NEW YORK—The Federal Reserve Bank of New York announced that Michael J. Gilfeather, president and chief executive officer of Orange Bank and Trust Company, has been elected as a Class A Director representing Group 2, which consists of banks with capital and surplus greater than $40 million and less than $2 billion. Gilfeather will serve a three-year term ending December 31, 2028.
Orange Bank and Trust Company is an independent financial institution headquartered in Middletown, New York. It focuses on commercial lending, business banking, and wealth management services, serving clients across New York’s Orange, Westchester, and Bronx counties.
Gilfeather began his career at The Bank of New York, where he led retail banking operations. He later served as executive vice president and chief administrative officer at Hudson Valley Bank, overseeing branch banking, trust services, and human resources.
Gilfeather is the former chairman of both the New York Bankers Association and the Orange County Partnership. He now serves as an executive committee member of the bankers’ association and a board member of the partnership. He has also served on the boards of the United Way of the Dutchess-Orange Region, and the Orange Regional Hospital Foundation, now known as the Garnet Health Foundation.
Gilfeather is a graduate of Union College and Pace University, with a Master of Business Administration.
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.
