Nov 27 - Monarch Financial Holdings Inc. (Nasdaq:MNRK) (Nasdaq:MNRKP), the parent company of Monarch Bank and Monarch Mortgage, has announced that Brad E. Schwartz, CEO of Monarch Bank and Monarch Financial Holdings Inc., has been elected to serve on the board of directors of the Federal Reserve Bank of Richmond. He will serve a three-year term beginning in January 2013. He was elected as a class A director representing bankers from the Fifth Federal Reserve District which comprises Maryland, the District of Columbia, Virginia, North Carolina, South Carolina and most of West Virginia.
The Federal Reserve Bank of Richmond has a nine-member board of directors. Three class A and three class B directors are elected to three-year terms by the member banks, and three class C directors are appointed to three-year terms by the Board of Governors of the Federal Reserve System. Class A directors represent the member banks in each Federal Reserve District. Class B and class C directors represent the public and are chosen with due consideration to the interests of agriculture, commerce, industry, services, labor and consumers.
Monarch Financial Holdings Inc. is the holding company for Monarch Bank. Monarch Bank is a community bank with 11 banking offices in Chesapeake, Norfolk, Suffolk, Virginia Beach and Williamsburg, Va. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, N.C. Monarch Mortgage and our affiliated mortgage companies have 30 offices with locations in Virginia, North Carolina, Maryland and South Carolina.