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Federal Reserve Bank of Chicago Detroit Branch

From Wikipedia, the free encyclopedia

Federal Reserve Bank of Chicago
Detroit Branch
Map
Agency overview
Formed1927 (1927)
JurisdictionSeventh Federal Reserve District
Headquarters
  • 1600 East Warren Avenue
    Detroit, Michigan
Parent agency
Federal Reserve Bank of Chicago

The Federal Reserve Bank of Chicago Detroit Branch Office is the only branch office of the Federal Reserve Bank of Chicago.[1] It is part of the 7th district and its code is 7-G.[1] It is currently located at 1600 East Warren Avenue, near I-75 in Detroit's Eastern Market Historic District. The office occupies 17 acres (6.9 ha) and cost $80 million to build.[2] The Detroit branch was founded in 1927[3] and is currently headed by Robert Wiley. Each branch of the Federal Reserve Banks has a board of either seven or five directors, a majority of whom are appointed by the parent Federal Reserve Bank; the others are appointed by the Board of Governors. Branch directors serve staggered three-year terms (two-year terms if the Branch has five directors). One of the members appointed by the Federal Reserve Board is designated annually as chairman of the board of that Branch in a manner prescribed by the parent Federal Reserve Bank.[4]

Current board of directors

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The following people are on the board of directors as of April 2019:[5]

Appointed by the Federal Reserve Bank

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Appointed by the Federal Reserve Bank
Name Title Term Expires
Michael L. Seneski Chief Financial Officer
Credibly
Troy, Michigan		 2019
Sandra E. Pierce Chairman & Senior Executive Vice President,
Private Client Group and Regional Banking Director
Huntington Michigan
Southfield, Michigan		 2020
Sandy K. Baruah President and Chief Executive Officer
Detroit Regional Chamber
Detroit, Michigan		 2020
Rip Rapson President and Chief Executive Officer
The Kresge Foundation
Troy, Michigan		 2021

Appointed by the Board of Governors

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Appointed by the Board of Governors
Name Title Term Expires
Linda P. Hubbard President and Chief Operating Officer
Carhartt, Inc.
Dearborn, Michigan		 2019
Joseph B. Anderson Jr.
(chair)		 Chairman and Chief Executive Officer
TAG Holdings, LLC
Wixom, Michigan		 2020
James M. Nicholson Co-Chairman
PVS Chemicals, Inc.
Detroit, Michigan		 2021

Historic building

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Federal Reserve Bank of Chicago Detroit Branch Historic Building

The Federal Reserve Bank of Chicago Detroit Branch Building is a bank building located at 160 W. Fort Street in Detroit, Michigan. The building was constructed in 1927 in a Classical Revival style. In 1951, the bank added an eight-story glass-and-marble annex, designed by Minoru Yamasaki.[6] The Modern annex is clearly designed not to mimic the original building, but to make a statement all its own.

In 2004, the Federal Reserve Bank moved to its new building on Warren Avenue, leaving the building on Fort empty. A developer purchased the building with the intention of creating loft space.[7]

In July 2011, Quicken Loans representatives were visiting the building, leading to speculation that Dan Gilbert would purchase the space.[8] Gilbert announced the purchase on January 30, 2012.[9]

In February 2014, the Detroit Media Partnership, parent of the Detroit Free Press and The Detroit News, announced all three organizations would occupy six floors in both the old and new sections of the building. The partnership anticipated completing the move before September and expected to place a sign on the exterior.[10][11]

Money Smart Week

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The Detroit Branch currently coordinates the annual Michigan Money Smart Week.[12] Coordinated by the Detroit Branch, partner organizations and the Money Smart Advisory Council (MAC), Money Smart Week is designed to promote financial literacy and provide greater personal finance education to consumers. It provides free events which are designed to provide financial education to consumers.[13] The events are overseen by the Money Smart Advisory Council (MAC). The main event is a gathering of several hundred educators at the Detroit Branch office where they receive educational material from various sponsors.[14] Overall, more than 100 sponsors participate in 200 events.[15]

See also

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References

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  1. 1 2 "Maps of the Federal Reserve System". The Federal Reserve Board. July 18, 2008. Retrieved March 4, 2009.
  2. ↑ "Work Starts on Detroit's New Federal Reserve Bank Branch". Knight Ridder/Tribune Business News. February 10, 2004. Retrieved March 4, 2009.[dead link]
  3. ↑ "FAQs: Federal Reserve Banks". Federal Reserve Bank of Richmond. Retrieved May 16, 2014.
  4. ↑ "About the Directors of Federal Reserve Banks and Branches". The Federal Reserve Board. February 5, 2013. Retrieved May 16, 2014.
  5. ↑ "Directors of Federal Reserve Banks and Branches". Board of Governors of The Federal Reserve. April 29, 2019. Retrieved April 29, 2019.
  6. ↑ Hill, Eric J.; Gallagher, John (2003). AIA Detroit. Wayne State University Press. p. 90. ISBN 0-8143-3120-3. federal reserve.
  7. ↑ Kavanaugh, Kelli B. (January 22, 2008). "Reserve Lofts to bring 84 apartments to financial district". Model D. Retrieved May 16, 2014.
  8. ↑ Gallagher, John (July 15, 2011). "Is Federal Reserve building another Dan Gilbert deal?". Detroit Free Press. Retrieved May 16, 2014.
  9. ↑ Oosting, Jonathan (January 30, 2012). "Dan Gilbert purchases Federal Reserve Building, continues Monopoly game in downtown Detroit". Mlive.com. Retrieved May 16, 2014.
  10. ↑ Zaniewski, Ann; Gallagher, John (February 20, 2014). "Free Press, News moving to new home in core of downtown Detroit". Detroit Free Press. Retrieved May 16, 2014.
  11. ↑ Aguilar, Louis (April 23, 2014). "Detroit News, Free Press, DMP will occupy 6 floors in old Federal Reserve building". The Detroit News. Archived from the original on April 25, 2014. Retrieved May 16, 2014.
  12. ↑ "Federal Reserve Bank of Chicago — Detroit Branch and Michigan Business Organizations Announce Sixth Annual Michigan Money Smart Week, April 18–25, 2009" (Press release). Federal Reserve Bank of Chicago. April 2, 2009. Retrieved May 16, 2014.
  13. ↑ "Chrysler Financial – News". Money Smart Week. Chrysler Financial. December 11, 2007. Archived from the original on October 15, 2008. Retrieved March 4, 2009.
  14. ↑ "Record Attendance at Fourth Annual Teacher Conference!" (PDF). financial smarts for students. Michigan Jumpstart. March 6, 2008. Archived from the original (PDF) on November 20, 2008. Retrieved September 10, 2013.
  15. ↑ "2007 Annual Report" (PDF). Federal Reserve Bank of Chicago. March 20, 2008. p. 5. Retrieved May 16, 2014.
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