Elizabeth Duke

Elizabeth A. Duke joined the Board of Governors of the Federal Reserve System on August 5, 2008, to fill an unexpired term ending January 31, 2012. She continued to serve on the Board of Governors until August 31, 2013.

Born in Portsmouth, Va., Duke grew up in the South. She received her bachelor’s degree from the University of North Carolina at Chapel Hill and her master’s degree in business administration from Old Dominion University. Duke also received an honorary doctor of humane letters degree from Old Dominion University.

Duke was on the board of directors of the Federal Reserve Bank of Richmond from 1998 to 2000. She was also the president of the Virginia Bankers Association from 1999 to 2000 and chair of the American Bankers Association from 2004 to 2005.

Before her appointment to the Board of Governors, Duke was senior executive vice president and chief operating officer of TowneBank, a Virginia-based community bank. Before that, she was an executive vice president at Wachovia Bank and an executive vice president at SouthTrust Bank. Earlier in her career, Duke was president and chief executive officer of Bank of Tidewater, based in Virginia Beach.

Aside from her work in the banking industry, Duke held many civic positions. She served on the boards of directors of the Virginia Council on Economic Education, the Hampton Roads Partnership, the Old Dominion University Foundation, and the Economics Club of Hampton Roads. She also served on the Virginia Legislative Subcommittee to Study Capital Access and Business Financing as well as on the board of commissioners of the Norfolk Airport Authority.