Staff Report
Published Dec. 4, 2009

Wilbur E. Johnson, managing partner of the law firm Young Clement Rivers in Charleston, will join the board of directors for the Federal Reserve Bank of Richmond starting Jan. 1.

Johnson will serve a three-year term.

Each of the nation’s 12 Federal Reserve Banks has a nine-member board of directors. Three Class A and three Class B directors are elected to three-year terms by the stockholding member banks, and three Class C directors are appointed to three-year terms by the Board of Governors of the Federal Reserve System.

Class A directors represent the stockholding member banks in each Federal Reserve District. Class B and Class C directors represent the public and are chosen with consideration to the interests of agriculture, commerce, industry, services, labor and consumers.

Johnson was elected as a Class B director.

The Richmond Federal Reserve Bank serves the 5th Federal Reserve District, which includes South Carolina, North Carolina, Virginia, Maryland, most of West Virginia and the District of Columbia.

The 12 district Federal Reserve Banks, together with the Board of Governors in Washington, D.C., constitute the Federal Reserve System.