ST. LOUIS — The Federal Reserve Bank of St. Louis today announced the appointment of four new members to its Community Depository Institutions Advisory Council (CDIAC) and the nomination of Glenn D. Barks, president and CEO of Chesterfield, Mo.-based First Community Credit Union, as the council's new chairman.
The council meets twice a year to advise St. Louis Fed President James Bullard on the credit, banking and economic conditions facing their institutions and their communities. Council members serve staggered terms and are senior executives of banks, thrift institutions and credit unions from across the Eighth District, which is comprised of the state of Arkansas, and parts of Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee. The new members nominated for three-year terms ending December 2015 are:
Barks, who has served on the St. Louis Fed's council since it began meeting in 2011, takes over the chairmanship from Dennis M. Terry, president and chief executive officer of First Clover Leaf Bank, Edwardsville, Ill.
As part of his responsibilities, Barks will also represent the Eighth District at the Federal Reserve Board of Governors' CDIAC meetings held twice yearly in Washington, D.C. The Board of Governors established its CDIAC in 2010 as a mechanism for community banks, thrift institutions, and credit unions with assets of $10 billion or less to provide input to the Board on the economy, lending conditions, and other issues. Each of the Fed's District Banks then established their own local advisory councils, with one representative chosen to serve on the Board’s CDIAC.
In addition to Terry, outgoing members of the St. Louis Fed's first CDIAC council are D. Keith Hefner, president & CEO, Citizens Bank & Trust Company, Van Buren, Ark.; William J. Rissel, president & CEO, Fort Knox Federal Credit Union, Radcliff, Ky., and Larry Ziglar, president, First National Bank in Staunton, Staunton, Ill.
Remaining members include:
The St. Louis Fed council’s first meeting of 2013 will be held March 5 and 6 at the Bank. The second meeting will be held Oct. 7 and 8.
For more information, see the St. Louis Fed’s CDIAC site, or for more information and background about all of the Federal Reserve CDIACs, see the Federal Reserve Board of Governors’ web site or the article, "Community Banks, Fed Connect Through the Community Depository Institutions Advisory Council," at the Federal Reserve System's Community Banking Connections site.