PHILADELPHIA – The Federal Reserve Bank of Philadelphia has announced the appointment of Joseph B. Bower Jr., president and chief executive officer of CNB Bank and CNB Financial Corp., to its Community Depository Institutions Advisory Council (CDIAC).
Bower will serve a three-year term beginning in December of 2017. The CDIAC is a 12-member council composed of representatives from commercial banks, thrift institutions and credit unions.
The council convenes twice a year with officials from the Federal Reserve Bank of Philadelphia to share insights about economic and business trends facing community depository institutions in their local markets.
After each local meeting, a representative from the Philadelphia council joins counterparts from other Federal Reserve Banks at a meeting hosted by the Board of Governors of the Federal Reserve System in Washington, D.C.
Before joining CNB, Bower was chief financial officer for Mifflinburg Bank & Trust Co. He also served a period of time with the Mifflinburg Bank as internal auditor and controller.
Bower recently was chairman of the PA Bankers Association, where he still sits on the board and is chair of the personnel committee and a member of the executive committee.
He also is on the American Bankers Association political action committee and is currently a director of the CNB Bank board and CNB Financial Corp.
Bower graduated magna cum laude from Lycoming College with a Bachelor’s degree in accounting. Upon graduating from Lycoming College, he graduated from the U.S. Army Ordinance School Officer Basic Course.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank savings and loan holding companies and provides financial services to depository institutions and the federal government.
It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System.
The Philadelphia Federal Reserve Bank of Philadelphia serves eastern Pennsylvania, southern New Jersey and Delaware.