Financial Update (First Quarter 2002)


Cover Story

Bank Securitization

Subordinated Debt

Board Appointments

Small Banks

Atlanta Fed Board

Guynn’s Speech

2002 Outlook


Did You Know?

Data Bank

The Docket

New and Returning Members Welcomed to Atlanta Fed Board

The Federal Reserve Bank of Atlanta recently greeted three new members of its board of directors. David M. Ratcliffe, president and chief executive officer of Georgia Power Co. and executive vice president of Southern Co.; Egbert L.J. Perry, founder, chairman and chief executive officer of The Integral Group LLC; and James F. Beall, chairman of the board and president of Farmers & Merchants Bank of Centre, Ala., began their terms on the Atlanta Fed’s board on Jan. 1.

In other board news, Suzanne E. Boas, president of Consumer Credit Counseling Service Inc., was re-elected to a second consecutive term, which also began on Jan. 1. All the terms run through Dec. 31, 2004.

New members
Before Ratcliffe’s appointment as president of Georgia Power in June 1999, he was executive vice president, treasurer and chief financial officer for the company. From 1995 to 1998, Ratcliffe served as senior vice president of external affairs of Southern Co. Previously, he was president and chief executive officer of Mississippi Power Co. Ratcliffe is a member of the board of directors of the Mississippi Chemical Corp., the Atlanta Chamber of Commerce, the Georgia Chamber of Commerce and the Georgia Research Alliance. He is also chairman of the board of the Georgia Partnership for Excellence in Education.

Perry founded The Integral Group LLC in 1992. The company is involved in major urban mixed-use and mixed-income projects in Atlanta and other cities in Georgia as well as Baltimore, Washington, D.C., Richmond, Memphis, Birmingham and Denver. Perry was previously president of H.J. Russell & Co. He is on the board of trustees of the Atlanta International School, the University of Pennsylvania, Children’s Healthcare of Atlanta, the National Housing Center, the Herndon Foundation and the advisory council for The Trust for Public Land.

Beall has served as chairman of the board and president of Farmers & Merchants Bank of Centre, Ala., since 1993. He was vice chairman of the board of National Bank of Commerce of Birmingham, Ala., from 1985 to 1993 and president of MetroBank of Birmingham from 1974 to 1985. Beall is a member of the American Bankers Association’s Investment Advisory Committee and Government Relations Council. He is also involved with the Alabama Bankers Association and previously served as treasurer and board member of the American Bankers Association.

David M. Ratcliffe
David M. Ratcliffe
Egbert L.J. Perry
Egbert L.J. Perry
James F. Beall
James F. Beall
Suzanne E. Boas
Suzanne E. Boas

Boas re-elected
Boas, a returning member, served as vice president of credit and consumer affairs for Macy’s South in Atlanta before joining Consumer Credit Counseling Service Inc. She has also held positions at Aetna Life and Casualty Co. and Bankers Trust Co. Boas is a member of the board of directors of Chris Homes and a member of the advisory board of the Coles College of Business at Kennesaw State University. Boas also serves on the Creditor Relations Committee and Bankruptcy Task Force of the National Foundation for Credit Counseling.

Federal Reserve directors
Each of the nation’s 12 Federal Reserve Banks has a nine-member board of directors. Three class A directors represent national and state-chartered banks that are members of the Federal Reserve System and are elected by member banks. 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. Beall is a class A director, Boas and Perry are class B directors, and Ratcliffe is a class C director.

The board of directors of the Federal Reserve Bank of Atlanta oversees the management of the bank’s operations. Board members also contribute to the formulation of U.S. monetary policy through the economic information they provide the bank’s president and by recommending changes in the discount rate.