While upcoming management changes at the top of the Fed System garner national media attention, we in the Eighth Federal Reserve District will usher in the new year with a major leadership change of our own.
David A. Sapenaro will assume the role of first vice president and chief operating officer of the Federal Reserve Bank of St. Louis on Jan. 3, 2006. He will succeed LeGrande Rives, who is retiring after 10 years of service at the Bank, plus almost 30 years in the banking industry.
Currently, Sapenaro is a senior vice president in charge of operations that provide cash management and other services to the U.S. Treasury and that serve as a central point of contact for the Treasury on behalf of the entire Federal Reserve System. Sapenaro previously supported the St. Louis Fed's president in his role as chair of the Federal Reserve System's Financial Services Policy Committee, which oversees providing the Fed's services to financial institutions.
Top priorities for Sapenaro include ensuring that the Eighth District supports District bankers as they adapt to the vast changes in payment-processing technology, such as Check 21. "I'm absolutely committed to offering services that are of high quality and competitively priced while we shepherd the transition from paper collection processes to electronic processes." Sapenaro also intends to build on the District's Branching Out initiative, which began just over a year ago to strengthen the Fed's presence around the District, especially in its branch cities of Little Rock, Louisville and Memphis.
For more information on Sapenaro's agenda for 2006 and beyond, don't miss his first Feditorial in the next issue of Central Banker, due out late this winter..