AmeriServ Financial : Philadelphia Fed Announces New Chair, New Members of Community Depository Institutions Advisory Council

Philadelphia Fed Announces New Chair, New Members of Community Depository Institutions Advisory Council

For immediate release

Contact: Kelly Antonacci, Media Relations

Philadelphia, PA - The Federal Reserve Bank of Philadelphia today announced a new chair and two new members of its Community Depository Institutions Advisory Council (CDIAC).

Jeffrey Stopko, president and CEO of AmeriServ Financial, Inc., has been appointed as chair to represent the Third Federal Reserve District on the Federal Reserve Board's CDIAC for 2024. Stopko has been a member of the Philadelphia Fed's advisory council since 2021.

James Donnelly, president and CEO of Wayne Bank and Norwood Financial Corp, and Jeffrey Kapsar, president and CEO of Mifflinburg Bank and Trust Company, began three-year terms on the CDIAC in April 2024.

About James Donnelly
Donnelly has been president and CEO of Wayne Bank and Norwood Financial Corp, headquartered in Honesdale, PA, since May 2022. Donnelly also serves on the board of directors for Wayne Bank and Norwood Financial Corp, and on the Leadership, Officers Loan, Asset Quality, ALCO, and 401(k) Committees.

Donnelly previously worked at Bangor Savings Bank, Machias Savings Bank, and KeyBank, where he started his banking career in 1991.

About Jeffrey Kapsar
Kapsar has served as president and CEO of Mifflinburg Bank and Trust Company, a community bank in the Susquehanna Valley of central Pennsylvania, since January 2006. He also serves as vice chairman of the bank's board of directors.

Kapsar has more than 30 years of financial services experience, including experience in strategic planning, asset liability management, accounting, audit, and compliance.

About CDIAC
The 12-member advisory council is composed of representatives from commercial banks, thrift institutions, and credit unions. The group convenes twice a year with officials from the Federal Reserve Bank of Philadelphia to share insights about economic and business trends facing community depository institutions in their local markets. After each local meeting, a representative from the Philadelphia council joins counterparts from other Federal Reserve Banks at a meeting hosted by the Board of Governors of the Federal Reserve System in Washington, D.C.

About the Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy; supervises state member banks, bank holding companies, and savings and loan holding companies; and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.