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For immediate release Jan. 27, 1999

BOAS, HICKMAN AND DANE ELECTED TO FEDERAL RESERVE BANK'S BOARD OF DIRECTORS

Suzanne E. Boas, president of Consumer Credit Counseling Service Inc., and Waymon L. Hickman, chairman, chief executive officer and director of First Farmers & Merchants National Bank of Columbia, Tenn., were recently re-elected to serve three-year terms on the board of directors of the Federal Reserve Bank of Atlanta. Their terms run through Dec. 31, 2001. John Dane III, chairman, president and chief executive officer of Halter Marine Group Inc., was elected to fill an unexpired term on the Atlanta board. His term runs through Dec. 31, 2000.

Boas was re-elected to serve a full three-year term on the Atlanta Fed's board after serving the final year of an unexpired term that ended in 1998. She was named president of Consumer Credit Counseling Service Inc. after a 16-year career in retail as the vice president of credit and consumer affairs for Macy's South in Atlanta. She is active in many organizations, including the National Foundation for Consumer Credit, the Georgia Consortium for Personal Financial Literacy and Leadership Atlanta. She also serves on the board of directors for Personal Debt Solutions and Kanuga Conferences.

Hickman was re-elected to a three-year term on the Atlanta Fed's board after completing a previous three-year term that ended in 1998. He serves as chairman, chief executive officer and director of First Farmers & Merchants National Bank. He is also a member of the American Bankers Association board of directors and serves on the organization's budget committee. Additionally, he chairs the board of the Columbia State Foundation and serves on the board of trustees of Martin Methodist College, the public affairs committee of the University of Tennessee, and the board of trustees and executive board of the Middle Tennessee Council of the Boy Scouts.

Dane fills the unexpired term of María Camila Leiva, executive vice president of Miami Free Zone Corp., who became a Class C director on the Atlanta Fed's board. Dane began his career in 1974 with Halter Marine Group Inc., which is based in Gulfport, Miss. Halter Marine is a provider of design, construction, repair and conversion services for vessels, mobile offshore rigs and engineered products serving the offshore industry. He is a member of the Navy League, the Society of Naval Architects, and the advisory council of the American Bureau of Shipping. Dane serves as a board member of the U.S. Coast Guard Foundation, the Tulane University President's Council and the Olympic Sailing Association of New Orleans. He also is an adviser to Tulane's School of Engineering and a registered civil engineer.

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. Boas and Dane are Class B directors, and Hickman is a Class A director.

The board of directors of the Federal Reserve Bank of Atlanta oversees 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 to the Bank's president.

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