Financial Update (First Quarter 2008)

Atlanta Fed and Branches Announce New Directors

Carol B. Tomé, executive vice president, corporate services, and chief financial officer of The Home Depot in Atlanta, was appointed to a three-year term on the Atlanta Fed's board of directors. James H. McKillop III, president and chief executive officer of the Independent Bankers' Bank of Florida in Lake Mary, Fla., was elected to serve a three-year term on the Atlanta Fed's board of directors. In addition, Egbert L.J. Perry, chairman and chief executive officer of The Integral Group LLC in Atlanta, and Lee M. Thomas, chairman, president and chief executive officer of Rayonier in Jacksonville, Fla., were reelected to the Bank's board. Tomé, Thomas and McKillop's terms begin Jan. 1, 2008, and run through Dec. 31, 2010. Perry will serve one additional year of an unexpired term ending Dec. 31, 2008.

New Directors
Gerard Host
Jim McKillop
Richard Moore
Carol Tomé
Anthony Topazi
Gerard R. Host Jim H. McKillop III C. Richard Moore Jr. Carol B. Tomé Anthony J. Topazi

Tomé joined The Home Depot in 1995. She has served as chief financial officer since May 2001 and was named executive vice president of corporate services in 2007. Before joining The Home Depot, she was vice president and treasurer of Riverwood International Corp. Tomé began her career as a commercial lender with United Bank of Denver.

McKillop joined Independent Bankers' Bank in March 1987 as executive vice president and senior investment officer and became president in 1999. From 1975 to 1987, he was vice president and sales manager of the bank investment division of Sun Bank N.A. and Sun Banks Inc. in Orlando, Fla.

Related
Information about directors

Perry is chairman and chief executive officer of The Integral Group LLC, which he founded in 1992 following a distinguished career with developers based in Washington, D.C., and Atlanta.

Thomas was elected president and chief executive officer of Rayonier in March 2007 and assumed the chairmanship in July 2007. He retired as president and chief operating officer of Georgia-Pacific Corp. in late 2005, following a 12-year career there. He also served as chairman and chief executive officer of Law Companies Environmental Group Inc., administrator of the U.S. Environmental Protection Agency, executive deputy director of the Federal Emergency Management Agency and director of the Division of Public Safety Programs in South Carolina.

The Atlanta Fed also announced that Larkin Martin, managing partner of Martin Farm and vice president of The Albemarle Corp., has been appointed chairman of the Federal Reserve Bank of Atlanta's board of directors, and Scott Davis, chairman and chief executive officer of United Parcel Service, has been appointed its deputy chairman. Their one-year terms began Jan. 1, 2008.

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. 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.

The following members were elected, appointed, or reappointed to the boards of directors of the Federal Reserve Bank of Atlanta and its branches:

Branch
Director Name
Company/Title
Elected/Appointed by
Atlanta Carol B. Tomé Executive Vice President and Chief Financial Officer, corporate services, The Home Depot FR Board of Governors
James H. McKillop III President and Chief Executive Officer of the Independent Bankers Bank of Florida Elected by member banks
Egbert L.J. Perry* Chairman and Chief Executive Officer of The Integral Group LLC in Atlanta Elected by member banks
Lee M. Thomas* Chairman, President, and Chief Executive Officer of Rayonier in Jacksonville, Fla. Elected by member banks
Birmingham Maryam "Mimi" B. Head* Owner, President, and majority stockholder of Ram Tool and Supply Co. Inc. FR Board of Governors
C. Richard Moore Jr. Chairman, President, and Chief Executive Officer of Peoples Southern Bank in Clanton, Ala. Atlanta head office directors
Jacksonville Jack B. Healan Jr.* President of Amelia Island Plantation Co. Atlanta head office directors
H. Britt Landrum Jr.* President and Chief Executive Officer of Landrum Human Resource Companies Inc. FR Board of Governors
Miami Dennis S. Hudson III* Chairman and Chief Executive Officer of Seacoast Banking Corp. of Florida Atlanta head office directors
Gay Rebel Thompson* President, Chief Executive Officer, Director, and part owner of Cement Industries Inc. FR Board of Governors
Nashville Debra K. London* President and Chief Executive Officer of St. Mary's Health System–Tennessee Region and Mercy Health Partners–Kentucky Region FR Board of Governors
Paul G. Willson* Chairman and Chief Executive Officer of Citizens National Bank Atlanta head office directors
New Orleans Gerard R. Host Director of Trustmark National Bank and President of General Banking Group, Trustmark National Bank Atlanta head office directors
Christel C. Slaughter Partner, SSA Consultants LLC FR Board of Governors
Anthony J. Topazi President and Chief Executive Officer of Mississippi Power 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.