Financial Update (First Quarter 2009)

Atlanta Fed and Branches Announce New Directors

Thomas I. Barkin, director of McKinsey & Co., was appointed to a three-year term on the Atlanta Fed's board of directors. Renée Lewis Glover, president and chief executive officer of the Atlanta Housing Authority, was elected to serve a three-year term on the board. Barkin and Glover's terms began Jan. 1, 2009, and run through Dec. 31, 2011.

New Directors
Thomas I. Barkin
W. Cody Estes, Sr.
Renée Lewis Glover
Dan W. Hogan
Thomas I. Barkin W. Cody Estes Sr. Renée Lewis Glover Dan W. Hogan
Macke B. Mauldin
Thomas R. Stanton
José S. Suquet
Lynda L. Weatherman
Macke B. Mauldin Thomas R. Stanton José S. Suquet Lynda L. Weatherman

Barkin is responsible for providing management consulting in marketing and sales, operations, and business strategies to a broad range of clients at McKinsey. He is a director of the Metro Atlanta Chamber of Commerce, serves on the board of councilors for the Carter Center, and serves as treasurer of the Commerce Club. Barkin earned his juris doctorate and MBA from Harvard University.

Glover joined the Atlanta Housing Authority (AHA) as chief executive officer in 1994. Before joining the AHA, she was a corporate finance attorney in Atlanta and New York City. Glover reorganized AHA, the sixth-largest housing authority in the United States, into a diversified real estate company, with a public policy and service-oriented mission. As a result, Glover has been nationally recognized. Glover is a member of the international board of directors of Habitat for Humanity. Glover earned her juris doctorate at Boston University, her master's degree at Yale University, and her bachelor's degree at Fisk University.

Related
Information about directors

The Atlanta Fed also announced that Scott Davis, chairman and chief executive officer of United Parcel Service, has been appointed chairman of the Atlanta Fed's board of directors, and Carol Tomé, chief financial officer and executive vice president of corporate services of The Home Depot, has been appointed deputy chairman. Their one-year terms began Jan. 1, 2009.

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 Board of Governors in Washington, D.C. Glover is a Class B director. Barkin is a Class C Director.

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 Thomas I. Barkin Director, McKinsey & Co. FR Board of Governors
Renée Lewis Glover President and Chief Executive Officer, Atlanta Housing Authority Elected by member banks
Birmingham Thomas R. Stanton Chairman and Chief Executive Officer, ADTRAN Inc. FR Board of Governors
Macke B. Mauldin President, Bank Independent Atlanta head office directors
Jacksonville Lynda L. Weatherman President and Chief Executive Officer, Economic Development Commission of Florida’s Space Coast FR Board of Governors
Alan Rowe* President and Chief Executive Officer, First Commercial Bank of Florida Atlanta head office directors
Miami W. Cody Estes Sr. President and Owner, Estes Citrus Inc. FR Board of Governors
Walter Banks* President, Lago Mar Resort and Club Atlanta head office directors
Thomas H. Shea* Chief Executive Officer, Florida/Caribbean Region, Right Management Atlanta head office directors
Nashville Rich Ford* President, Hylant Group of Nashville FR Board of Governors
Dan W. Hogan Tennessee Regional President and Chief Executive Officer, Fifth Third Bank Atlanta head office directors
New Orleans José S. Suquet Chairman, President, and Chief Executive Officer, Pan-American Life Insurance Group FR Board of Governors
R. King Milling* Member, Board of Directors, Whitney Holding Corp. and Whitney National Bank 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.

January 29, 2009