Duane Kurokawa, president and director, Western Bank of Wolf Point, Wolf Point, Mont., has been appointed to the board of directors of the Helena Branch of the Federal Reserve Bank of Minneapolis, effective Jan. 1.
Kurokawa has been with the bank since 1979. He became a director in 1987 and was named president in 2008. Kurokawa has been active in a number of business and civic organizations in the community, including the Chamber of Commerce and Agriculture, Montana Microbusiness Program, Missouri Valley Development Corp., Great Northern Development Corp., and the Montana Bankers Association. He also served as an alderman for the city of Wolf Point.
Branch directors help oversee the operations of the Helena office and contribute their perspectives on regional economic conditions. This information helps prepare the Minneapolis Fed president for participation in Federal Open Market Committee meetings, where decisions are made about monetary policy.
As one of the 12 Federal Reserve Banks, the Federal Reserve Bank of Minneapolis contributes to a variety of Federal Reserve System functions, including operation of a nationwide payments system, distribution of the nation’s currency and coin, supervision and regulation of member banks and bank holding companies, and serving as a fiscal agent for the U.S. Treasury. Additionally, the president of the Minneapolis Fed serves as a member of the Federal Open Market Committee, the monetary policymaking arm of the Federal Reserve’s Board of Governors. Together with its branch in Helena, Mont., the Minneapolis Fed serves the Ninth Federal Reserve District, which includes Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.