Atlanta Fed President Jack Guynn to Retire October 1, 2006

For Immediate Release: June 22, 2006

ATLANTA—Jack Guynn, president and chief executive officer of the Federal Reserve Bank of Atlanta, today announced that he plans to retire from the Reserve Bank effective Oct. 1, 2006. After 42 years of service at the Atlanta Fed, Guynn, who turns 64 later this year, plans to focus more of his energy on the community and civic work in which he has been involved, as well as other interests. Retirement will also allow him more time in the near term to devote to recovery and rehabilitation from arthritis-related surgeries he has had.

“It has been a privilege to spend my entire career working with the Federal Reserve Bank of Atlanta, including the last 10 years as the Bank’s president,” Guynn said. “The Atlanta Fed is an outstanding organization, and its employees are truly dedicated to helping ensure the health and stability of the nation’s economy and financial system. I am proud of the work that we have accomplished together, and I feel the Bank is well positioned for the future.”

David M. Ratcliffe, chairman, president, and chief executive officer of Southern Co. and chairman of the Atlanta Fed’s board of directors, said, “Over his career, Jack has provided strong leadership both to the Atlanta Fed and within the Fed System, as well as in the communities where he has lived and been an active volunteer. Early on, Jack helped to lead the Federal Reserve in making its payments operations more efficient by leveraging technology and pursuing nationwide strategies for payments processing. Since becoming president, Jack has promoted better understanding of monetary policy’s role in the economy through his extensive interactions with business and community leaders, who provide him with valuable information and insights on what is happening in the economy and in the financial system.”

Ratcliffe will form a search committee for the Atlanta Fed’s Board of Directors that will conduct a nationwide search for candidates to replace Guynn as president of the Atlanta Reserve Bank. There is no set timetable for naming a new president. Should one not be appointed by Oct. 1, 2006, Patrick K. Barron, the Bank’s first vice president, will assume the duties of the president on an interim basis until a permanent president is appointed, in accordance with Section 4 of the Federal Reserve Act.

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 banking organizations, and provides a variety of payments services to depository institutions and the U.S. government.

Contact: Jean Tate 404-498-8035