Schupp Elected and Fontenot Reelected to the Atlanta Fed's Board of Directors

For immediate release: Jan. 10, 2007

Rudy Schupp, president and chief executive officer of 1st United Bank in Boca Raton, Fla., was elected to a three-year term on the Atlanta Fed's board of directors. Teri Fontenot, president and chief executive officer of Woman's Hospital in Baton Rouge, La., has been reelected to the Federal Reserve Bank of Atlanta's board of directors. Schupp and Fontenot's terms began Jan. 1, 2007, and run through Dec. 31, 2009.

Schupp currently serves as president, chief executive officer and director of 1st United Bank. 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.

Schupp is a director of Florida Power and Light 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.

Schupp is a summa cum laude graduate of the University at Albany, State University of New York, and earned an MBA from Syracuse University.

After serving as chief financial officer in hospitals in Louisiana and Florida, Fontenot joined Woman's Hospital in 1992 as senior vice president, chief financial officer and treasurer. She was promoted to executive vice president and chief operating officer in 1994 and to her current position in 1996.

Fontenot is a trustee on the board of the American Hospital Association, serves on its executive committee and chairs the operations committee. She serves as vice chair of the Louisiana Hospital Association Professional and General Liability Trust Fund. Fontenot is on the Capital One Mutual Funds board and the Louisiana State University System Research and Technology Foundation and Executive Committee. She is a member of the board of the Baton Rouge Rotary Club. She is past chair of the Greater Baton Rouge Chamber of Commerce and the Louisiana Hospital Association.

Fontenot received an accounting degree from the University of Mississippi and an MBA from Northeast Louisiana University. She is a certified public accountant and a Fellow of the American College of Healthcare Executives.

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. Schupp is a Class A director. Fontenot is a Class B director.

The 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. Board members also contribute to the formulation of U.S. monetary policy through the economic information they provide the bank's president.

Contact: Jean Tate 404-498-8035