NEW YORK—The Federal Reserve Bank of New York announced that Paul P. Mello, president and chief executive officer of Solvay Bank, has been reelected a Class A director representing Group 3 which consists of banks with capital and surplus of less than $40 million. Mr. Mello will serve a three-year term ending December 31, 2020.
Mr. Mello joined the New York Fed’s board of directors in March 2012. He is president and chief executive officer of Solvay Bank in Syracuse, New York, in Onondaga County.
He was appointed to that position in 2002. Prior to his appointment, he was executive vice president and chief financial officer. He also launched the Bank’s insurance subsidiary, Solvay Bank Insurance Agency, Inc., and began the Bank’s Brokerage Advisory Services.
Before joining the Bank, Mr. Mello worked for Coopers & Lybrand in Syracuse from 1989 to 1993.
Mr. Mello served as chair of the Independent Bankers Association of New York State for two years. He is the Vice Chair of the Upstate Medical University Foundation after serving as chair for six years. He was a member of the Community Depository Institutions Advisory Council of the Federal Reserve Bank of New York. He serves on the board of directors for The Eraser Company, Inc., and the St. Camillus Health & Rehabilitation Center. He previously served as a Board member on the LeMoyne College Board of Regents and Accounting Advisory Committee.
Mr. Mello holds a bachelor's degree in accounting from LeMoyne College.
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.
