Kansas City Fed Announces Director Election Result and Appointment

FOR IMMEDIATE RELEASE
March 24, 2026

The Federal Reserve Bank of Kansas City announces the following director election result to fill a vacant seat on its Kansas City Board of Directors. Clark Lauritzen, chairman and president, First National Bank of Omaha, Omaha, Neb., was elected by Group 1 banks as a Class A director to serve the unexpired portion of a vacant three-year term ending December 31, 2026. Lauritzen has served on the Omaha Branch board of directors since 2023. Members of the Federal Reserve Bank of Kansas City’s head office board of directors represent the Tenth Federal Reserve District which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico and western Missouri.

To succeed Mr. Lauritzen on the Omaha Branch board, Chanda Chacón, president and chief executive officer, Children’s Nebraska, Omaha, Neb., was appointed by the Federal Reserve Bank of Kansas City’s head office board of directors to immediately fill the unexpired portion of a three-year term ending December 31, 2028.

The Kansas City board consists of three directors who are elected by and represent commercial banks that are members of the Federal Reserve System, three who represent the public and are elected by member banks, and three who represent the public and are appointed by the Federal Reserve Board of Governors in Washington. The authority of a Reserve Bank’s board of directors is established by the Federal Reserve Act, which provides that the work of each Reserve Bank “shall be conducted under the supervision and control of a board of directors” and that directors “shall perform the duties usually appertaining to the office of directors of banking associations and all such duties as are prescribed by law.” Directors meet throughout the year to confer on developments in their industries and the economy and to oversee the Bank’s operations and policies. The directors also are responsible for establishing the Bank’s discount rate, subject to review and determination by the Federal Reserve Board of Governors.

Each branch office board comprises seven directors, four of whom are appointed by the Kansas City Board of Directors. The remaining three are appointed by the Board of Governors of the Federal Reserve System. Branch directors meet to confer on economic and financial developments and business conditions.

More information on the role and structure of the Bank’s board of directors is available on the Kansas City Fed’s website.

###