Independent Bank’s Michael M. Magee, Jr. selected for second term on the Federal Reserve Bank of Chicago's Detroit Branch board of directors
September 10, 2008
Michael M. Magee, Jr., president and CEO of Independent Bank, has been reappointed to the Federal Reserve Bank of Chicago, Detroit Branch Board of Directors. Magee, who was first appointed to the board in 2005, was reappointed to serve a second three-year term which will run through 2010.
Along with the Board of Governors in Washington, D.C., the Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that make up the nation’s central bank. The Chicago Reserve Bank serves the seventh Federal Reserve District, which includes northern Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan and Iowa.
The Federal Reserve Bank of Chicago, Detroit Branch Board of Directors is made up of four directors appointed by the Chicago Federal Reserve board and three individuals from outside the banking industry appointed by the Federal Reserve Board of Governors.
Director responsibilities range from the supervision of the Bank to making recommendations on monetary policy. As a director, Magee will bring a regional perspective, an independent assessment of the business outlook and provide advice on regional credit conditions.
