Atlanta Fed Names Chairman, Deputy Chairman and New Board Members

For immediate release Dec. 11, 1997

David R. Jones, president and chief executive officer of AGL Resources Inc., has been appointed chairman of the board of directors of the Federal Reserve Bank of Atlanta. John Wieland, president of John Wieland Homes, has been named deputy chairman. Their terms as chairman and deputy chairman begin Jan. 1, 1998, and run through Dec. 31, 1998. Paula Lovell, president of Lovell Communications Inc., and Suzanne Boas, president of the Consumer Credit Counseling Service of Greater Atlanta Inc., were recently elected to three-year terms. D. Paul Jones Jr., chairman and chief executive officer of Compass Bancshares Inc., and María Camila Leiva, executive vice president of the Miami Free Zone Corp., were re-elected to three-year terms.

David Jones is president and CEO of AGL Resources Inc., the holding company for Atlanta Gas Light Company. He previously served as president and CEO of Atlanta Gas Light Company from February 1988 to March 1996. He joined the company in 1960. Jones serves on the boards of the Georgia Chamber of Commerce, the Atlanta Chamber of Commerce, Wesleyan College, the Georgia 4-H Foundation, the Woodruff Arts Center, the Ivan Allen College of the Georgia Institute of Technology, the Rotary Club of Atlanta, the Institute of Gas Technology, the Southern Gas Association and the Gas Research Institute as well as the board of trustees of Literacy Action.

Wieland founded John Wieland Homes in 1970. The company now has more than 800 employees in offices throughout the Southeast. In 1994 Wieland was named National Builder of the Year by Professional Builders magazine, and his company received the National Housing Quality Award in 1995. He is a member of the Carter Center board of councilors and the Emory University Center for Ethics in Public Policy and the Professions. Wieland has served as chairman of Atlanta's High Museum of Art and vice chairman of the Woodruff Arts Center.

Boas became president of Consumer Credit Counseling Service of Greater Atlanta Inc. after a 16-year career in retail as the vice president of credit and consumer affairs for Macy's South in Atlanta. She is active in many organizations, including the National Foundation for Consumer Credit, the Georgia Consortium for Personal Financial Literacy and Atlanta Interfaith AIDS Network.

Lovell founded Lovell Communications Inc. in 1988 after working in the communications field as a publicist, a feature writer for the Nashville Banner and a television producer and writer. She has served as a member of the board of directors of the Nashville Branch of the Federal Reserve Bank of Atlanta and also works with the board of governors of the Nashville Area Chamber of Commerce, the International Women's Forum, the Nashville Rotary Club and the Nashville Ballet.

Leiva joined the Miami Free Zone Corp. in 1977. Previously she was dean of the School of Simultaneous Interpretation and Translation at the Universidad del Rosario in Bogotá, Colombia. She is a leader with the City Club of Miami, the Florida Partnership of the Americas, Enterprise Florida Inc., the World Trade Center Club of Miami, the Greater Miami Chamber of Commerce and the Baptist Hospital Foundation.

Paul Jones joined Compass Bancshares Inc. in 1978. Prior to 1978, he was a partner in the law firm of Balch & Bingham. He is active in many organizations, including the Alabama Business Trust Fund, the Business Council of Alabama, the Bankers Roundtable, the Rotary Club of Birmingham and the president's council of the Alabama Institute for Deaf and Blind. He has also served as president of the Alabama Bankers Association and on the Government Relations Council of the American Bankers Association.

Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors. Three Class A directors represent 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. David Jones, Wieland and Lovell are Class C directors. Boas and Leiva are Class B directors. Paul Jones is a Class A 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.