The Federal Reserve Bank of Richmond expanded the official territory served by its Baltimore branch last week, adding the District of Columbia and several Northern Virginia counties to its jurisdiction.
As a result, people from Arlington, Fairfax, Loudoun and Prince William counties as well as the District will be eligible for appointment to the board of directors of that branch.
Although the area was officially under the jurisdiction of the bank's Richmond office, many service relationships were already in place between the area and the Baltimore branch, said Walter A. Varvel, a spokesman for the Federal Reserve Bank of Richmond.
The most important service the Federal Reserve banks provide in their territories is check clearing. In addition, they provide coins, currency and safekeeping to member banks.
According to Varvel, the decision to revise the jurisdiction boundaries was made because many good candidates live in the area but were ineligible to serve on the Baltimore board, which is made up of bankers and members of the community.
In choosing board members, who serve three-year terms, the bank tries to pick people from diverse industry groups and geographic areas.
In a similar revision, the Richmond bank expanded the territory of its Charlotte, N.C., branch to include eastern parts of that state.