This excerpt taken from the FLIC DEF 14A filed Mar 13, 2009.
Asset/Liability Committee of the Bank
The Bank has a separately-designated standing Asset/Liability Committee. With the exception of Mr. Vittorio, all the members of the Bank’s Asset/Liability Committee are independent as independence for directors is defined in Nasdaq Rule 4200(a)(15). The members of the Asset/Liability Committee are Paul T. Canarick, Alexander L. Cover, William H. J. Hoefling, John T. Lane, Stephen V. Murphy, Walter C. Teagle III and Michael N. Vittorio. The Committee, which was formed in November 2008, met once in 2008.
The Asset/Liability Committee is responsible for: (1) providing oversight with respect to the Bank’s achievement of its overall objective of maximizing return while minimizing risk regarding assets, liabilities, equity and off-balance sheet activities; (2) overseeing investment risk and approving the investment policy limits and operating guidelines set forth in the Bank’s Investment Policy; (3) overseeing interest rate risk and approving the risk limits and operating guidelines set forth in the Bank’s Interest Rate Risk Policy; and (4) overseeing liquidity risk and approving the risk limits and operating guidelines set forth in the Bank’s Liquidity Policy and Liquidity Contingency Plan.