Trentacosta Named To Federal Reserve Advisory Council

The Federal Reserve Bank of New York recently announced that John Trentacosta, president and CEO of Newtown Savings Bank, was named to the newly created Community Depository Institutions Advisory Council (CDIAC). Mr Trentacosta is the sole representative from a Connecticut Bank. The other ten advisors are from New York, New Jersey, and Puerto Rico.

The purpose of CDIAC is to provide information and insight to the New York Fed from the perspective of community depository institutions, and will replace the New York Fed’s Thrift Institutions Advisory Panel. The council will meet twice a year to discuss regional economic and financial conditions, and other issues affecting community depository institutions.

The New York Fed president and first vice president will meet with the council twice a year to discuss regional economic and financial conditions, and other issues confronting community depository institutions.

Council members will generally serve three-year terms, which may be extended.

One member from the New York Fed’s council will also join counterparts from councils across the Federal Reserve System for twice yearly meetings of the Community Depository Institutions Advisory Council of the Federal Reserve Board of Governors in Washington, D.C. Peter G. Humphrey, president and chief executive officer of Five Star Bank and Financial Institutions, Inc., will serve as the representative from the Second District.