TowneBank COO Elizabeth “Betsy” Duke has been confirmed by the U.S. Senate as a governor of the Federal Reserve Board, for a term ending in 2012. She will be the only governor with a commercial-banking background and the first woman to serve on the board since March 2007. Duke will resign as COO of TowneBank when she takes up her appointment. That date is not yet set. The rise of Duke is fitting; she was among the first women in 2003 to be named to U.S. Banker’s 25 Most Powerful Women in Banking ranking. 

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