The president of Raleigh-based First Citizens BancShares has been elected to the board of directors of the Federal Reserve Bank of Richmond.
The three-year term of Ed Willingham will begin Jan. 1. He will be one of three Class A directors, representing the banking industry, on the nine-member board.
The Federal Reserve Bank of Richmond is one of 12 district banks that make up the Federal Reserve System.
Willingham has been president of First Citizens BancShares and its subsidiary, First Citizens Bank, since Feb. 2009. He joined the bank in 1987.
Willingham has a bachelor's degree in economics from Davidson College and an MBA from UNC-Chapel Hill. He is a member of the N.C. Bankers Association's board of directors.
First Citizens has 435 branches in 17 states and Washington, D.C.
David Ranii has been a business reporter at The News & Observer since 1993. Over the years he has covered information technology, banking, insurance, the pharmaceutical and biotechnology industries, media businesses and real estate. Contact him at 919-829-4877 or
Comments
Another member of the problem?
Thu, 12/01/2011 - 23:23 — AmericanistWho is Mr. Ed Willingham? Is this all we know about a man that will influence the expansion and contraction of our money supply? Of what other groups and associations is he a member? What are his views on fractional reserve banking? What percentage of deposits does he think banks should maintain to prevent FDIC bailouts of depositors? Do you have a good understanding of the Federal Reserve and how it works? Do you know who introduced and pushed the Federal Reserve Act through the Senate in 1913? Is the FED accountable to the Congress? Have you seen Alan Greenspan's admission on the FED?
Do you understand what causes inflation and bubbles that burst and how they are caused?
Will Mr. Willingham be just another participant in the crooked system? Or will he give us sound money that won't erode in value over time?
What hope can you offer that he will fix anything? If twenty rounds of penicillin doesn't cure the sickening patient, shouldn't we rethink the medicine before the patient dies?
Just a few questions for those care about their future, freedoms and country!