Thomas J. Murphy elected as a Class A Director to New York Fed Board of Directors
NEW YORK, NY (January 12, 2021) — The Federal Reserve Bank of New York announced that Thomas J. Murphy, president and chief executive officer of Glens Falls National Bank and Trust Company, has been elected as a Class A director representing Group 3, which consists of banks with capital and surplus of less than $40 million. Mr. Murphy will serve a three-year term ending December 31, 2023.
Mr. Murphy also serves as president and chief executive officer of Arrow Financial Corporation, the Glens Falls, New York-based parent company of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company.
Mr. Murphy began his career with Glens Falls National Bank and Trust Company in 2004 as manager of the personal trust department and held several leadership positions before serving in his current role. Prior to joining Glens Falls National Bank and Trust Company, he was a certified public accountant for 24 years, most recently as a founding partner of the regional public accounting firm Curtis, Murphy & Jeffreys, LLP (now CMJ, LLP).
Mr. Murphy currently serves as a director on the boards of the Adirondack Civic Center Coalition, Inc. and the Charles R. Wood Theater, Inc., and serves on the Siena College Board of Associate Trustees. Mr. Murphy is a current member and past president of the Kiwanis Club of Glens Falls and has also served as a director and officer of several local community boards and organizations.
Mr. Murphy earned a bachelor’s degree in accounting, magna cum laude, from Siena College.
About New York Fed
The New York Fed oversees the Second Federal Reserve District, which includes New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. Though it serves a geographically small area compared with those of other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity. The New York Fed has several unique responsibilities as part of the Federal Reserve System, including conducting open market operations to execute monetary policy on behalf of the FOMC, acting as the fiscal agent of the U.S. Treasury, operating Fedwire, and providing banking and clearing services to foreign central banks, governments and international agencies.
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.