The chief executive of Monarch Financial Holdings (MNRK) in Chesapeake, Va., has been elected to the Federal Reserve Bank of Richmond's board.

The $1.1 billion-asset parent company of Monarch Bank said Monday that Brad Schwartz has been elected for a three-year term starting in January. Schwartz will serve as one of six directors of the Richmond Fed who are chosen by its stockholder banks. Three other directors on the nine-member board are appointed to three-year terms by the Federal Reserve Board.

The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia.

Wilbur E. Johnson, managing partner of the law firm of Young Clement Rivers in Charleston, S.C., was reelected to a three-year term, the Richmond Fed said in a news release this month.

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