Atlanta Fed Announces Plans to Sell Nashville Branch Building
For immediate release: March 23, 2011
ATLANTA—The Federal Reserve Bank of Atlanta today announced plans to sell its Nashville Branch building. The Atlanta Fed explored several options for the building given the reduced staff and functions operating in Nashville as a result of the previously announced transition to a cash depot arrangement, which will be completed in late July 2011.
The Bank plans on contracting with a firm to sell the building, located at 301 Rosa L. Parks Ave. At this point, no decision has been made on a firm to represent the Bank. The Bank also plans on leasing space for remaining Branch staff, but at this point no decisions have been made on when the transition will occur or where the remaining staff will be located.
In June 2010, the Atlanta Fed announced that the Nashville Branch would switch from branch-based cash services to a cash depot arrangement. Under this arrangement, the Bank's Atlanta office will process and provide cash to financial institutions in the Nashville zone through a third-party cash depot. This process is ongoing and should be completed by July 31, 2011.
The Atlanta Fed will maintain its Nashville Branch presence, which will include work related to the Bank's Regional Economic Information Network, community and economic development, and economic and financial education. Also, the Branch's board of directors will continue to provide important insight into Tennessee's economy to help formulate national monetary policy.
The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida, Georgia and parts of Louisiana, Mississippi and Tennessee. As part of the nation's central banking system, the Atlanta Fed participates in setting national monetary policy, supervises numerous commercial banks and provides a variety of financial services to depository institutions and the U.S. government.