Michael J. Gilfeather, president and chief executive officer of Orange Bank and Trust Company, has been elected as a Class A Director to the board of directors of the Federal Reserve Bank of New York. He will represent Group 2, which includes banks with capital and surplus greater than $40 million and less than $2 billion. His term will last three years, ending December 31, 2028.
Orange Bank and Trust Company is an independent bank based in Middletown, New York. It provides commercial lending, business banking, and wealth management services in Orange, Westchester, and Bronx counties.
Gilfeather started his career at The Bank of New York leading retail banking operations. He later became executive vice president and chief administrative officer at Hudson Valley Bank where he managed branch banking, trust services, and human resources.
He previously served as chairman of both the New York Bankers Association and the Orange County Partnership. Gilfeather currently serves on the executive committee of the bankers’ association and is a board member of the partnership. He has also served on boards for the United Way of the Dutchess-Orange Region and the Orange Regional Hospital Foundation (now Garnet Health Foundation).
Gilfeather holds degrees from Union College and Pace University with a Master of Business Administration.
The Federal Reserve Act requires each Reserve Bank to be supervised by a nine-member board representing their district’s interests. These directors are divided into three classes: Class A represents member banks; Classes B and C represent public interests. According to the release: “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.”
For more information or inquiries regarding this announcement, Ellen Simon can be contacted at (347) 978-3036 or Ellen.Simon@ny.frb.org.
