DR. SUNNY EAPPEN STEPS DOWN AS MEMBER OF THE BOARD OF DIRECTORS

The following information was released by the Federal Reserve Bank of Boston:

Oct. 15 departure coincides with change in role at University of Vermont Health Network

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Lynne Damianos

BOSTON The Federal Reserve Bank of Boston and Dr. Sunny Eappen announced today that he would leave the Boston Fed's board of directors on October 15, coincident with stepping down as president and CEO of the University of Vermont Health Network.

"We greatly appreciate Sunnys engaged service on our board, said the Banks president and CEO Susan M. Collins. He provided many powerful insights of course especially on healthcare, which is so important to individual New Englanders and our regions economy.

Eappen said I have enjoyed being part of the Boston Federal Reserve Banks board this year. The organizations board, leaders, and staff are clearly committed to doing whats best for the economy, and everyone in it. As I transition in my professional role and step off the board, I look forward to seeing the Banks continued public service.

The Federal Reserve Act provides that reserve bank boards of directors include three directors representing member banks (A directors) and six directors representing the public (B and C directors). Dr. Eappen served as a B director. Additional information about the structure of the Federal Reserve and Reserve Bank boards of directors can be found on the Banks website.

The Boston Federal Reserve Bank, one of 12 regional reserve banks in the Federal Reserve System, serves the First Federal Reserve District, which includes all of New England except Fairfield County, Connecticut. Within the district, the Bank monitors local economic conditions to aid in the formulation of monetary policy, engages in outreach to promote economic growth and community revitalization, supervises banks and bank holding companies, and provides financial services to facilitate banking operations.