Jeffrey Schmid was named president and CEO of the Federal Reserve Bank of Kansas City.
Schmid, president and CEO of the Southwestern Graduate School of Banking Foundation at Southern Methodist University’s Dallas-based Cox School of Business, was hired after Esther George retired from the top role in late January after reaching the Fed’s mandatory retirement age of 65.
Schmid’s hiring was approved by the Kansas City Fed’s non-banker directors and came after a search committee conducted a nationwide search. The Federal Reserve Board of Governors then gave final approval. He is expected to serve out the remainder of George’s five-year term as president, which ends on Feb. 28, 2026, before being considered for reappointment. Schmid will rotate with other regional Reserve Bank presidents as a voting member of the Federal Open Market Committee.
“I am honored to be selected to serve the Tenth District in this role and for the opportunity to lead the Kansas City Fed’s talented workforce as it carries out its important public mission,” he said. “It is a privilege to represent this region and to be able to build upon the long tradition of service that the Bank is well known for.”
Schmid, who started his career in 1981 as a field examiner in the FDIC’s Kansas City, Mo., office, has more than 40 years of banking and regulatory experience. He served as president of Omaha-based American National Bank from 1989-2007, and played a major role in establishing Mutual of Omaha Bank, which he chaired and was CEO of from 2007-19. After the bank was sold to New York City-based CIT Group in 2019, Schmid was named CEO of Dallas-owned Susser Bank. He joined the Southwestern Graduate School of Banking Foundation at SMU in 2021.
Schmid’s hiring is effective Aug. 21. He has a Bachelor of Science degree in business administration from the University of Nebraska-Lincoln and graduated from the Southwestern Graduate School of Banking.
“Jeff’s perspective as a native Nebraskan, his broad experience in banking, and his deep roots in our region will be an incredible asset to the Federal Reserve, both as a leader of the organization and in his role as a monetary policymaker,” said Maria Griego-Raby, a New Mexico-based business executive who led the search committee.