Financial Update (First Quarter 2005)


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Atlanta Fed and Branches Announce New Directors

Lee M. Thomas, president and chief operating officer of Georgia-Pacific Corp., was elected to the Federal Reserve Bank of Atlanta’s board of directors. James F. Beall, chairman, president, and chief executive officer of Farmers & Merchants Bank, and Egbert L. J. Perry, chairman and chief executive officer of The Integral Group LLC, were re-elected to three-year terms. Their terms run from Jan. 1, 2005, to Dec. 31, 2007.

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. 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 Federal Reserve Board of Governors in Washington, D.C. Beall is a Class A director, and Thomas and Perry are Class B directors.

Branch appointments
The following appointments and reappointments were made to the boards of directors of the various Federal Reserve Bank of Atlanta branches:

Branch Appointee Title/Affiliation Appointed By
Birmingham Branch
Maryam “Mimi” B. Head President, Ram Tool and Supply Co. Inc. FR Board of Governors
John B. Barnett III* Monroeville Chairman and President, BankTrust Atlanta head office directors
Jacksonville Branch
Jack B. Healan Jr. President, Amelia Island Plantation Co. Atlanta head office directors
H. Britt Landrum Jr. President and CEO, AmStaff Human Resources Inc. and Landrum Staffing Services FR Board of Governors
Miami Branch
Dennis S. Hudson III Chairman and CEO, First National Bank and Trust Co. of the Treasure Coast; president and CEO, Seacoast Banking Corp. of Florida Atlanta head office directors
Gay Rebel Thompson President, CEO, director, and part owner, Cement Industries Inc. FR Board of Governors
Nashville Branch
Debra K. London President and CEO, St. Mary’s Health System FR Board of Governors
Daniel A. Gaudette Senior vice president, North American Manufacturing and Quality Assurance, Nissan North America Inc. Atlanta head office directors
Ed C. Loughry Jr. Chairman and CEO, Cavalry Banking Atlanta head office directors
New Orleans Branch
Dave Dennis* President and CEO, Specialty Contractors & Associates Inc. FR Board of Governors
David E. Johnson* Chairman and CEO, The First Bancshares Inc. and The First, a National Banking Association Atlanta head office directors


Role of directors
The head office board of directors of the Federal Reserve Bank of Atlanta oversees the management of the bank’s operations and recommends changes in the discount rate. Both the head office and branch board members also contribute to the formulation of U.S. monetary policy through the economic information they provide the bank’s president.
Sixth Federal Reserve District Directors
Federal Reserve Structure & Functions