(CLEVELAND) — A top official of the Federal Reserve Bank of Philadelphia has been appointed president and CEO of the Cleveland Fed.

Loretta Mester currently serves as executive vice president and director of research of the Philadelphia Fed.

She will succeed the retiring Sandra Pianalto as president and CEO of the Federal Reserve Bank of Cleveland on June 1. Mester's appointment was announced Thursday.

The 55-year-old Mester went to work for the Philadelphia Fed as an economist in 1985.

There are 12 regional Fed banks in the Federal Reserve System. Cleveland's Fourth District covers Ohio, western Pennsylvania, eastern Kentucky and the northern panhandle of West Virginia.

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