Financial Update (First Quarter 2010)
Atlanta Fed and Branches Announce New Directors
Richard H. Anderson, chief executive officer of Delta Air Lines Inc., was appointed to a three-year term on the Atlanta Fed's board of directors. Rudy E. Schupp, president and chief executive officer of 1st United Bank, Boca Raton, Fla., was reelected and Clarence Otis Jr., chairman and chief executive officer of Darden Restaurants Inc., Orlando, Fla., was elected to three-year terms on the Atlanta Fed's board of directors. T. Anthony Humphries, president and chief executive officer of NobleBank & Trust, N.A., Anniston, Ala., was elected to fill an unexpired term ending Dec. 31, 2010, and serve an additional three-year term on the Atlanta Fed's board of directors. Humphries' three-year term begins Jan. 1, 2011, and runs through Dec. 31, 2013. Anderson's, Schupp's, and Otis's terms begin Jan. 1, 2010, and run through Dec. 31, 2012.
Anderson has served in his current position since 2007. Prior to joining Delta Air Lines Inc., he served as executive vice president and president of commercial markets group at UnitedHealth Group from 2004 to 2007. Anderson worked at Northwest Airlines from 1990 until 2004, serving in positions of increasing responsibility from vice president and deputy general counsel to chief executive officer. Anderson serves as a director for Cargill Inc., Medtronic Inc., the Metro Atlanta Chamber of Commerce, and the United Way of Metropolitan Atlanta.
Schupp currently serves as president, chief executive officer, and director of 1st United Bank in Boca Raton, Fla. Previously, Schupp was chairman, president, and chief executive officer of Republic Security Bank in West Palm Beach, Fla. Following Wachovia's acquisition of Republic Security, Schupp served as chairman of Florida Banking at Wachovia Bank until December 2001. He is lead director of the FPL Group. He is past president of the Florida Bankers Association, a former director of the Miami Branch of the Federal Reserve Bank of Atlanta, past chairman of the Business Development Board of Palm Beach County, and a former director of the Economic Council of Palm Beach County.
Otis became chief executive officer of Darden Restaurants Inc., headquartered in Orlando, Fla., in 2004 and has served as chairman of the board of directors since 2005. He joined Darden in 1995 as vice president and treasurer and became chief financial officer several years later. Before joining Darden, he served as managing director and manager of public finance for Chemical Securities Inc. (now JP Morgan Securities Inc.). He has also worked for Siebert Municipal Capital Group, the First Boston Corp., and Kidder, Peabody & Co. He serves on the boards of directors of the Metro Orlando Economic Development Commission, VF Corporation, Verizon Communications Inc., and the Central Florida YMCA.
Humphries has served in his current position since September 2005. He served in Governor Bob Riley's cabinet as the superintendent of the Alabama Banking Department from 2003 to 2005. He began his career with SouthTrust Bank, serving in positions of increasing responsibility from trainee to senior lending officer. He joined AmSouth Bank and served as vice president/senior vice president/commercial banking sales manager for 14 years. He then returned to SouthTrust as the market chief executive officer. He is on the board of directors of the First National Bankers Bank–Alabama, the Northeast Alabama Regional Medical Center, the Anniston Museum of Natural History Foundation, and the Knox Concert Series.
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. Anderson is a Class C director, Schupp and Humphries are Class A directors, and Otis is a Class B director.
Role of directors
The following members were elected, reelected, appointed, or reappointed to the boards of directors of the Federal Reserve Bank of Atlanta and its branches:
January 27, 2010