HONESDALE, PA — The Federal Reserve Bank of Philadelphia appointed James Donnelly to a three-year term on the Community Depository Institutions Advisory Council.

Donnelly has served as president and CEO of Wayne Bank and Norwood Financial Corp, headquartered in Honesdale, PA, since May 2022. He also serves on the board of directors for both institutions, and on the Leadership, Officers Loan, Asset Quality, ALCO, and 401(k) Committees.

Donnelly previously worked at Bangor Savings Bank, Machias Savings Bank, and KeyBank, where he started his banking career in 1991.

The 12-member advisory council includes representatives from commercial banks, thrift institutions, and credit unions. It convenes twice a year with officials from the Federal Reserve Bank of Philadelphia to share insights about economic and business trends facing community banks in their local markets. After each local meeting, a representative from the Philadelphia council joins counterparts from other Federal Reserve banks at a meeting hosted by the board of governors of the Federal Reserve System in Washington, D.C.

The Federal Reserve Bank of Philadelphia eastern and central Pennsylvania, southern New Jersey, and Delaware. It is one of the 12 regional reserve banks that, together with the board of governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy; supervises state member banks, bank holding companies, and savings and loan holding companies; and provides financial services to depository institutions and the federal government.