The headquarters of the Federal Reserve Bank of Boston. Image Courtesy of Fox-orian / CC BY-SA 3.0

State Street Corp. Chairman and CEO Ronald O’Hanley has been elected to the Federal Reserve Bank of Boston’s board of directors effective Jan. 1, the Boston Fed said in a statement yesterday.

O’Hanley has been with Boston-based State Street since 2015 and became CEO and chairman in 2020. He joins Sushil K. Tuli, chairman and CEO of Arlington, Massachusetts-based Leader Bank, and Jeanne A. Hulit, president and CEO of Maine Community Bank, as the board’s three Class A directors representing member banks.

The Boston Fed’s district includes all of New England except Fairfield County.

Member banks of the Boston Fed elect the Class A directors. They also elect Class B directors, who represent the public, particularly in the interests of agriculture, commerce, industry, services, labor and consumers. The Federal Reserve Board of Governors elects Class C directors.

O’Hanley replaced Bruce Van Saun, Citizens Bank chairman and CEO.

Bob Rivers, chair and CEO of Boston-based Eastern Bank, was appointed as the Boston Fed’s member on the Federal Reserve System’s Federal Advisory Council. O’Hanley held that role last year.

Elected as a Class B director was Meghan Hughes, president of Community College of Rhode Island. The other Class B directors are Kimberly Sherman Stamler, president of Related Beal, and Lauren A. Smith, the chief health equity and strategy officer for the CDC Foundation.

The Boston Fed’s new board chair is Corey Thomas, chair and CEO of Rapid7. Thomas replaced Christina Hull Paxson, president of Brown University. Roger W. Crandall, the chairman, president, and chief executive officer of Massachusetts Mutual Life Insurance Co., has been appointed deputy chair, a role previously held by Thomas. They are both Class C directors, along with Lizanne Crandall, Talbot’s executive chair and CEO.

The Federal Reserve Bank of New York’s district includes Fairfield County. The New York Fed said last month that Douglas L. Kennedy, president and CEO of New Jersey-based Peapack-Gladstone Bank, had been reelected as a Class A director representing banks with capital and surplus of $40 million to $2 billion. The other Class A directors are Thomas J. Murphy, president and CEO of New York-based Glens Falls National Bank and Trust Co., and M&T Bank’s CEO, Rene Jones.

The New York Fed appointed Vincent Alvarez, president of the New York City Central Labor Council of the AFL-CIO, as board chair and Rosa M. Gil, founder, president, and CEO of Comunilife, Inc., as deputy chair. Alvarez and Gil are both Class C directors, and they are joined by Pat Wang, president and CEO of New York-based Healthfirst.