NEW YORK—The Federal Reserve Bank of New York today announced that Gerald H. Lipkin, chairman, president and chief executive officer of Valley National Bank, has been elected a Class A director representing Group 2 which consists of banks with capital and surplus of $30 million to $1 billion. Mr. Lipkin will fill the unexpired portion of the term of office ending December 31, 2013, to succeed Richard L. Carrión who was elected a Class A, Group 1 director effective January 1, 2013.
Mr. Lipkin began his career at the U.S. Comptroller of the Currency’s office in 1963 and was appointed deputy regional administrator in 1970. He joined Valley National Bank in 1975 as a senior vice president, was elected a director in 1986, promoted to executive vice president in 1987 and elected chairman and chief executive officer in 1989. The title of president was added in 1996.
Mr. Lipkin is a former chairman of the New Jersey Bankers Association and was a board trustee at the Beth Israel Hospital in Passaic for 27 years where he served over 10 years as the chairman of the Finance Committee. He is actively involved with Rutgers University as a member of the Board of Overseers, member of the Foundation Board, past chairman and member of the Business School Board of Advisors and a member of the Dean’s Advisory Council. He has also served as a guest lecturer in various classes. He has worked with and received numerous awards and recognition from organizations such as B’nai Brith International, the Bergen-Passaic American Heart Association, the American Red Cross, the Sunrise House Foundation and the Urban League of Bergen County.
Mr. Lipkin was born in Passaic, New Jersey, and later went on to receive a bachelor’s degree in economics from Rutgers in 1963 and his MBA in banking and finance at New York University in 1966. In 1972, he received a diploma from the Stonier Graduate School of Banking.
About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.