Federal Reserve Bank of Cleveland Pittsburgh Branch
April 12, 2024
The Federal Reserve Bank of Cleveland Pittsburgh Branch Office is one of two Federal Reserve Bank of Cleveland branch offices (the other is in Cincinnati). The Pittsburgh Office of the Federal Reserve Bank of Cleveland hosts one of two savings bonds processing sites in the nation.[1] The Pittsburgh branch presides over Jefferson, Monroe and Belmont counties in Ohio, Wetzel, Tyler, Pleasants, Marshall, Ohio, Brooke and Hancock counties in West Virginia, and all of Western Pennsylvania. In 1915 it was revealed that the Pittsburgh branch location was to be the new home of a relocated Cleveland Fed District with a majority vote secured on the board of governors, but the U.S. Attorney General at the time nixed moving the Cleveland, Kansas City, Minneapolis, Boston and Atlanta Federal Reserve Districts, stating that it would instead take an act of Congress to move those district headquarters. Pittsburgh remained a branch location only.[2]
The original 1931 building, designed by the noted Cleveland architecture firm Walker and Weeks, was seven stories tall, and a 10-story addition to the structure was completed in 1958 with roughly 200,000 square feet of total space. The Art Deco facade of the original Georgia marble building is ornamented with three cast aluminum figures, representing mining, agriculture and commerce, by the New York sculptor Henry Hering. The building was listed as a Pittsburgh History & Landmarks Foundation Historic Landmark in 2001.[3]
Staff cuts, move, and sale of buildingedit
For decades the Pittsburgh branch office of FRB Cleveland shared responsibility with FRB Minneapolis for processing all US Savings Bond transactions, this service being provided by the Federal Reserve System to the US Treasury. Employees at the complex numbered 300-350 in total. With the increase in electronic processing, the US Treasury determined that reduced staffing and only one Federal Reserve site was required for such services, and the operation in Minneapolis was named as the sole site. Pittsburgh branch staff was reduced during 2011-2012 from about 320 to 25 in three separate layoffs.
Federal Reserve Bank of Cleveland Pittsburgh Branch, built from 1930 to 1931, located at 717 Grant Street in Downtown Pittsburgh and home to the bank until October, 2012.
In October 2012 the Reserve branch office relocated to
M&J Wilkow purchased the building for $3.75 million in July 2013, and sold it for an undisclosed amount to Drury Hotels,[5] which reopened the conveyed building as a hotel in 2017. [6]
Current Board of Directorsedit
The following people are on the board of directors as of 2020:[7]
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The Federal Reserve Bank of Cleveland Pittsburgh Branch Office is one of two Federal Reserve Bank of Cleveland branch offices the other is in Cincinnati The Pittsburgh Office of the Federal Reserve Bank of Cleveland hosts one of two savings bonds processing sites in the nation 1 The Pittsburgh branch presides over Jefferson Monroe and Belmont counties in Ohio Wetzel Tyler Pleasants Marshall Ohio Brooke and Hancock counties in West Virginia and all of Western Pennsylvania In 1915 it was revealed that the Pittsburgh branch location was to be the new home of a relocated Cleveland Fed District with a majority vote secured on the board of governors but the U S Attorney General at the time nixed moving the Cleveland Kansas City Minneapolis Boston and Atlanta Federal Reserve Districts stating that it would instead take an act of Congress to move those district headquarters Pittsburgh remained a branch location only 2 Contents 1 Building 2 Staff cuts move and sale of building 3 Current Board of Directors 3 1 Appointed by the Federal Reserve Bank 3 2 Appointed by the Board of Governors 4 See also 5 References 6 Further reading 7 External linksBuilding editThe original 1931 building designed by the noted Cleveland architecture firm Walker and Weeks was seven stories tall and a 10 story addition to the structure was completed in 1958 with roughly 200 000 square feet of total space The Art Deco facade of the original Georgia marble building is ornamented with three cast aluminum figures representing mining agriculture and commerce by the New York sculptor Henry Hering The building was listed as a Pittsburgh History amp Landmarks Foundation Historic Landmark in 2001 3 Staff cuts move and sale of building editFor decades the Pittsburgh branch office of FRB Cleveland shared responsibility with FRB Minneapolis for processing all US Savings Bond transactions this service being provided by the Federal Reserve System to the US Treasury Employees at the complex numbered 300 350 in total With the increase in electronic processing the US Treasury determined that reduced staffing and only one Federal Reserve site was required for such services and the operation in Minneapolis was named as the sole site Pittsburgh branch staff was reduced during 2011 2012 from about 320 to 25 in three separate layoffs nbsp Federal Reserve Bank of Cleveland Pittsburgh Branch built from 1930 to 1931 located at 717 Grant Street in Downtown Pittsburgh and home to the bank until October 2012 In October 2012 the Reserve branch office relocated to One Oxford Centre Suite 3000 301 Grant Street Pittsburgh PA 15219 Phone 412 261 7800 4 M amp J Wilkow purchased the building for 3 75 million in July 2013 and sold it for an undisclosed amount to Drury Hotels 5 which reopened the conveyed building as a hotel in 2017 6 Current Board of Directors editThe following people are on the board of directors as of 2020 7 Appointed by the Federal Reserve Bank edit Appointed by the Federal Reserve Bank Name Title Term ExpiresAudrey Dunning President and Chief Executive OfficerAMP Growth Advisors LLCCranberry Township Pennsylvania 2020Robert I Glimcher PresidentGlimcher Group Inc Pittsburgh Pennsylvania 2020Vera Krekanova Chief Strategy and Research Officer Allegheny Conference on Community DevelopmentPittsburgh Pennsylvania 2021Shelley L Fant President and Chief Executive OfficerFCG Solutions Inc Pittsburgh Pennsylvania 2022Appointed by the Board of Governors edit Appointed by the Board of Governors Name Title Term ExpiresSuzanne Mellon President Carlow UniversityPittsburgh Pennsylvania 2020Dmitri D Shiry Chair Retired Partner Deloitte LLPPittsburgh Pennsylvania 2021Kathryn Z Klaber Managing Partner The Klaber GroupSewickley Pennsylvania 2022See also edit nbsp Banks portalFederal Reserve Act Federal Reserve System Federal Reserve Districts Federal Reserve Branches Federal Reserve Bank of Cleveland Federal Reserve Bank of Cleveland Cincinnati Branch OfficeReferences edit Pittsburgh Branch Office The Federal Reserve Federal Reserve Bank of Cleveland Archived from the original on 2008 07 05 Retrieved 2009 02 18 Ginter Robert M 2015 12 02 Gregory Ruling Acts Against Pittsburgh The Pittsburgh Gazette Times p 3 Historic Landmark Plaques 1968 2009 PDF Pittsburgh History amp Landmarks Foundation Retrieved 19 April 2012 Cleveland FRB Who We Are Archived 2015 09 06 at the Wayback Machine Accessed August 2015 Former Fed building in Downtown Pittsburgh will be hotel TribLive com Sam Spatter Nov 1 2013 Accessed Aug 2015 First look Drury Plaza Hotel opens in downtown Pittsburgh BizJournals com Jan 20 2017 Tim Schooley Accessed Sept 2022 Directors of Federal Reserve Bank of Cleveland and Branches The Federal Reserve October 15 2020 Further reading edit2001 news feature on the Pittsburgh Fed its history and operationsExternal links editFederal Reserve Bank of Cleveland Pittsburgh Branch Office Pittsburgh Board of Directors40 26 34 N 79 59 41 W 40 442836 N 79 994811 W 40 442836 79 994811 Retrieved from https en wikipedia org w index php title Federal Reserve Bank of Cleveland Pittsburgh Branch amp oldid 1217241982, wikipedia, wiki, book, books, library,
