Financial Update (January-March 1998)

Atlanta Fed Announces New Chair,
Vice Chair and Board Members

A s of Jan. 1, 1998, the Federal Reserve Bank of Atlanta has a new chairman and vice chairman of the board of directors. David R. Jones, chairman of AGL Resources Inc., was appointed chairman, and John Wieland, president of John Wieland Homes, was named deputy chairman. Their terms in these positions run through Dec. 31, 1998.

Additionally, Paula Lovell, president of Lovell Communications Inc., was named to a three-year term. Suzanne Boas, president of the Consumer Credit Counseling Service of Greater Atlanta Inc., was elected to fill an unexpired term and will serve through Dec. 31, 1998. D. Paul Jones Jr., chairman and chief executive officer of Compass Bancshares Inc., and María Camila Leiva, executive vice president of the Miami Free Zone Corp., were re-elected to three-year terms.

Chairman and Vice Chairman

David Jones is chairman of AGL Resources Inc., the holding company for Atlanta Gas Light Company. He previously served as president and CEO of Atlanta Gas Light Company from February 1988 to March 1996. He joined the company in 1960.

David R. Jones,

John Wieland,
deputy chairman

Paula Lovell

Suzanne E. Boas

D. Paul Jones

María Camila Leiva

Wieland founded John Wieland Homes in 1970. In 1994 Wieland was named National Builder of the Year by Professional Builder magazine, and his company received the National Housing Quality Award in 1995.

New Board Members

Lovell founded Lovell Communications Inc. in 1988 after working in the communications field as a publicist, a feature writer for The Nashville Banner, and a television producer and writer. She has served as a board member of the Atlanta Fed's Nashville Branch.

Boas became president of the Consumer Credit Counseling Service of Greater Atlanta Inc. after a 16-year career as vice president of credit and consumer affairs for Macy's South. She is active in many organizations, including the National Foundation for Consumer Credit and the Georgia Consortium for Personal Financial Literacy.

Board Members Re-elected

Paul Jones joined Compass Bancshares Inc. in 1978. Prior to that time, he was a partner in the law firm of Balch & Bingham. He is active in many organizations, including the Alabama Business Trust Fund, the Business Council of Alabama and the Bankers Roundtable.

Leiva joined the Miami Free Zone Corp. in 1977. Previously she was dean of the School of Simultaneous Interpretation and Translation at the Universidad del Rosario in Bogotá, Colombia.

Federal Reserve Directors

Each of the nation's 12 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 interests but are appointed by the Board of Governors. David Jones, Wieland and Lovell are Class C directors. Boas and Leiva are Class B directors. Paul Jones is a Class A director.

The board of directors of the Atlanta Fed oversees the management of the Bank's operations, recommends changes in the discount rate and contributes to the formulation of monetary policy through the economic information it provides the Bank's president.

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