NEW YORK—The Federal Reserve Bank of New York announced that Douglas L. Kennedy, president and chief executive officer of Peapack-Gladstone Bank has been elected a Class A director representing Group 2, which consists of banks with capital and surplus between $40 million and $2 billion. Mr. Kennedy will serve a three-year term ending December 31, 2022.
Mr. Kennedy has over 35 years of commercial banking experience. Before joining Peapack-Gladstone Bank in 2012, he served as president of the New Jersey Market for Capital One Bank and North Fork Bank. Over the years, he has held key executive level positions building business at Fleet Bank, Summit Bancorp and Bank of America.
In 2015 he was named CEO of the Year by Corporate LiveWire as part of its Innovation & Excellence Awards. He was named to the NJBIZ “Power 50 Banking” list and the NJBIZ “Power 50: The 50 Most Powerful Non-Profit Board Members” list in 2011. Additionally, he received the Carpe Diem Award from Montclair State University and was named “Man of the Year” by the Boy Scouts of America that same year. Mr. Kennedy is a current member of the New Jersey Chamber of Commerce Board of Directors, Montclair State University Board of Trustees, and Sacred Heart University Board of Trustees. He has served as President of NJ After 3 and as a Board Member of the New Jersey Bankers Association.
Mr. Kennedy is a graduate of Sacred Heart University in Fairfield, Connecticut with a degree in Economics and an M.B.A.
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.