Financial Update (January-March 1999)

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Cover Story

Default-Risky Securities

ACH Survey

New ACH Trends

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Board of Directors Announcements

DEPARTMENTS

Did You Know?

Data Bank

The Docket

Atlanta Fed Names New Chairman,
Deputy Chairman and Board Members

J ohn Wieland, chairman and chief executive officer of John Wieland Homes and Neighborhoods, was recently appointed chairman of the board of directors of the Federal Reserve Bank of Atlanta. Paula Lovell, president of Lovell Communications Inc., was named deputy chairman. Suzanne E. Boas, president of Consumer Credit Counseling Service Inc., and Waymon L. Hickman, chairman, chief executive officer and director of First Farmers & Merchants National Bank of Columbia, Tenn., were re-elected to serve three-year terms as members of the Atlanta Fed board. John Dane III, chairman, president and chief executive officer of Halter Marine Group Inc., was elected to fill an unexpired term.

Wieland's and Lovell's terms as chairman and deputy chairman began Jan. 1, 1999, and run through Dec. 31, 1999. Boas' and Hickman's terms began Jan. 1, 1999, and run through Dec. 31, 2001. Dane's term runs through Dec. 31, 2000.


John Wieland was recently named chairman of the Federal Reserve Bank of Atlanta, while Paula Lovell was named deputy chairman.

Board Members Represent Diverse Experience

Wieland founded John Wieland Homes and Neighborhoods, based in Atlanta, in 1970. The company now has more than 800 employees in offices throughout the Southeast. In 1994 Wieland was named National Builder of the Year by Professional Builders magazine, and his company received the National Housing Quality Award in 1995. Wieland was appointed to the board of the Federal Reserve Bank of Atlanta in 1997 and served as deputy chairman in 1998. Wieland is chairman of the Emory University Center for Ethics in Public Policy and the Professions. Additionally, he has served as chairman of Atlanta's High Museum of Art and vice chairman of the Woodruff Arts Center.

Lovell founded Lovell Communications Inc. of Nashville, Tenn., 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 was named to the board of the Federal Reserve Bank of Atlanta in 1998. Previously, she served as a member of the board of directors of the Nashville Branch of the Atlanta Fed for several years; she chaired that board in 1994 and 1996.

Lovell also serves on the board and the executive committee of the Nashville Area Chamber of Commerce and chairs the communications council. She is a member of the International Women's Forum, the Nashville Rotary Club and the executive committee of the board of Middle Tennessee Boy Scouts Council. She is a former board member of the Nashville Ballet. In 1997, Lovell was named Woman Business Owner of the Year in Nashville.

Boas was re-elected to serve a full three-year term on the Atlanta Fed's board after serving the final year of an unexpired term that ended in 1998. She was named president of Consumer Credit Counseling Service Inc., which is based in Atlanta, after a 16-year career in retail as the vice president of credit and consumer affairs for Macy's South in Atlanta. She is active in many organizations, including the National Foundation for Consumer Credit, the Georgia Consortium for Personal Financial Literacy and Leadership Atlanta. She also serves on the board of directors for Personal Debt Solutions Inc.

Hickman was re-elected to a three-year term on the Atlanta Fed's board after completing a previous three-year term that ended in 1998. He serves as chairman, chief executive officer and director of First Farmers & Merchants National Bank. He is also a member of the American Bankers Association board of directors and serves on the organization's budget committee. Additionally, he chairs the board of the Columbia State Foundation and serves on the board of trustees of Martin Methodist College, the public affairs committee of the University of Tennessee and the board of trustees and executive board of the Middle Tennessee Boy Scouts Council.

Dane fills the unexpired term of María Camila Leiva, executive vice president of Miami Free Zone Corp., who became a Class C director on the Atlanta Fed's board. He began his career in 1974 with Halter Marine Group Inc., which is based in Gulfport, Miss. Halter Marine provides design, construction, repair and conversion services for vessels, mobile offshore rigs and engineered products serving the offshore industry. Dane is a member of the Navy League, the Society of Naval Architects and the advisory council of the American Bureau of Shipping. Dane serves as a board member of the U.S. Coast Guard Foundation, Tulane University's President's Council and the Olympic Sailing Association of New Orleans. He also is an adviser to Tulane's School of Engineering and a registered civil engineer.

Federal Reserve Bank Boards

Each of the nation's 12 Federal 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 public interests but are appointed by the Board of Governors in Washington, D.C. Wieland, Lovell and Leiva are Class C directors, Boas and Dane are Class B directors, and Hickman is a Class A director.

Other members of the Atlanta Fed's board of directors are Juanita Baranco, a Class B director and executive vice president of the Baranco Automotive Group in Atlanta; D. Paul Jones, a Class A director and chairman and chief executive officer of Compass Bancshares Inc., headquartered in Birmingham, Ala.; and Howard McMillan, a Class A director and chairman of the Jackson Advisory Board of Deposit Guaranty National Bank in Jackson, Miss.

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