First Citizens BancShares in Raleigh, N.C., said that its president was elected as a class A director of the Federal Reserve Bank in Richmond, Va.

Ed Willingham's three-year term begins Jan. 1, the $21 billion-asset company said Thursday. He joined the company in 1987, initially working in corporate business development. Willingham later became the top executive in charge of the 22-county central North Carolina region for almost two decades.

Willingham has served as the company's president since February 2009 and is also a member of the board for the North Carolina Bankers Association.

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