Philadelphia Fed Appoints New Members to Community Depository Institutions Advisory Council

For immediate release

Contact: Sarah Katz, Media Relations

Philadelphia - The Federal Reserve Bank of Philadelphia today announced the appointment of Marie Beggin, chief executive officer of Penn East Federal Credit Union, and Lauren Ranalli, president and chief executive officer at First Resource Bank and First Resource Bancorp, Inc., to its Community Depository Institutions Advisory Council (CDIAC).

The 12-member council is composed of representatives from commercial banks, thrift institutions, and credit unions. The group convenes twice a year with officials from the Federal Reserve Bank of Philadelphia to share insights about economic and business trends facing community depository institutions in their local markets. After each local meeting, a representative from the Philadelphia council joins counterparts from other Federal Reserve Banks at a meeting hosted by the Board of Governors of the Federal Reserve System in Washington, D.C.

Beggin has over 30 years of experience in the financial industry, including seven years as vice president of commercial and consumer lending at Penn East FCU. In her current role, Beggin oversees all operational, financial, and administrative functions of the credit union in addition to being involved in its philanthropic work in the community. She is actively engaged in the community through several board positions, including Leadership Lackawanna, Chamber of Commerce Metro Action Committee, and Chamber of Commerce SLIBCO/LIFE.

Ranalli cofounded First Resource Bank in 2005 and oversees all aspects of operations and strategy. She serves on the bank's board of directors as well as the Executive, Enterprise Risk, and Asset/Liability Committees. Ranalli is a member of the American Bankers Association Stonier Graduate School of Banking Advisory Board, the PA Bankers Services Corporation Board, and the Chester County Economic Development Council Board. She was recognized as a 2018 CFO of the Year by the Philadelphia Business Journal.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises state member banks, bank holding companies, and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.