For release Dec. 5, 1995
BROWN NAMED CHAIRMAN, SWEAT, DEPUTY CHAIRMANHugh Brown, president and chief executive officer of BAMSI Inc. in Titusville, Fla., and Dan E. Sweat Jr., program director of The America Project in Atlanta, were named chairman and deputy chairman, respectively, of the board of directors of the Federal Reserve Bank of Atlanta. Their terms as chairman and deputy chairman begin Jan. 1, 1996, and run through Dec. 31, 1996.
OF ATLANTA FED; BANK ANNOUNCES THREE NEW DIRECTORS
The Atlanta Fed also announced three new directors: David Jones, president and chief executive officer of Atlanta Gas Light Co.; Larry Kinderman, president and chief executive officer of Stockham Valves & Fittings in Birmingham, Ala.; and Waymon Hickman, president, chief executive officer, and director of First Farmers and Merchants National Bank and president and director of First Farmers and Merchants Corp. in Columbia, Tenn.
Jones will be a Class C director, Kinderman, a Class B director, and Hickman, a Class A director. The chairman and deputy chairman are Class C directors. Jones, Kinderman, and Hickman will serve three-year terms ending Dec. 31, 1998.
Brown is the first African-American to hold the position of chairman of the board of directors of the Federal Reserve Bank of Atlanta. He served as deputy chairman under Engraph Chairman Leo Benatar, whose term ends Dec. 31, 1995.
Brown founded BAMSI, Inc., an engineering and technical services company, in 1978. Prior to that, he was executive vice president and co-founder of New World Services, Inc. Brown served as a senior field engineer for ITT Corp. and, as such, spent six years in Europe working on the installation, operations, and maintenance of the European Tropospheric Scatter Communications System for NATO.
A long-time civic leader, he is chairman of the Board of Supervisors of the Spaceport Florida Authority and serves on the Board of Trustees of the Florida Institute of Technology as well as Clark Atlanta University's National Business Advisory Committee and the Business Advisory Council of the University of Florida. Brown has been an active supporter of youth development and the enhancement of quality education, speaking regularly at the Prince Program at Stetson University and to the University of Florida M.B.A. students.
A graduate of Central State University in Ohio, with a B.S. degree in mathematics and industrial technology, Brown also pursued graduate studies in business at the American Graduate University in California.
Sweat previously coordinated and managed The Atlanta Project (TAP), a community-based self-empowerment program founded by former President Jimmy Carter to improve the quality of life in poor neighborhoods. Prior to joining TAP, Sweat was president of the CF Foundation and, previously, president of Central Atlanta Progress, Inc. Earlier he served as executive director of Atlanta Regional Commission; chief administrative officer, City of Atlanta; associate administrator, Economic Opportunity Atlanta, Inc.; and executive assistant to the chairman of the Dekalb County Commission.
Sweat earned a B.B.A. degree in public administration from Georgia State University. A prominent figure in civic affairs, Sweat has served as president of the Georgia Downtown Development Association, chairman of the Georgia State University Alumni Association, and president of the Metropolitan Atlanta Community Foundation.
Jones was elected president and CEO of Atlanta Gas Light Co. in February 1988. Prior to that, he was president and chief operating officer. Since joining the company in 1960 as a junior engineer, he has held a number of other positions, including vice president and division manager in both Macon and Atlanta as well as senior vice president of corporate services.
A registered professional engineer, Jones has been active with numerous civic and professional organizations. He currently serves on the boards of the Georgia Chamber of Commerce, Wesleyan College, Literacy Action, the Woodruff Arts Center, the 4-H Club Foundation, the Atlanta Area Council of the Boy Scouts of America, the Southern Gas Association, and the Gas Research Institute.
Jones received a B.S. degree in industrial management from the Georgia Institute of Technology following an honorable discharge from the U.S. military.
Kinderman has held his present position with Stockham Valves & Fittings since April 1991. The manufacturing company, started in 1903, has warehouses and service centers in Los Angeles, Chicago, Pittsburgh, and Houston, with subsidiaries in Australia, Ireland, and Singapore. Previously, Kinderman served as executive vice president and general manager of Masoneilan, a manufacturer of control valves and a division of Dresser Industries Inc. He held various management positions with Dresser over a 22-year period.
A graduate of Ball State University and a U.S. Navy veteran, Kinderman serves on the boards of directors of the Birmingham Chapter of the American Red Cross and Junior Achievement.
Hickman, in addition to leading First Farmers and Merchant National Bank, has an extensive community service record. His activities include serving as president of the Maury County Chamber of Commerce, the Tennessee Bankers Association, the Middle Tennessee Council of Boy Scouts of America, and the Maury County Mental Health Clinic.
Hickman holds a B.S. degree from the University of Tennessee. He has studied at the Graduate School of Banking of the South at Louisiana State University and at the Kennedy Sinclair Trust School in New York.
Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors. Three Class A directors represent state-chartered banks that are members of the Federal Reserve System. Three Class B directors are elected by these banks but represent commerce, industry, agriculture, labor, and consumers. Three Class C directors represent the same broad array of public interests but are appointed by the Board of Governors in Washington, D.C.
The board of directors of the Federal Reserve Bank of Atlanta oversees the management of the Bank's operations and recommends changes in the discount rate. Board members also contribute to the formulation of U.S. monetary policy through the economic information they provide the Bank's president.
The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida, Georgia, and parts of Louisiana, Mississippi, and Tennessee. As part of the nation's central banking system, the Atlanta Fed takes part in setting national monetary policy, supervises and regulates commercial banks, and provides check processing and other payments services to depository institutions and the U.S. government.