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Contact: Alyssa Augustine
Media Representative
(612) 204-5175
alyssa.augustine@mpls.frb.org

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Minneapolis Fed Announces New Advisory Council Appointees

Minneapolis, February 9, 2016 The Federal Reserve Bank of Minneapolis announced the 2016 appointees to the Bank’s four advisory councils, as well as three new advisory council chairs, effective immediately.

Community Depository Institutions Advisory Council (CDIAC)

2016 Appointees:

  • James Espeland
    President and CEO—First National Bank, Henning, MN
  • Shari Laven
    President—Viking Savings Bank, Alexandria, MN
  • Brian Sherrick
    President and CEO—Ideal Credit Union, Woodbury, MN
  • Fran Sommerfeld
    President and CEO—Sioux Falls Federal Credit Union, Sioux Falls, SD
  • Tim Ulrich
    President and COO—Citizens Bank & Trust Co., Hutchinson, MN

Members of CDIAC provide information, advice and recommendations from the perspective of community depository institutions. Members are representatives of depository institutions (thrifts, credit unions and banks) in the Ninth District with total assets of less than $10 billion. The chair of the Minneapolis Council represents the Ninth District at meetings of the Board of Governors’ Community Depository Institution Advisory Council in Washington, D.C. Members are appointed by the Minneapolis Fed president.

Great Lakes Advisory Council

2016 Chair:

  • Todd Mandel
    Community Development Director—Couleecap, La Crosse, WI

2016 Appointees:

  • Diana Anderson
    President and CEO—Southwest Initiative Foundation, Hutchinson, MN
  • Mark Massicotte
    Owner—L’Anse Manufacturing, L’Anse, MI
  • Abbey Pieper
    Vice President—Madden’s on Gull Lake, Brainerd, MN

Council members advise the bank’s senior officers and economists on regional economic conditions in greater Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. New members are appointed by the Minneapolis Fed president.

Great Plains Advisory Council

2016 Chair:

  • Glen Crawford
    Owner/Operator—M.S. & F. Inc., Aberdeen, SD

2016 Appointees:

  • Bob Hoffert
    CFO—Black Gold Farms, Grand Forks, ND
  • Tim Rogers
    Environmental Manager—Black Hills Corporation, Rapid City, SD
  • Rachael Sherard
    Senior Vice President, Rural Health Services, Avera—Sioux Falls, SD

Council members advise the bank’s senior officers and economists on regional economic conditions in Montana, North Dakota and South Dakota. New members are appointed by the Minneapolis Fed president.

Twin Cities Advisory Council

2016 Chair:

  • Sarah Caruso
    President and CEO—Greater Twin Cities United Way, Minneapolis, MN

2016 Appointees:

  • Liz Asmus
    Executive Vice President—SEIU Healthcare MN, Saint Paul, MN
  • Maureen Steinwall
    President—Steinwall Inc., Coon Rapids, MN

Council members advise the bank’s senior officers and economists on regional economic conditions in the Minneapolis-St. Paul metropolitan area. New members are appointed by the Minneapolis Fed president.


The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.

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