Midland’s Jeffrey Ludwig reappointed to Federal Advisory Council; board changes announced
Jeffrey G. Ludwig
The board of directors of the Federal Reserve Bank of St. Louis has reappointed Jeffrey G. Ludwig, president, CEO and vice chairman of Midland States Bancorp, Inc. and CEO of Midland States Bank in Effingham, Ill., to serve on the Federal Advisory Council for a one-year term that ends Dec. 31, 2026.
Established by the Federal Reserve Act, the Federal Advisory Council consists of one representative from each of the 12 Federal Reserve districts.
The members of the council confer at least four times per year with the Federal Reserve Board of Governors in Washington, D.C., on economic and banking developments, and make recommendations on Federal Reserve System activities.
The Federal Reserve Bank of St. Louis further announced the following changes to its board of directors, effective January 2026:
- Lal Karsanbhai, president and CEO of Emerson Electric Co. in St. Louis, has been designated board chair for 2026 by the Federal Reserve Board of Governors.
- Gregory A. Heckman, CEO of Bunge in St. Louis, has been designated deputy chair for 2026 by the Board of Governors.
- Nina Leigh Krueger, CEO and president of Nestlé Purina PetCare Co. in St. Louis, has been appointed by the Board of Governors to a three-year term.
- William B. Dunavant III, chairman and CEO of Dunavant Enterprises Inc. in Memphis, Tenn., has been elected for a three-year term.
Also serving on the board are:
- Misty Borrowman, president and CEO of Constitution Bank, National Association in Hillsboro, Ill.;
- Mardie R. Herndon Jr., current board member and former president and CEO of Paducah Bank in Paducah, Ky.; and
- Michael Ugwueke, president and CEO of Methodist Le Bonheur Healthcare in Memphis, Tenn.
The St. Louis Fed board of directors is composed of three classes of directors (A, B and C) with three members in each class:
- Class A: Elected by member financial institutions in the St. Louis Fed’s Eighth District to represent the member financial institutions.
- Class B: Elected by member financial institutions in the St. Louis Fed’s Eighth District to represent the public with consideration to the interests of agriculture, commerce, industry, services, labor and consumers.
- Class C: Appointed by the Board of Governors to represent the public with consideration to the interests of agriculture, commerce, industry, services, labor and consumers.
Learn more about the St. Louis Fed’s board of directors.
The St. Louis Fed is a corporation chartered under the Federal Reserve Act and is governed by a board of directors, whose nine members provide oversight of Bank management. Members of the board of directors of the St. Louis Fed and the boards of its three branches in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn., are familiar with the economic and credit conditions of their respective regions. Their observations—along with the economic data and information gathered and analyzed by St. Louis Fed staff—help ensure that conditions of Main Street America are represented in Federal Open Market Committee deliberations in Washington, D.C. View more information about its governance.
Headquartered in St. Louis, with branches in Little Rock, Louisville and Memphis, the Federal Reserve Bank of St. Louis serves the states that comprise the Federal Reserve’s Eighth District, which includes all of Arkansas, eastern Missouri, southern Indiana, southern Illinois, western Kentucky, western Tennessee and northern Mississippi.
The St. Louis Fed is one of 12 regional Reserve banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation’s central bank, the Federal Reserve System formulates U.S. monetary policy, regulates state-chartered member banks and bank holding companies, provides payment services to financial institutions and the U.S. government, and promotes financial literacy, economic education, and community development.
