Martin and Davis Reappointed Chairman and Deputy Chairman of the Federal Reserve Bank of Atlanta

For immediate release: Dec. 20, 2007

Larkin Martin, managing partner of Martin Farm and vice president of The Albemarle Corp., has been reappointed chairman of the Federal Reserve Bank of Atlanta's board of directors. Scott Davis, chief financial officer and vice chairman of United Parcel Service (UPS), has been reappointed deputy chairman. Their one-year terms begin Jan. 1, 2008.

Both of Martin's family businesses are located in northern Alabama and have interests in agriculture and timberland, row crop farming and cotton ginning. Before taking on these responsibilities in 1990, Martin was an associate as a commercial real estate appraiser with GA/Partners–Arthur Andersen & Co. in Washington, D.C., and a confidential assistant in the Office of the Secretary at the U.S. Department of the Treasury.

Martin is a former member of the board of directors of the Birmingham Branch of the Federal Reserve Bank of Atlanta. She serves on the board of directors of NYSE–traded Rayonier and the Business Council of Alabama and is a member of the Presidents Advisory Council of the University of Alabama in Birmingham. She is a director and officer of Servico Inc. and Cottonseed LLC and serves as a director and officer of the Cotton Board. She is a past chairman of the Cotton Foundation and a delegate to the National Cotton Council. Martin received a bachelor of arts degree from Vanderbilt University.

Davis will assume new duties as chairman and chief executive officer of UPS on Jan. 1, 2008. In his current position, he is a member of the UPS management committee and acts as a liaison to the finance, investor and analyst communities. He is responsible for all activities related to accounting, auditing, finance, financial planning, taxes and treasury. Davis joined UPS in 1986 when the company acquired the Oregon technology company II Morrow, where he served as chief financial officer and then chief executive officer. From 1998 to 2000, he served as chief executive officer of Overseas Partners Ltd., a Bermuda reinsurance company, and then rejoined UPS as vice president of finance. Davis joined the UPS management committee and assumed his current position in 2001.

Davis serves as chairman of the Executive Committee of the Georgia Council on Economic Education and is a member of the boards of directors of UPS and Honeywell International Inc. Davis received a bachelor of science degree in finance from Portland State University. He also completed an advanced management program at the University of Pennsylvania's Wharton School and is a Certified Public Accountant.

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. Martin and Davis are Class C directors.

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.