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In-Depth: St. Louis Fed's CDIAC Holds First Meeting of 2013

Monday, April 1, 2013

The St. Louis Fed’s 2013 Community Depository Institutions Advisory Council (CDIAC) met March 5 and 6 at the Bank’s headquarters in St. Louis. The council members meet twice a year to advise St. Louis Fed President James Bullard and senior Bank management on the credit, banking and economic conditions facing their institutions and their communities.

This year’s council is led by the group’s new chair, Glenn D. Barks, president and CEO of First Community Credit Union, based in Chesterfield, Mo. Barks took over the leadership of the council from outgoing chair Dennis M. Terry, president and CEO of First Clover Leaf Bank, Edwardsville, Ill.

It was also the first meeting for four new members: Carolyn “Betsy” Flynn, president and CEO, Community Financial Services Bank, Benton, Ky.; Larry W. Myers, president and CEO, First Savings Bank, Clarksville, Ind.; Frank M. Padak, president, CEO and treasurer, Scott Credit Union, Collinsville, Ill.; and Steve Stafford, president and CEO, First National Bank in Green Forest, Green Forest, Ark. Each was appointed to a three-year term. Council members serve staggered terms and are senior executives of banks, thrift institutions and credit unions from across the Eighth District.

Barks, who has served on the St. Louis Fed’s council since its inception in 2011, was appointed to a four-year term as chairman. In this role, he represents the Eighth District at the Federal Reserve Board of Governors’ CDIAC meetings, which are held twice yearly in Washington, D.C. The Board established CDIAC in 2010 as a mechanism for community banks, thrift institutions and credit unions with assets of $10 billion or less to provide the Board with input on the economy, lending conditions and other issues. Each of the Fed’s 12 Reserve banks established an advisory council, with one representative to serve on the Board’s CDIAC.

Other Outgoing Council Members

In addition to Terry, the three other outgoing members of the St. Louis Fed’s inaugural CDIAC council were D. Keith Hefner, president and CEO, Citizens Bank & Trust Co., Van Buren, Ark.; William J. Rissel, president and CEO, Fort Knox Federal Credit Union, Radcliff, Ky.; and Larry Ziglar, president, First National Bank in Staunton, Staunton, Ill.

For more information, see the St. Louis Fed’s CDIAC web site. For more information and background about all of the Federal Reserve CDIACs, see the Federal Reserve Board of Governors’ web site or “Community Banks, Fed Connect Through the Community Depository Institutions Advisory Council” on the Federal Reserve’s Community Banking Connections web site.