Financial Update (First Quarter 2006)


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Atlanta Fed and Branches Announce New Directors

L. Phillip Humann, chairman and chief executive officer of SunTrust Banks Inc., was elected to the Federal Reserve Bank of Atlanta’s board of directors, and V. Larkin Martin, managing partner of Martin Farm, was reappointed, both to three-year terms. Their terms run from Jan. 1, 2006, to Dec. 31, 2008.

Related
Sixth Federal Reserve District directors
Federal Reserve Structure & Functions

Humann became president of SunTrust in 1991 and was elected chairman and chief executive officer in 1998. He also sits on the boards of directors of Coca-Cola Enterprises Inc., Equifax Inc., and Haverty Furniture Cos. Inc.

New Directors
L. Phillip Humann Alan Rowe
L. Phillip Humann
Alan Rowe

 

David M. Ratcliffe, chairman, president, and chief executive officer of Southern Co. and the Atlanta Fed’s current chairman, was reappointed for one more year as chairman, and Martin was reappointed deputy chair.

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.

Thomas Shea Rich Ford J. Herbert Boydstun
Thomas Shea
Rich Ford
J. Herbert Boydstun
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. Humann is a class A director, and Martin is a class C director.

Branch appointments
The following members were appointed or reappointed to the boards of directors of the Federal Reserve Bank of Atlanta branches:

Branch Appointee Title/Affiliation Appointed By
Birmingham Branch
James H. Sanford* Chairman of the board, HOME Place Farms Inc. FR Board of Governors
John H. Holcomb III* Chairman and CEO, Alabama National Bancorporation Atlanta head office directors
Jacksonville Branch
Fassil Gabremariam* President and founder, U.S.-Africa Free Enterprise Education Foundation FR Board of Governors
Alan Rowe President and CEO, 1st Commercial Bank of Florida Atlanta head office directors
Miami Branch
Edwin A. Jones Jr.* President, Angus Investments Inc. FR Board of Governors
Francis V. Gudorf* President/executive director, Jubilee Community Development Corp. Atlanta head office directors
Thomas H. Shea Managing principal and regional CEO, Right Management Consultants Atlanta head office directors
Nashville Branch
Rich Ford President and CEO, The Sage Group FR Board of Governors
Michael B. Swain* Chairman, First National Bank (Oneida, Tenn.) Atlanta head office directors
New Orleans Branch
Earl L. Shipp* Global business vice president, Oxides and Glycols, The Dow Chemical Co. FR Board of Governors
J. Herbert Boydstun President, Banking Segment, Capital One Financial Corp. Atlanta head office directors

*Reappointed

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, the rate at which banks borrow from the Fed. 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.

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