Financial Update (January-March 2001)

Masthead

Cover Story

Fannie Mae and Freddie Mac

2001 Outlook

Economic Review Article

New Birmingham Building

New Consumer Protections

Board Appointments

Financial Literacy Conference

Updated Brochure

DEPARTMENTS

Did You Know?

Data Bank

The Docket

Atlanta Fed Opens New Birmingham Branch Building

Birmingham Branch

To more efficiently fulfill its key responsibility of processing cash, coin and checks, the Birmingham Branch of the Federal Reserve Bank of Atlanta recently opened its new building, which is equipped with advanced payment processing equipment. The Birmingham Branch serves financial institutions in the state of Alabama.

Alan Greenspan, chairman of the Federal Reserve Board of Governors, and Federal Reserve Bank of Atlanta officials dedicated the Atlanta Fed’s new Birmingham Branch building at ceremonies in December. Jack Guynn, president and chief executive officer of the Atlanta Fed, and Andre Anderson, vice president and manager of the Birmingham Branch, joined Greenspan in making remarks at the ceremony.

In his remarks, Greenspan said, “Buildings such as this new Birmingham Branch, employing the most modern technologies, are central to the Federal Reserve System’s continued fulfillment of the basic purposes and functions for which it was founded more than 80 years ago.”

Ribon Cutting Ceremony
Photo by Harris Ponder

The branch’s new building replaces its previous facility, constructed in 1927 and last renovated in the late 1950s.

The new building’s cash services area features high-speed currency processors and automated guided vehicles to transport cash and coin from the currency processing rooms into the vault, which uses an automated storage and retrieval system. On average, the branch processes approximately 1.2 million currency notes per day.

In the new facility’s checks area, high-speed sorters and other automated equipment process checks from financial institutions in Alabama as well as from other institutions and other Federal Reserve offices. On average, the branch processes approximately 1.8 million checks per day.