NEW YORK—The Federal Reserve Bank of New York announced that Douglas L. Kennedy, president and chief executive officer of Peapack-Gladstone Bank, has been reelected as a Class A director representing Group 2, which consists of banks with capital and surplus of $40 million to $2 billion. Mr. Kennedy will serve a three-year term ending December 31, 2025.
Mr. Kennedy leads Peapack-Gladstone Bank’s wealth, lending and deposit lines of business, along with its branding, human capital, operations and technology functions. Mr. Kennedy sits on Sacred Heart’s board of trustees and is also a member of Montclair State University’s board of trustees. He serves on the boards of the New Jersey Bankers Association and New Jersey Chamber of Commerce. Mr. Kennedy was elected to the Board of Directors of the Federal Reserve Bank of New York (New York Fed) in January 2020.
Mr. Kennedy is a graduate of Sacred Heart University in Fairfield, Connecticut with a bachelor’s degree in economics and an MBA in finance.
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.