair)

Chief Government and Community Relations Officer, University Hospitals Cleveland Medical Center, Cleveland, Ohio C 2025

See also[edit]

References[edit]

  1. ^ Loretta J. Mester Archived 2017-02-06 at the Wayback Machine at federalreserve.gov
  2. ^ "Federal Reserve Bank Building". Archived from the original on October 24, 2015. 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 (17 April 2009). "Northeast Ohio is home to many museums, from ethnic heritage to politics to financial affairs". Cleveland.com. Retrieved 6 September 2015.
  5. ^ "Learning Center and Money Museum: Teach". Federal Reserve Bank of Cleveland. Archived from the original on 2020-06-01. 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[edit]