Contact: Thomas L. Lavelle, Vice President and Public Information Officer, 617-973-3647 or
Joel Werkema, Assistant Vice President, 617-973-3510

Kenneth C. Montgomery has been appointed the Chief Operating Officer of the Federal Reserve Bank of Boston, and its First Vice President, effective January 1, 2011. The Bank's President, Eric Rosengren, made the announcement today.

Mr. Montgomery will succeed Paul M. Connolly, who in April announced his plan to retire at the end of the year, after 36 years of exemplary service to the Bank and 16 years as First Vice President and Chief Operating Officer.

Montgomery is currently Executive Vice President and System Chief Technology Officer at the Federal Reserve System's information technology organization, known as FRIT, based in Richmond, Virginia.

Rosengren said, "The broad-based knowledge, leadership, and positive energy that Ken has exhibited throughout his career in the Federal Reserve System, as well as his experience and insights into a wide array of operations and business areas, make him an excellent choice to fill this important position on the Bank's senior management team - especially as we embrace the many challenges ahead."

In his new position, Mr. Montgomery will have far-reaching responsibilities in the Bank and also in the Federal Reserve System. Mr. Montgomery will lead the Bank's financial services areas and many of its internal support functions, such as information technology, financial management, and facilities operations. Additionally, he will have responsibilities for areas the Boston Reserve Bank leads on behalf of the Federal Reserve System, including roles in accounting and financial management and in a number of services to the U.S. Treasury.

Mr. Montgomery began his Federal Reserve career at the Federal Reserve Bank of New York in 1983, where he held a variety of positions with increasing responsibility and was an officer in the Bank's automation group. He has been with FRIT and its predecessor organization at the Federal Reserve Bank of Richmond since 1994. He earned his undergraduate degree at Seton Hall University and an M.B.A. from Farleigh Dickinson University.

The Federal Reserve Bank of Boston is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, supervises certain banks, financial institutions and all bank holding companies, and provides payment services to depository institutions and the U.S. government.