Financial Update (July-September 1998)


Cover Story

Choice of Capital Instruments

New Look for Financial Update

Check Growth

Bank Consolidation and Lending

Technology in Banking


Year 2000

Did You Know?

Data Bank

The Docket

Atlanta Fed Unveils Design
For New Headquarters

I n June the Federal Reserve Bank of Atlanta unveiled design plans for its new headquarters, which will be constructed at a site previously purchased by the Bank at 1000 Peachtree Street in Atlanta. "We are very pleased with the way our new building's design addresses the complex business needs of a Federal Reserve Bank and reflects the Bank's role as a public policy institution. The new building will make a positive contribution to the work of our Bank and our customers and to the City of Atlanta and the southeastern region," said Jack Guynn, the Bank's president and chief executive officer.

The modern classical building is designed to meet the Bank's unique needs for efficiency and security while providing attractive, publicly accessible spaces both outside and inside the building, including a monetary museum located off the main lobby and areas for viewing the Bank's vault and cash processing area. The Bank's office functions will be housed in a 10-story component, while the cash and check operations, which will feature state-of-the-art robotic cash processing equipment, will be housed in a three-story component situated behind the 10-story section of the building. The building will total approximately 746,000 square feet.

Smallwood, Reynolds, Stewart, Stewart & Associates Inc. of Atlanta, in association with Robert A.M. Stern Architects of New York, is the project's architect. Robert Stern is the project's lead designer. The design for the new Atlanta Fed headquarters builds upon the Sixth Federal Reserve District's own architectural history, while drawing inspiration from the Federal Reserve Board building in Washington, D.C.

The Atlanta Fed's new headquarters (shown above), scheduled for completion in mid-2001, will consolidate the Bank's operations and employees in one building.

The Need for a New Building

In late 1995 the Atlanta Fed announced its plans to construct a new building to replace its current headquarters, which the Bank had outgrown because of its business growth, reflecting the Southeast's economic growth. Currently, the Bank's 1,200 Atlanta employees operate out of three buildings in downtown Atlanta.

The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida and Georgia and sections of Louisiana, Mississippi and Tennessee. As part of the nation's central banking system, the Atlanta Fed participates in setting national monetary policy, supervises and regulates commercial banks, and provides cash and check processing and other payments services to depository institutions and the U.S. government.

The Atlanta Branch's financial services operations, which serve the state of Georgia and Chattanooga, Tenn., have grown dramatically since the early 1960s, when the Atlanta Fed moved to its current headquarters. At that time the Bank processed 300,000 checks per day while today the Bank processes over 3.4 million checks per day (see the table). Currency processing has also grown, from 400,000 notes per day in 1964 to an average of 2.5 million notes per day in 1998.

The Atlanta Fed is one of the busiest banks in the Federal Reserve System, ranking first in the system in check processing volume and in the top third in currency processing volume in 1997. Additionally, the Bank processes electronic payments, which totaled more than 335 million transactions valued at more than $9.2 trillion in 1997.

Next Steps

The Bank plans to begin construction on the new building in early 1999, after the project receives final approval from the Board of Governors of the Federal Reserve System, and plans to occupy the building in the summer of 2001.

Atlanta Fed Financial Services Growth
(millions of items) 1964 1984 1994 1997 1998 (Q1)
Daily Check
Processing Volume
0.3 1.7 2.6 3.1 3.4
Daily Currency
Processing Volume
0.4 1.2 2.1 2.2 2.5