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For immediate release: Jan. 6, 2009

Estes Appointed, Banks and Shea Reappointed to the Federal Reserve Bank of Atlanta's Miami Branch Board of Directors

W. Cody Estes Sr., president and owner of Estes Citrus Inc., has been appointed to the board of directors of the Federal Reserve Bank of Atlanta's Miami Branch. Walter Banks, president and chief executive officer of Lago Mar Resort and Club, and Thomas H. Shea, chief executive officer, Florida/Caribbean Region of Right Management, have been reappointed to the board of directors of the Federal Reserve Bank of Atlanta's Miami Branch. Their terms began Jan. 1, 2009, and run through Dec. 31, 2011.

Estes has been president and owner of Estes Citrus Inc. since 1974. Estes has been president and partner of Quality Fruit Packers of Indian River Inc., a fresh citrus packing house since 1984, and president and partner of Estes Groves Inc. since 1986.

Estes is a member of the board of directors of Ocean Spray Cranberries Inc., Florida Orange Marketers and the Indian River Citrus League. He is a member of the advisory board of SunTrust Bank, South Florida, and vice chairman of the Florida Citrus Commission. He received a bachelor's degree in business administration from Colorado State University in 1974.

Banks has served as president of Lago Mar Resort and Club since 1965. A developer of both residential and commercial real estate for the past 30 years, he has been a registered real estate broker since the mid-1960s.

Banks currently serves on the advisory board of Northern Trust Bank and is a board member of Florida Hospitality Mutual Insurance Company, Florida Tourism Commission, Visit Florida (past chairman) and Pine Crest School. He is a member of the Executive Association of Fort Lauderdale and Broward Workshop (past chairman). Banks is past chairman of Broward Community College Foundation, Broward Economic Development Council, and Holy Cross Hospital. He has an undergraduate degree from the University of Miami in Miami, Fla., and did graduate work at the Hotel School of Cornell University.

Shea founded Florida's first outplacement firm in 1979, which became one of the original units of Right Management. Right is now in 53 countries and is a subsidiary of Manpower Inc.

The Sun-Sentinel presented Shea the Excalibur Award as Business Leader of the Year, and he received the Diamond Executive Award from the South Florida Business Journal along with the Corporate Citizen Award from United Way. He is vice chairman of the Florida State University Center for Human Resource Management and a board member of the Huizenga School of Business at Nova Southeastern University and Andreas School of Business at Barry University. Other directorships include the St. Thomas Aquinas High School, Broward Workshop and the Society for Human Resource Management. He served as the past chair of the Diocese of Miami Archbishop's Annual Charity and Development Drive. Shea received his undergraduate degree from the University of Dayton in Ohio and his master's degree from Louisiana State University.

Federal Reserve Bank of Atlanta branch directors provide economic information from the branch territory to the district Bank's president and head office directors, who use the information in formulating monetary policy and making discount rate recommendations. Estes was appointed to the board of directors of the Federal Reserve Bank of Atlanta's Miami Branch by the Federal Reserve Board of Governors in Washington, D.C. Banks and Shea were appointed by the Atlanta head office directors. The Board of Governors appoints three of the directors of the Miami Branch, and the Atlanta head office directors appoint four.

 

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