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EMBARGOED UNTIL END OF PRESS CONFERENCE

ATLANTA FED NAMES NEW PRESIDENT

ATLANTA, November 27, 1995 -- The Board of Directors of the Federal Reserve Bank of Atlanta have named Jack Guynn as president and chief executive officer of the Atlanta Fed, effective January 1, 1996. Guynn, currently first vice president and chief operating officer of the Atlanta Fed, will succeed Robert P. Forrestal, who announced his retirement in May. The appointment was approved by the Federal Reserve Board of Governors in Washington D.C.

"Jack Guynn brings to his new position as chief executive officer of the Bank enormous knowledge of the Federal Reserve System operations and the financial system," said Leo Benatar, chairman of the Atlanta Fed's board of directors, in announcing the appointment. "His strong leadership and intellect will prove to be a great asset to the Federal Reserve Bank of Atlanta and the Federal Reserve System."

Outgoing President Robert Forrestal, who was present at the announcement, said "I have had the pleasure of working closely with Jack for many years and know from experience that he will bring keen analytical insights, breadth of vision, and strength of character to bear on the many changes and challenges that lie ahead in the financial system and the economy."

Guynn, 52, currently oversees the operations of the Atlanta headquarters and its five branches located in Birmingham, Jacksonville, Miami, Nashville, and New Orleans. He also serves as chairman of the Bank's Management Committee. In 1994, Guynn was selected to serve as chairman of the Federal Reserve System's new Financial Services Management Committee, which is responsible for developing and implementing an integrated business plan for Reserve Bank financial services as well as coordinating System-level activities that support the plan.

Prior to being named to his current position as first vice president in 1984, Guynn served as senior vice president, with responsibility for several of the Bank's major functional areas, including supervision and regulation, discount and credit, human resources, and legal. Previously, he served as manager of the Bank's New Orleans branch and helped open up the Miami office in the early 1970s.

Over the years he has worked with a number of industry groups, including the American Bankers Association, the Association of Reserve City Bankers, and the Independent Bankers of America. He has also been active in such community organizations as Girls Scouts, Boy Scouts, and United Way as well as advisory boards of Georgia Tech, Virginia Tech, and Furman University.

At the press conference Guynn said, "We are facing many changes and challenges in the financial system and the economy, and I look forward to leading an institution that is certain to play a major role in dealing with these."

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.

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