WASHINGTON — Federal Reserve Board Gov. Elizabeth Duke said Thursday that she was resigning from the central bank on Aug. 31.

Duke, 60, a former community banker, had been nominated by former President George Bush, and remained in her post even though her term had expired on Jan. 31, 2012. She submitted a letter of resignation to President Obama, and has announced no future plans.

"Betsy has made invaluable contributions to the Federal Reserve and to the country during her five years at the board," Fed Chairman Ben Bernanke said in a statement. "She brought fresh ideas grounded in her deep knowledge of the banking industry and the real-world dynamic between borrowers and lenders."

Duke served as chairman on both the Fed's Committee on Consumer and Community Affairs and the Subcommittee on Supervision and Regulation of Community and Small Regional Banking Organizations.

Before joining the Fed, she was senior executive vice president and chief operating officer of TowneBank, a Virginia-based community bank. She also previously worked as executive vice president at Wachovia Bank and SouthTrust Bank.

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