The appointment of Vance Witt to an advisory group of the Federal Reserve Bank of St. Louis is another milestone for our community.
Witt, chairman and chief executive officer of BNA Bank, will serve a three-year term on the St. Louis Fed’s Community Depository Institutions Advisory Council.
He was the only Mississippian named to the Fed’s Eighth District Council, which serves Arkansas, and parts of Illinois, Indiana, Kentucky, Missouri, Tennessee and Mississippi.
The 12-member council will advise James Bullard, St. Louis Fed president, on local credit, banking and economic conditions.
“Community financial institutions are vital in creating and sustaining economic growth in our nation’s communities,” Bullard said. “As a key source of credit for small businesses, these institutions provide an important perspective on the relative health of the U.S. economy.”
The St. Louis Federal Reserve is one of 12 regional banks, that along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. It is the nation’s central bank and regulates state-chartered member banks and holding companies.
In this era of big banking conglomerates, we think the Fed’s decision to create an advisory council representing community banks is a good one. Often the interests of large banks and community banks diverge.
Witt not only is very knowledgeable about banking, but also is involved in community service as president of the Union County Heritage Museum, a trustee of Northeast Community college, and a trustee of the Barret School of Banking in Memphis.
The St. Louis Federal Reserve Bank has made a good choice.