The FEDERAL RESERVE BANK OF CLEVELAND was established in 1914 as part of the Federal Reserve System, the central bank of the United States. It is one of twelve regional reserve banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve works to maintain the stability of the American financial system through the supervision and regulation of banking institutions, by influencing monetary and credit conditions in the national economy, and by providing financial services such as the distribution of coin and paper money to banks, credit unions, savings banks, and savings and loan institutions. The Federal Reserve Bank of Cleveland serves the Fourth Federal Reserve District, which comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. The Cleveland Federal Reserve Bank has branch offices in Cincinnati and Pittsburgh.
In 1914, a well-organized campaign by a group of Cleveland businessmen, financiers, and politicians was instrumental in the decision to locate the Fourth District headquarters in Cleveland. The bank, headed by Elvadore R. Fancher, opened on November 16, 1914 in the WILLIAMSON BUILDING with twenty-three employees. Federal Reserve branches were established in Pittsburgh and Cincinnati in 1918, and in August 1923, the bank's Cleveland headquarters moved into the $8 million Federal Reserve Bank Building, designed by the architectural firm of WALKER AND WEEKS, at the corner of Superior Avenue and East 6th Street.
During the Depression, Fancher took a leading role in trying to bring relief to area banks. In the postwar period, the Federal Reserve coordinated its monetary and fiscal policies with the national government's effort to fight inflation--policies the district presidents helped formulate. During the 1980s, the increased number of bank mergers was monitored carefully by the Federal Reserve and its twelve districts, since its approval was needed to complete them.
In 2006, under the guidance of President and Chief Executive Officer Sandra Pianalto, the Cleveland district serves as the primary regulator of forty state member banks while responsible for some 254 additional commercial banks.
Federal Reserve Bank of Cleveland Annual Reports, WRHS.