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RESEARCH LIBRARY

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Table o
f
Contents
The once agrarian southeastern
economy has grown into a diverse
machine powered by industries both
old and new. Today, the region’s
workers may be employed in fields
as dive= as financial services tourism, farming or aerospace That diversity is suggested by our cover,
which portrays visitors enjoying an
amusement parRs parachute ride a
millworker dry-finishing upholstery
fabric, and employees in a stateoftheart wood products facility prcr
ducing structural panels Acnxss the
Southeast, new high-tech manufacturing firms are using sophisticated
techniques to produce advanced
materials and systems for commercial and military customers Traditional employers, such as textile
and apparel manufacturers, also
are adapting technology to make
their products more competitive in
world markets In this year‘s annual
report, we will look at the evolution
of our region’s economy from p i c
neering days to today’s era of the
Space Shuttle We will also look at
how the Federal Reserve Bank of
Atlanta-one of 12 regional banks
within the Federal Reserve Systemis attempting to serve the financial
institutions other businesses and
consumers in the Sixth Federal R e
serve District as they cope with a
changing environment

For additional copies, write to:
Information Center
Federal Reserve Bank of Atlanta
P. 0 Box 17 3 1
.
Atlanta, Georgia 3 0 3 0 1 -1 7 3 1

(404) 2 1 -8788
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From the Boardroom

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....... . 3

Industry in the Southeast:
Yesterday, Today
and Tomorrow.. ............ .6
After 1983 Recovery
District Faces 1984
With Optimism. ............ 10
The Atlanta Fed
in the New Environment

... 12

Directors and Officers ..... . 2 0
Branches. .................. 2 2
Financial Statements.. ... . 2 4

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--*Boardroom
Federal Reserve’s 1 regional banks
2
first vice president’s position vacated
In a number of ways 1983 was a
when Mr. Forrestal assumed the presiWe solidified our ranking during the
memorable year for the Federal R e
dency. Billy H Hargett another senior
serve Bank of Atlanta At the end of
year through the persistent efforts of
our dedicated staff.
the year, a new president and a new vice president was named executive
We have been able to ime-cboa;d chairman were ap? ?pointed at the Atlanta Fed
prove our efficiency while
ensuring that new manage
continuing to reduce per1
sonnel a t all six of our ofment was in place as we
fices-in Atlanta Binning
entered 1984. Robert P.
4
ham, Jacksonville, Miami,
Forrestal, a 13-yearveteran
Nashville and New Orleans
with the Bank and most re
cently its first vice president
Our employment, which peakwas named president in D e
ed at 2,850 in 1975, had
cember. John H Weitnauer,
been pared to just over 2,000
Jr, formerly the Bank’sdeputy
employees by year-end-a
5 chairman, was designated
remarkable accomplishment
chairman effectiveJanuaq 1,
at a time when nearly every
1984.
phase of our workload has
William F. Ford who had
been expanding Since 1975,
for instance check-processserved as president since
=*
ing volume has increased
August 1980, resigned in
from 1 6 to 1 9billion items
September to return to San
.
.
T Francisco to become presiannually, and the amount of
dent of First Nationwide Ficash handled has risen by
some 128 percent
nancial Corporation and its
subsidiary, First Nationwide
To alleviate a difficult space
e
-_Savings
problem in Jacksonville we
awarded a contract in Octe
Mr. Weitnauer, chief execu*; tive officer of the Atlantaber for a new building at
based Richway retail chain,
that branch to replace the
became chairman asWilliam
aging facility there We expect
A Fickling Jr., who heads
that the new buildingwill be
Chairman Weitnauer, seated.with President Forrestal and Deputy Chairman Currey.
se-gDismct
7 Charter Medical Corporation
readyto
institutions by the first quarter of
‘aAofMacon, Georgia- ended his four
vice president succeeding Arthur H.
1986.
years in that position Mr. Weitnauer
Kantner, who retired after more than
was succeeded as deputy chairman
31 years service Named as new senior
The Monetary Control Act of 1980
A by Bradley Currey, Jr., president of
vice presidents were H. Terry Smith
transformed our way of life-and that
Rock-Tenn Company of Norcross,
and Charles D. East. Mr. East was
of the financial services industry-by
Georgia
succeeded as b m c h manager in Jackrequiring that Reserve Banks charge
r 4 < We would like to express our thanks
sonville by James Hawkins previously
financial institutions directly forvarto Mr. Ford and to Mr. Fickling for
branch manager in New Orleans; Mr.
ious services once provided without
* their leadership over the past several
Hawkins, in turn, was succeeded as
an explicit charge In response, the
years Both will be remembered here
New Orleans’ senior officer by Henry Atlanta Fed has phased in charges for
as professionals who lent their conBourgaux At theAtlantaoffice,
Wadyn
check processing securities and nonsiderable knowledge and experience
Bassler was promoted to vice president
cash collection, wire transfers net
a +to the Atlanta Fed during a pivotal
of planning and product development
settlements and the automated clear* 9eriod in its history.
We are pleased that during 1983
inghouse
the Atlanta Fed maintained its high
Clearly, the 1980 act encouraged
Early in 1984,
Senior Vice President
standing in performance among the
Jack Guynn was promoted to fill the
both the Federal Reserve and other
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financial institutions to serve the
public even better. For this reason, we
are convinced that our entry into the
free market is proving beneficial to
both the public and the financial
services industry.
Other elements also have fueled
competition in the financial services
marketplace including the entry of
nonfinancial firms into business amis
that once were the exclusive domain
of commercial banks Formal deregulation is also responsible for a measure
of that competition, and aggressive
financial firms have led the way by
pioneering many new services
In the Southeast, increased competition has been inspired further by
the a r v lof several out-of-statethrift
ria
institutions Over the past two years,
the Federal Home Loan Bank Board
has authorized a few strong thrifts
from other states to acquire troubled institutions within the District
Some of those recently-arrived
organizations have expanded their
beachheads by pursuing new ventures that would have been denied
to them in more restrictive earlier
Ye
Our District’s financial institutions
have responded aggressively to this
challenge Most appear to be positioning themselves for the new compe
tition- in some caseseven negotiating
agreements with potential future
mergerpartnem in neghboringstatesto meet the challenge both today and
in a hture era of even greater operating
freedom.
In the broader economy, the new
year finds both the nation and the
region enjoying a vigorous economic



revid Inflation, which surged to a
distressing 13.5 percent in 1980 measured by the consumer price index,
had cooled to the 3-4 percent range
late in 1983.The Federal Reserve has
continued to monitor the situation
carefully for any evidence that runaway prices might be returning. Unemployment, which peaked at 10.8
percent nationwide in December 1982,
had declined below 8 percent by e r y
al
1984 as companies continued to r e
call furloughed workers in response
to reawakening consumer demand
Business also has continued to r e
vive in the Sixth District-which includes all of Alabama Florida and
Georgia.andpartsofLouisiamMissi4
sippi and Tennessee Despite lingering
problems, the Southeast clearly is a
dynamic region well positioned for
the future We will devote further

t

discussion to that region-the in- 4:
dustries that make it tick and its
economicoutlook-later in this report, 6
Generally, the banks within our
District shared in the benefits of the p
national revival. Despite an influx of new nonbankcompetitors most banks have managed to expand their earnings
stead@. Savings and loan associations
also are joining in the recovery, after
suffering through a painful period
that began when interest rates rose
sharply early in the 1980s
Even the failure of several banks =within the District served ultimately
to demonstrate the overall stabilityof ,
the nation’s banking system. In each
case, the troubled bank reopened
promptly under new ownership a n d
through it all, no depositorlost funds
To assure a dialogue on the most * effective methods for monitoring the

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Chart 1. U. S. Consumer Price Index
Percent Change
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-health of financial institutions, the
Bank sponsored a tweday symposium
-on the subject. That symposium
;
brought together securities analysts
*tand representatives of various regu’latory agencies including the Federal
Resenre,the Federal Deposit Insurance
Corporation, the Office of the Comp
5 troller of the Currency and the S e
1
curities and Exchange Commission.
Despite generally favorable economic developments, some clouds
continue to shadow the recovery, in- cluding hlgh interest rates unemployment the federal budget deficit and
the international debt problem.
Yet such clouds cannot darken the
enthusiasm of the Atlanta Fed or the
businesses in our District In 1983,
9+ we provided a forum for the exchange
-<
of ideas and views with hundreds of
those business people at two major
- conferences and a series of smaller
,
t meetings
In March we sponsored a conference
on growth industries, focusing on the
bAelementsthat allow some firms to
prosper even in t@ng economic times
We followed that in Septemberwith a
conference on the future of the U S
2.
payments system. Since 198 1, we have
sponsored other conferences on the
‘ payments system, on the future of the
4financial services industry and on
supply-side economics
- We also continued the Bank’s “dis, tinguished speaket‘ series and other
gatherings that have brought Fed di,rectors and business, academic and
Aovernment leaders together to share
their perspectives In 1983 our Bank
= hosted such speakers as economist
Herbert Stein- former chairman of

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the Resident’s Council of Economic
Advisers; James C Miller IIL Federal
.AlbertM.
”hde Commission chairman
Wojnilower, chief economist of First
Boston Corporation; Jay W. Forrester
of the MassachusettsInstitute of Tech
nolo@ Congressmen Newt Gingrich
and Bl McCollw Anthony Solomon,
il
president of the Federal Reserve Bank
of New York and Peter Sternlight,
executive vice president of the New
York Fed; General Richard E cavazOS
commander of the U S Army Forces
Command; and several guests from
the internationalcommuni@Alejandm
Orfila secreta^^ general of the Organization of American States;J a n Hendrik Lubbers the Dutch ambassador
to the United States Sir Oliver Wnght,
the British ambassador: Horst Burgard, managing director of t h e
DeutscheBanlc andKagechikaMatanQ
consul general of Japan.
Reston Martin, Federal Reserve
Board vice chairman, addressed our
directors during a n October joint
meeting of our boards at the Miami
branch
The Atlanta Fed also has tried to
keep the business communityadvised
of the evolution in the financial industry and other economic trends
through two publications, the expanded monthly Economic Review
and our semimonthly newsletter,
southeasternEkonomiclnsightThe

5

M d s expanded coverage and new
ham i
n
its circulation
appfrom about 18,000 early in 1981 to
the 28,000 range going into 1984.
The newsletter‘s mailing list had
p w n to nearly 6,500 at year-end
We feel that maintaining a close
relationship with our business community is as much our responsibility
as performing such traditional services as processing checks and currency. As we continue moving ahead
under new leadership through 1984,
we hope to maintain this liaison with
the business community, just as we
expect to continue and expand other
initiatives of recent years

The Southeast‘s farmers and manufacturers access international markets through the region’s
many seaports (p 7).




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Industryii
II Yesterday!
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Through the years, many ~,
engines have teamed up b4
to power the southeastern
economy. As the region’s 9
people have evolved, so
have the endeavors that
provided their livelihood
In the earliest years o+-European settlement, the I
men and women of the I
Southeast lived largely
off the land. Their efforts J
to grow crops to sustain
their families spawned
an agricultural economy (f
that supplies consumers
across the nation with
such farm products as
fruits vegetables grains,
sugar, and fibers Their
high-quality tobacco, too, 4
found a ready market And
their farmyard chickens
proved to be the fore
runners of multi-million- l
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dollar poultry and egg industries, their milk cows ’
and pigs the predecessors
of large dairy, beef, and
pork enterprises
The region’s vast pine
woods forests, an impor- +.
tant source of turpentine
soon attracted timbering
fms that would grow into
today’s huge lumber, pulp
and paper industries Its
fields produced cotton to
feed the looms of t h e h e r ican textile and apparel A
industry that emerged
with the dawn of the industrial revolution.
LATextile and apparel companies, born in northern
states soon began a south
wardmigrationTheysought
rivers that could generate
water power to move their *
looms and they soughthard-working men and
women to operate them
Their manufacturingplants

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the Southeast:
I’oday, and Tomorrow
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producing yarn fabric and wearing
*apparel, sometimes spawned entire
towns that grew into cities Many of
those mills continue to provide jobs
for southern workers today.
* Mining proved to be an earlysource
of jobs and revenue from the coal
M i n e s of the Appalachian range to
,-$he phosphates dredged from the
Florida peninsula Grimy men labored
,”to extract such valued resources as
, salt, copper and kaolin. Oil
produced wealth in such states
as Alabama Louisiana and
-Mississippi as America dis* * covered the motor car, and as
its industries and utilities grew
* into insatiable consumers of
# black gold
In addition to textile and
apparel companies and wood
-.p
products firms other manufacturing companies that lo**cated in the Southeast early
included the steel firms that
-’
,clustered around rich veins of
iron ore in Alabama A major
industrial consumer of steel,
the automobileindustq opened
$,southern plants to tap the
source
In fact, transportation in
general has played a contin3 uing role in the economy of the
Southeast The Mississippi and
other major rivers early lifelines
for the region, bred commercial
barge operations that transd ported shipmentsfrom the Midi
south to
r west all the way Orleans.such coastal
cities as New
And those
waterfront cities-including Jackson<’ ville Savannah and Charleston-grew
*.A’
into busy seaports that developed a
,global trade in oceanbornecommerce
* Railroads helped spawn southern
+ cities such as Atlanta and opened
relatively inaccessible areas, includa., ing south Fiorida, to txaveleIs Asphalt
,
m d s began to tie the southern states
together in a rudimentary highway
* network helping to broaden the tourist
<
industry from one servingthe wealthy
4
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few to one catering to the average
American. Roadside businesses rang
ing from service stations to “motor
hotels” sprang up to offer products
and services to traveling families
A trucking industry took root in the
South and became an important factor
in transporting the“supp1y genemted
by its farms and factories to meet the
“demand’ of its consumers Commercial aviation evolved from mail

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biplanes and cropdustingsexvices into
safedependableairlineswith growing
investments in such cities as Atlanta
and Miami.
Construction, of course long has
been a mainstay of the economy of
the Southeast, just as it has contributed to the development of other
Sunbelt areastrying to provide housing
and support facilitiesfor fast-growing
populations The military, too, has
been a major force in the region’s
economy, generating civilianjobs and
channeling millions of dollars into
7

southeastern cities and individual
firms holding defense contracts
Yet the Southeast was slow to truly
diversify its manufacturing sector.
Not until recently have the South’s
incentives- includinga tempemte climate a political environment that is
equally appealing to industry and a
work force whose pay remains low by
national standards-lured a broad
range of industries
What’sthe outlookfor coming
years? What are the trends that
will shape industrial growth
over the next fne to seven years?
Federal Resewe Bank ofAtlanta
economistswho have looked at
the Southeast’s trends see
changes as dramatic as those
that have influenced regional
growth in years past
Economists see an encouraging future for the region’s
disproportionate share of the
nation’swood-based manufacturers. In a sense the Southeast is the nation’s“woodbin”
Such industries as lumberpre
ducts paper and allied p r e
ducts, and wooden household
and office furniture employ
one out of every 20 workers in
the Sixth District These six
states plus the Carolinas p r e
duce about onefourth of the
value added by these industries
to the nation’s output In the
immediate future increasing
computerization and mechanization oftasks promise to limit job
growthYet wood productsfirmsshould
continue to enhance the region’se c e
nomic growth and development, since
the industry still offers ample o p
portunities for the region to exploit
Today, for instance much of the
Southeast’s raw wood production is
shipped to other states or overseasfor
additional processing. limiting the
region’sgains from its own timber.As
the region’s general economy grows
an expanding local market is likely to

spur the production of semi-finished
and finished wood products
The outlook for textiles and apparel
the region’s other major traditional
manufacturingindustries appears less
promising-at least from an employment standpoint. Economic conditions for the industry have been

depressed prices have saddled them
with heavy debts that have bankrupted some and forced others to
struggle for survival. Nonethless,
Atlanta Fed economists expect that
the region’s importance as an agriculture center will grow. The Southeast’s wealth of cultivatable land its
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coal, chemicals and fertilizer as well
as farm products
What will be tomorrow’s growth
sectors? The Atlanta Fed which has
researched individual industries and-’
sponsored two major conferences r e j
lating to industrial growth prospects ;
believes that service industries high Y
technology, construction, defense, and
exports are areas with appealing
growth prospects
The nation’s serviceproducing industries have been expanding natiorr +
wide and increasing in relative importance for decades Service industries in the Southeast have grown at
an even faster pace fueled by the : r
continued inmigration of people with Imore money and greater aspirations
Serviceindustries nationwide should
enjoy the fastest growth of any indus- ;
tries through 1990,and it seems likely
that the Southeast will gain a dispre
portionately highshare of that growth
The Bureau of Labor Statistics expects that about three out of four new i

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A textile plant‘s advanced weft insertion equipment
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generally unfavorable for severalyears
Back-teback national recessions in
the early 1980s cut demand from the
automobile and housing industries
even as stiffening competition from
foreign producers pared the domestic
companies’ market share
To remain competitivewell-managed
American textile and apparel firms
have automated their plants or sought
out special market niches. By remaining flexible some have been able
to respond quickly to changing trends
and to avoid markets where they will
collide head-on with overseas p r e
ducers relying on lower-priced foreign
labor. Southeastern textile and a p
pare1 firms that continue to prosper
obviously will continue to provide
jobs- though a declining number because of automation-in small communities that have relied on textile
jobs since the turn of the century.
What of agriculture, the oldest of
the region’s industries?
Agriculture, too, has been rocked in
recent years Southeastern farmers
have been bedeviled by droughts while




prolonged growing seasons, and its
abundant water supplies should combine to make the region an economically efficient producer of food and
feed crops in the future The seaports
that serve the region will offer.its
farmers ready access to the international markets-markets that are
expected to clamor for growing shares
of America’s output once economic
recovery gets underway in less-developed countries Production of oilseed crops and animal proteins,
especially from poultry, is likely to
experience the most rapid growth
over the coming decade
Exporting. in fact should prove a
boon to the region’s forest products
and mining industries as well as to
its farmers The return of healthy
growth in Europe Canada and Japan
could mean an increase in shipments
from southeastern ports-shipments
that already account for more than
25 percent of all U.S. waterborne
exports Recovery in more developed
countriesshould spur exportsof paper,

jobs created through the remaining
years of the decade will be generated
by serviceproducing industries With in this sector, such industries as medical care, tourism, nonprofit organizations and business professional
and personal services should achieve-‘
the fastest growth. Florida is likely to
profit the most from these industries’ growth, but large cities throughout
the region are likely to benefit because
of service firms’tendency to cluster in
<4
urban areas
Tourism of course is an important
component in the region’s services c
sector, attracting visitors from distant
cities However, convention markets A
may remain soft for some time as
new facilities open around the nation
to challenge such regional conventiow
centers as MiamiBeach, Atlanta New
Orleans and Orlando. Hotel occupancies in several of those cities also
are likely to be depressed by a dra- 4
matic increase in new hotel construction
*,
Construction is another industry“
with a seemingly optimistic future

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Like services its growth should be
fueled by a continued inmigration into
states such as Florida which is prcr
jected to welcome more than 250,000
--n
newcomers annually over the next
fne years A strong construction sector,
4,
of course is important to the South* east’s lumber industry. The building
trades will provide not only the new
7J.c homes and apartment buildings
P , needed to accommodate the late arrivals but the highways bridges and
,- other facilities to handle the growing
population
‘
‘
The outlook for high technology
also appears especially bright in both
- “thenation and the Southeast That’s
‘7 important not only because of the
jobs that innovative high-tech firms
can create but because of their imA pact in helping to revitalize traditional
industries The Southeast should increase its share of the technology
,? industry from 7 percent in 1981 to 910 percent in 1990 because of locational advantages In a recent Joint

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should gain orders, along with
munitions factories in Tennessee and
maintenance shops in Alabama
Although battered by recession and
overshadowed by newer industries
the Southeast’s so-called “smoke
stack” industries are far from dead A
recovery in durable goods manufacturing is expected to lead a n expansion of factoIyjobs With economic
recovery and growth, states with heavy
concentrations of durable goods producers-primarily Alabama Mississippi and Tennessee-could find themselves enjoying their greatest prosperity since 1979.
Sustained national economicgrowth
should stimulate small business d e
velopment in the Southeast even more
than in the nation as awhole Growth
in the region’s small manufacturing
firms already is triple the national
rate Because the region offers an
attmctive place to live and an expanding market, increasing numbers of
men and women have been launching

effect on the inmigration of people
and jobs. What’s-more, the freespending 35-44 age group is growing
even faster in the Southeast than
nationwide Favorable demographics
should accelerate the sale of automobiles home furnishings and disc r e t i o n q goods and services
Health care services should be stimulated as a growing influx of retirees
spreads beyond Florida to the mountains of north Georgia and eastern
Tennessee and to southern counties
ofAlabama In the Sixth District states
the proportion of residents over 65
rose nearly 50 percent over the past
decade We expect this fast-growing
segment to be a strong stimulant to
southeastern growth,
In summary, the resumption of
aboveaverage growth in the Southeast over the remainder of the decade
should benefit a mix of industries
some old and some new. Job gains
look particularly bnght forwhitecollar
workers in high-technology and ser-

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Economic Council survey, the South* east ranked most attractive to high-

tech firms in labor cost and availability, tax climate and cost of living.
It ranked third in another category of
A interest to such firms labor produc
” tivity. However, it ranked poorly in the
II quality of academic progmns a weakness that hurts the region in its efforts
_i to attract research facilities and corporate headquarters
In the Sixth District, high-tech firms
are clustered in four areas The central Florida strip from Tampa to Melbourne; the Atlanta metropolitan area;
c
Huntsville Alabama and Knoxville
A Oak Ridge Tennessee Much of the
region’s high-tech growth will be
spurred by DefenseDepartment spenCr
4 ihg on electronic weaponry and surveillance and communication equip
ment Defense spending has helped
c make Florida the Southeast’s largest
technology center and should con- tinue to do so through the 1980s
t **
S e o r g i a also should continue to draw
its share of defense dollars S h i p
+ builders in Louisiana and Mississippi
%

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their own businesses rather than
moving out of the area searching for
work The improved availability of
venture capital in the region should
speed small-business formations
Retailing is another economic area
with a promising future in the Southeast. Sustained economic recovery
promises to increase real income and
spending more in the region than in
the nation because of its catalytic

4




9

vice industries with certain areas
likely to enjoy the greatest gains
Owners and employees in the building
trades and retail trades areas also
should prosper, as will those dependent on such areas as export trade
medical care and tourism. For the
region as a whole however, the most
profound effect maybe the continuing
evolution in the way residents earn
their livelihood.

After 1983 Recovery
District Faces 1984 With Optimism
southeastern states found 1983 a
year of recovery that generated enough
economic momentum to carry the
region’sindustries into a second stage
of expansion in the new year.
Last yeafs rebound inspired by
waning inflation and increased consumer spending stimulated southeastern industries ranging from
tourism to financial sewices Virtually
all sectors of the economy gained
strength in the second half of 1983
and crossed the threshold into the
new year prepared for further growth Assuming that
I
consumer a n d business
spending keeps fueling the
national recovery, regional
businesses should continue

to stimulate the local economies surrounding those states’military installations and inject millions of dollars
into areas producing sophisticated
defense hardware, or servingsuch aem
space ventures as NASA’s Space
Shuttle
The benefitsof raivedgrowth should
spread broadly across the region. The
manufacturingeconomies ofAlabama
Mississippi and Tennessee for instance, have begun to experience
healthy employment gains in response
Chart 2. Commercial Bank Deposits

A revival in residential construction,
first noted as 1982 drew to a close ir
stimulated construction-related industries acrossthe nation. Predictably, +,
the region’ssubstantial furniture and
carpet manufacturing industries soon i
began to expand output to meet the
renewed demand generated by con- *sumer spending.
The recovery spread quickly, injecting new life into the Southeast’sconcentrations of automobile parts and
apparel manufacturing plants Shuttered facilities began to r e y , open and idleemployeeswere _,_
I
summoned back to work
Total employment, which F
had langLushed through 1982,
began to grow again during <
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to expand their operat
and add staff well into 1
to meet the increasing d e
mand.
With the Southeast’s e c e
nomymusteringkshstrength
moving into 1984, the outlookis positivefor the region
in the-months ahead, with
some states likely to grow at above
average rates The states whose economies showed the greatest strength
in 1981-1982 also are likely to lead
the way this year.
Overall,real economicgrowth should
settle into a more sustainablepace for
the remainder of 1984. The strength
of that early surge is reflected by the
Commerce Department’s Index of
Leading Indicatom which posted 14
consecutive monthly increases before
it dipped temporarily in November.
Still, there will be standoutswithin
the Sixth District, with the strongest
rebounds likely in areas that produce
goods for consumersand for national
defense Of the six states represented
in the Sixth Federal Reserve District
Florida appears the most likely to set
the pace this year. An inflow of new
residents and businesses into Florida
and Georgia promises to boost spending on housingand consumerdurable
goods creatingnewjobsin both states
Increased defense spending promises



the late spring. That meant Lr
rising personal incomes giving men and women more ,
s
money that they could pump
back into the economy.
As 1983 ended. both em- ployment and joblessness
reflected the recoveds burgeoning strength Employment was showing relatively strong
growth while the unemployment rate
continued to inch downward Hardhit Alabama, Louisiana and Tennessee
continued to experiencejobless rates
in double digits late in 1983, but the region’saverage rate had fallen from 9
nearly 1 1 percent at the beginning of
the year to about 9 percent by year- *end
~~

to the national recovery. Louisiana’s
economy, though, still has some
catching up to do because of its heavy
dependenceon the petroleum industry
and international trade both slow to
join in the revival.
All four of those harder-hit states
should gain from plant reopenings in
diverse durable manufacturingi n d w
tries and from increased mining activity. Tennessee should continue to
profit from a Japanese manufacturer‘s
investment in a truckassembly plant
and related manufacturing activities
in Smyrna near Nashville
After suffering the pains of a r e
cession that continued through most
of 1982, the southeastern economy
began to experience a strong upturn
during the first half of 1983 with a
reawakening of consumer spending.
As interest rates stabilized increasingly optimistic consumers began to
purchase new homes as well as cars
clothing and household goods

e

1
.

In Florida and Georgia where e c e
nomic activityweatheredthe recession
relatively well, unemployment had 1
fallen to 7.5 and 6.4 percent, respectively, by year-end Those states’ mix
of servicerelated industries had provided some insulation from the unemployment problems that char- c _
acterize the manufacturingdominated
1
economies of neighboring states

-

.,+

Overall, a second consecutive year
of economic expansion promises %
continuing reduction in unemployment throughout the Southeast and
in the nation, where the rate seems

I

A

10

likely to continue its decline in the
,coming months
A continuation of the national r e
* covery this year should boost various
\
‘
industries in the region. The airline
i industry, tourism and convention tmde
should grow sharply as the expansion
.*A proceeds With the expansion of con* 3 vention facilities in Atlanta the continued lure of Disney Worlds new
EFCOTCenter in central Florida and
a worlds fair planned for New Orleans
‘
4
this could be a banner year for southeastern hospitality indus4 ’
tries The fair in particular
73 should boost tourism in
-zI Louisiana as well as in neigh1
boring states some ofwhich
i are invest% to capture their
q3

*

slows or chokes off the recovery, interest rates could be driven up. The
hgher rates would depress the interestsensitive automobile and housing industries as well as related industries
like carpeting and household a p
pliances
If the dollar‘s foreign exchange value
continues to decline in response to a
WideningAmerican merchandise trade
deficit the nation’s manufactured exports should grow steadily over the
year despite continued stagnation in

of summer. What’smore the program
hurt merchants who normally supply
farmers with equipment and supplies
to plant their fields And it hurt livestock producers, forced to cope with
sharp increases in feed grain prices
driven higher by the government p r o
gram and drought
For survivors, though, conditions
look brighter in 1984.Continued economic recovery and favorable trade
developments should increase agricultural exports and generate demand
for .farm products Farmers
are likely to resume fullscale planting, which would
trigger a resurgence in d e
mand for seed, fertilizer and
equipment-good news for

--

-I
.

r. share of the business pass%

through.
One cloud on the tourism
horizon is the slowdown in
the flow of visitors from Latin
+>
America in response to economic problems in several
nations. Those problems
south of the border also are
reflected by such indicators as aslowdown in Florida’sluxury condominium
market and in sluggish international
trade
Other trouble spots also could gene
rate problems for the regional economy in the months ahead. The international trade and energyareas,which
declined so dramatically during the
recession, continue to lag the recovery
of other economic sectors Worldwide
recession and a strong U.S dollar
reduced trade flows through most of
c
1983, including the flow of agricultural and energy products at major
- .l ports in the region. The speed of
economic recovery worldwide shouid
help shape the vigor of recovery in
*
important coal, phosphate chemical,
c
r and pulp and paper exports aswell as
imports of oil and machinery into the
United States
*$ A question mark hanging over that
,9
recovery involves the large federal
.r. deficit If the federal government’s
‘ need for capital to finance the deficit

*.

.d

t
-

merchants who suffered during last year‘s acreage reducOn balance the Southeast
should grow faster than the
national average this year,
with the strongest gains in
sectors that produce goods
for consumers or for national
the Latin American market Such a
defense Defense spending promises
rebound would add to the increased to boost activity at the w o n ’ s numertrade stimulated by reviving global
ous plants producing equipment and
economic growth.
systems for the military. Areas proAnother problem sector, particularly ducing sophisticated hardware should
for the Southeast, is agriculture The benefit moist from the spending boom
drought across most of the region with Florida a likely beneficiq.
last Year left farmers hard Pressed to
With the economic outlookgenerally
rePY the debts they had accumulated positive, construction and manuduring Several Ye= of adversity. A
facturing firms are gearing up for
mere f
in flcnida near Ym-end what they hope will be a second condamaged many Crops and augured secutive year of growth. With the
Poorly for the new Year.
region’s economy gathering fresh
Many farmers found some financial strength early in 1984,plants should
relief in 1983 by participating in the continue reopening and the job picgovemment’spayment-in-kind(orPlK) ture should continue to improve in
p r o g m which offeredthem products response to the national recovery.
from storage in return for their agree While some states can expect to enjoy
ment to leave acres fallow. Partici- greater growth t a their southeastem
hn
pating farmers who received com- neighbors the outlook for the Sixth
modities from government storage District as a whole is for a year that
were able to sell them at prices inflated will continue the progress achieved
by the effects of drought and the PIK in 1983.
program. But most farmers weren’t
covered and had to watch their income prospects shrivel with the heat

0 0 0 0000

1




11

Mary Jefferson personifiesthe Atlanta Fed's service orientation.




The Atlanta
The Depositow Institutions
Deregulation and Monetary
Control Act of 1980-commonly abbreviated as"MCA80-created a new environment with regard to Federal
Reserve services to depositow
institutions MCA-80 required
the Federal Reserve to begin
charging for several services
previously provided free to
member banks For the first
time, it also required that
Reserve Banks' services be
made available to al deposit0
l
~y
institutions-credit unions
savings and loan associations and nonmemberbanks
as well as member banks
And it opened the door to
competition from a number of alternative providers of some of those ser-

.
a

r
I

i:
t
1

i?

viCeS

I
-

The Atlanta Fed responded
by communicating more
closely with depository institutions about their wants
and needs for financial services We also have continued
our efforts to control costs
and improve services For
us, the new environment cb
has proved to be stimulating and challenging, and
we believe that our presence
in the market has been equally stimulating and challeng
ing to other providers of similar services The ultimate
e
beneflcary is the public r
ceiving services of a better
quality and at a lower price
than otherwise would be
possible
-

ped in the New Environment
As we r v e the Atlanta Fed's achieve
eiw
ments in the post-MCA-80 era, we are
mindful that we owe much to the
,* suggestions offered by our customers
, and the pressure provided by our able
competitors
With the accelerating evolution of
4 .
banking technology, it is not enough
- *to await developments and react to
+ them; we must anticipate develop
ments and prepare for them. To do
i that we have embarked on an ongoing
program of strategic planning. Three
years ago,we analyzed our operations
their strengths and weaknesses as
the base from which we must a p
-r'
proach the future Then we reviewed
the opportunities and the hazards
inherent in technological change, d e
regulation and other factors On that
' basis, we could set goals and draw
blueprints to achieve them But such

-A' 4

activities-those unrelated to the financial services available to depository institutions These activities include fiscal services to the U. S Treasury: supervision and regulation of
banks bank holding companies and
international banking facilities administration of the "discountwindow;"
and economic research, among others
Following is a brief discussion of
how this approach affected various
areas of the Bank in 1983.

plans must be subjected to continual
review as developments accelerate d e
celerate, or take unexpected turns
Even the best plan can become a trap
if it is inflexible So, early in 1983 we
reviewed our long term goals and objectives for our priced services in light
of the changing market demand We
first reviewed internal and external
trends identified strengths and weaknesses for each of our major services
and evaluated the strategic alternatives available We established longterm strategies for product develop
ment operations marketing aut@
to
mation and human ~..esources match
costs and revenues for these priced
services as mandated by Congress
Later in the year, we developed s u p
porting strategies and business plans
Essentially the same process was
carried out in our planning for other

Financial SeMces

--

Table 1 Priced Services Volume
1982

1983

I4
2

Q1

Q2

Q3

Q4

01

02

03

1,650

1,897

2,075

2,331

2,494

2,894

3,316

3,668

24,834

26,390

27,558

28,079

29,441

31,483

26,880

26,886

Check Collection - Average Daily
Incoming Items in Thousands

7,336

7,069

6,978

7,625

7,757

7,737

7.567

8,192

Definitive Securities'* - Average
Monthly Safekeeping Receipts

13,494

12,147

11,606

11,881

12,285

12,349

12,205

12,386

Noncash** - Total Items Collected

89,747

89,147

94,631

125,428

148,193

206,671

203,500

262,058

Wire Transfer - Average Daily
Transfers Originated

10,800

11,313

11,542

12,017

12,011

11,901

11.852

12,271

Automated Clearinghouse - Total
Billable Commercial Volume
Book-Entry Securities" - Total




,

.'.

13

HECK COLLECTION.
Several new services
were offered in 1983.
One-MICR Captureprovides a payor bank
with a magnetic tape
containing the encoded data from each
check in a cash letter
it receives from u s
That bank can then
update its customers'
accounts without p m
cessing the checks,
t h u s obtaining account balances much
more quickly Another
new service-Key A e
count Reporting- p m
vides a dollar total of
checks drawn against
specified account num
bers. These services
greatly facilitate cash
management for the
payor bank's larger accounts In addition,
the deadlines for d e
posit of "other f d e d
items (thosedrawn on

Chart 4. Check Collection
Average Daily Volume
Thousands

10,000
Total Incoming Checks

8.000 ,

I

offices- in some cases by as much as
9?h hours-and most of our offices

alsohaveinstalledasaturdaydeadline
extending service to seven days a
week
Each of our six offices sends repre
sentatives into the field to inform
potential users about these new services and others, such as our Mixed
Cash Letter and Group Sort progmms
In addition to bringingincreased check
volume into the Fed, these representatives have also brought us valuable
feedback-making us aware for example that our Adjustments and R e
turn Item services are particularly
valued and that many of our helpful
employees are singled out for praise.
During theyear, the number of corn
mercial checks sent to Atlanta Fed
offices increased by 6.9 percent The

Q2

Q3

5 percent in 1983. Since check collection is by far our largest priced
service in terms of staft this contributed substantially to our ability to
maintain our position as the Federal
Reserve System’s most cost-effective
Bank as measured by the System’s
own standads By carefuuycontrolling
costs and keeping fees for Fed seMces
as low as possible we in turn help
minimize costs for financial institutions that depend on u s

Q4

Q2

Average Daily Volume

Q4

large regional bank’s cash concentra- c,tion service for the U. S Treasury’s 4 *
G e n d A m u n t FUndsTIansfixsystem
This represents a milestone-the first
time a Reserve Bank has served as a
subcontractor for a major regional
bank to provide cash concentration
services for the Treasury.
-r)

In the near future
begin re
placing the terminals now in use by
many of our wire transfer customers
considerablv emandine the menu of
Fed services availableothrough the *
terminals; some additional details
follow in the section headed AUTC, t
MATION SERVICES
3
Another focus of our efforts in the
payments system area is expansion
of electronic links to include more,;
ACH users A major goal is further
development of the broad market for c j
which we currently offer ACH services For example, Reserve Banks in
1983 began accepting for deposit all
types of ACH items a t the nighttime Ydeposit deadline In addition, a cor-4
porate trade payment program wasa
devised and implemented to facilitate
the use of the ACH by financial institutions serving large corporate d e
f

.

Chart 5. Wire Transfer

Q3

I

*

~

Thousands

14,000

12,000
10,ooc
8O C
, O

6,000
4O C
, O

.

~

1982

largest increase- a remarkable 36
percent-was in out-of-zone items
(checksdrawn on institutions located
in other Districts or other Branch
zones).
Despite this volume increase, improved productivity enabled us to re
duce our checkcollection staff level by




1983

IRE TRANSFEWACH.
We are also combiningtraditionalces
to create new ones For
example wire tmnsfer
and automated clearsemices
mghoo~(ACH
are being used togethertofacilitate one

sently examining several new pricinz
structures that will allow Reserve
Banks to remain pricecompetitive
while also serving users better by 1
differentiating the segments of the
ACH market through pricing The ACH+
has the potential to improve the e% +
ficiency of the payments system and
to facilitate the interbank clearing +
,
k

14

1

and settlement of electronic payments
ECURITIES SERVICES

T-4 -

Since the implementation of MCA-80, the
-4
Atlanta Fed has pur4
sued innovations in
4
the area of securities
services. All six of our
+‘ offices expanded their definitivesafe
keeping service in May 1982 to accom
modate securities owned by customers
of depositing financial institutions
(Definitive securities are in conventional, paper form, as opposed to
book-entry securities that exist only
as entries in ledgers) In September
1982, we began to offer definitive
safekeeping services under a pilot
program designed to stimulate volume
growth by simplifylngour price s t r u c
ture and offering volume discounts
Midwest Securities Trust Company
began depositing bearer securities
with us in May 1983 under a custodial
agency agreement This service is
tailored to the needs of regional securities depositories
At the end of July 1983,we began a
pilot program offering a new noncash collection service (Thecollection
of noncash items unlike the collection

4

~

of cash items such as checks requires
verification that specific conditions
for payment have been met) A Mixed
DeposiVFine Sort Program is now
Chart 7. Securities Services
Thousands

250
200

-

Noncash Coupon EI
Bookentry Transfers
Definitive Receipts

150
100

50

-

0Q1
1982

Q3

Q2

offered in addition to our standard
noncash collection service The new
program appeals to financial institutions that prefer not to sort their
noncash items but rather to deposit
a mixture of items payable both locally

Chart 6. Automated Clearinghouse
Thousands

4,000

I

Total Billable Commercial Volume

3,000

2,000

’

1,000

I

0

C

Q1
1982




Q2

Q3

and in other Federal ReseIve Districts
Even with its relaxed sorting require
ments the new progmn offers lower
prices and improved credit availabiliw.

Q4

Q1
1983

Q2

Q3

15

~4

Q4

Q1
1983

Q2

~3

~4

The depositor can have the Fed collect not only local in-zone items but
also those payable in other Fed zones
The depositor needs only to sort items
according to past-due or futuredue
maturity.
ASH SERVICES. The
focus in Cash Services has been on improving the quality of
the paper money circulating around the
nation Installation of
more sensitive “fitness sensors” on
theReseIveBanks’hgh-speedcurrency
processing equipment began late in
1983 and will be completed soon on
all 1 10 of these machines at 35 of the
System’s37 offices The Resme Banks
collectively invested about $ 1 million
to develop the new sensor, which will
detect a variety of defects-including
transparent tape- that slipped by the
earlier sensor. Notes unfit for further
circulation will be shredded aut@
matically. Given the volume of s u b
standard currency now in circulation,

t
it may take a year or two to complete

the clean-up. In the meantime signs
of progress should become visible
over coming months, and the occasional problems arising from the
use of substandard notes in a u t o
mated teller machines will begin to
dwindle
The Reserve Banks have embarked .Fon a program to develop the second- c

Suggesting the diversity of
Atlanta Fed activities are
Art Raglin and Tina Heaney,
operating a communications terminal, and attorney
Rebecca Zimmerman, r e
viewina court Drecedents
for-the knKs Ligal DepartI

k

I - - -




I

t.

generation currency processing equip
ment that will eventually replace the
machines in use since 1978. That p
future equipment will further improve i
the speed and quality control of the (1
currency operation An officer of the
Atlanta Fed was selected to head the +
task force guiding this new program.
Y-

Supervision and Regulation
P

Responding to deregulation and
other changes in the financial services industry, our Supervision and
Regulation staff directed its efforts in
1983towards reducing the regulatory
burden, providing more timely and
pertinent information to banks and
bank holding companies and increas
ing employee productivity. An important contributor to the success of this
effort has been the use of micro- and
mini-computers both in the office
and in the field This has expedited
all phases of analysis while reducing
on-site examination time and streamlining the preparation of reports of
examinationsand application reviews
The uniform bank performance re
ports together with new examination
formats introduced during the year,
offer bankers detailed anand
industry information that can assist
commercial bank managers in today's
competitive environment
Another achievement in 1983 was
an alternate examination agreement
with Louisiana adding that state to

1
6

,
'
I

I-^
k
.
2

$
~

'

*

,
v

*e

the other two Sixth District statesAlabama and Georgia-with which
* -4 we have such agreements Under these
agreements thestateexaminesabank
one year and we examine it the follow1
ing year, cutting the examinaton
burden in h d . To provide continuous
monitoring for both the state and the
,Fed, examination reports are exc changed
+

,
,

4
J

Research

4

Our Research operation received
considemble national publicity during
the year for its innovative use of
micre and mini-computersaswell as
telecommuting by the professional
staffto incproductivity. Thebasic
v function of economic research at a
Federal Reserve Bank is to provide
current and relevant input to help in
the formulation of monetary policy.
-$
The new computerapplicationsreduce
statisticallag and give our economists
? access to a wider spectrum of data
?
a
A n important byproduct is a wealth
,of economic intelligence that can be
1 shared with bankers other business
-"( people and the public through an
ambitious publications pmgmm. The
keystone of this program is our month
ly Economic M e w ,which reaches
nearly 30,000 subscribers and has
been quoted extensivelyin the nation's
press to gain a substantial secondary
audience. An emphasis on results has
enabled the department to double
' e- both the frequency and the size of the
* 'Economic M e w in the past two
,years while improving its readablility
and the timeliness and pertinence of
+ itscontent
The professional staffs productivity
has been enhanced throughthe privilege of working at home-often with
the help of a portable computer-and
through a management-by-objective
' program that lets economists and

'
/*

'I *

g'

'

<
:




Healy performs an elee
tronic literature search
with David Holmes.

Administrative and SupportServices

Economists Pamela Whigharn and Charlie Carter confer on regional research project




ij

UTOMATION SER- 1~
VICES As a key s u p
port organization. AUtomation SeMces plays
a crucial role in cost- t-,
reduction efforts Au- ,
tomation Services
continues to be immersed in a major p+
conversion to new mainframe computer equipment, the implementation fi
of new software applications and the
installation of an advanced communi-r%
cations network To help offset the
cost of those efforts Automation Services emphasized productivity enhancement in 1983.Communications p
network optimization thorough lease/
purchase analysis on hardware acquisitions and use of new software d e
velopment tools produced cost savings
of about $330,000during the year. tThrough the development of an
Information Center, Automation Services has materially aided the effortP

Q

k

1
;

'

_
I
-

of many other departments to use
computers and programs to improve u'
operations and cut costs This has
given these departments new capa- t;
bilities in the areasof word processing e
data manipulation and management
information
r
As a part of the continuing evolution
of electronic payments systems, the
Atlanta Fed soon will begin replacing
its extensive terminal network that 'i
currentlyserves over320 Sixth District
financial institutions A new network fi
will be built around microcomputer- *
based terminals capable of providing
awide range of Fed senices through a
single work station. -UMAN FU3SOURCES.a *
The Atlanta Fed's o p
erations like those of *
'
any bank are highly
labor-intensive. Our
ability to decrease
staff by 15 percent::
between January 1981 and December
1983, therefore contributed impor- +
tantly to our success in reducing
~

ff

research analysts participate in setting clear and appropriate goals In
addition to providing standards for
measuring individual performance,
this approach assures that the workat-home privilege will be used only
when it helps the professional attain
the objectives for which he or she is
accountable

~

A

1
8

costs Our staff reduction, though
substantial, was accomplished almost
&
exclusively through attrition. At the
Q same time we have restructured our
7 training and our compensation and
benefits programs to develop highperformanceskillsandrewardoutstand
A ing performance New approaches to
T appraising our staffs performance
through goal setting and the use of
performance standards were instituted to increase employee involve
ment enhance communications and
raise Droductivitv.
PERAilONS~VEMENT. For manyyears
an operationsimprove
ment program has
been a major element
in our effort to improve
efficiency.In 1982, the
7 progmm9s
steering committee a n
our general overhead and support
functions-functions that contribute
to the cost of all other activities The
!\- benefits of this analysis were realized
in 1983 throughcombined cost savings

4

Cascading coins illustratethe Atlanta Fed's role in cash services

'

I

*-'

1

'

.*

1c?

and cost avoidances totaling about
$1.8 million. The most significant
improvements were in the areas of
mail, personnel, protection, auditing
data systems support, building operations and housekeeping. with the
staff reduced by nearly 80 employees

_I
m

c

UALITY

CONTROL

Despite the Atlanta
Fed's emphasis on cost
control and productivity, we have not lost
sight of the fact that
x
our reputation as an
institution and our ability to find
- personal satisfaction in our work d e
r
-- Ypendsimportantly on its quality. A
,qualityassuranceprogmn, established
c in December 198 1, remains in place
to keep hlgh standards of re~pon~ive
' ness, reliability, and flexibility before
our employees at all levels A special
?3
training program was conducted in
1983 to polish the skills of our staff in
+ providing the services and conducting
a
the many operations of the Bank As

their work is judged by the users of
our services the AtlantaFed's reputation will be formed.
With todaqts accelerating pace of
technological and managerial evolution, the Atlanta Fed is dedicated to
meeting the challenge of change and
participating actively as a forwardmoving organization.

,t




1
9

Directors and
Officers
Board of Directors. 1983
WILLIAM A. FICKLING, J R
CHAIRMAN
Chairman and Chief Executive,
Charter Medical Corporation
Macon, Georgia

JOHN H WEITNAUER J R
DEPUTY CHAIRMAN
Chairman and Chief Executive Officer,
Richway
Atlanta Georgia

-+c

c
c

DAN B. ANDREWS
President.
First National Bank
Dickson, Tennessee

HAROLD B. BLACH, J R
President,
Blach’s Inc
Birmingham. Alabama

GUY W. BO’ITS
Chairman of the Board,
Barnett Banks of Florida Inc
Jacksonville, Florida

JANE C. COUSINS
President and Chief Executive Officer,
Merrill Lynch Realty/Cousins
Miami, Florida

BERNARD F. SLIGER
1983 Dhectorr Seated left to right are Fickling and Weitnauer. Standing are Cousins Botts, Andrews
Willson, Thompson, Blach, and Philip M e , Federal Advisory Council member. Not pictured is director Sliier.

President,
Florida State University
Tallahassee, Florida

HORATIO C. THOMPSON

pa-

President,
Horatio Thompson Investment, Inc
Baton Rouge, Louisiana

HUGH M. WILLSON

k

President.
Citizens National Bank
Athens Tennessee

Welcome

BRADLEY C U m Y , J R

MARY W. WALKER

President, Rock-Tenn Company, Norcross
Georgia has been appointed to a threeyear
term on the Board of Directors of this Bank
He will serve as Deputy Chairman for 1984.

President, The National Bank of Walton
County, Monroe Georgia has been elected to
a threeyear term on the Board of Directors of
this Bank




1

20

Federal Advisory Council
PHILIP F. SEARLE
Chairman
Sun Banks Inc
Orlando, Florida

‘F:

L
-*

Senior Officers

HARRY C. SCHIERING
General Auditor

* ROBERT P. FORRESTAL
President

JACK G U Y "

-+-, First Vice President
(r
l

H. TERRY SMITH
Senior Vice President

I

B.H.WGE'IT

W. M. DAVIS
Vice President

DELMAR HARRISON
Vice President and
Atlanta Branch Manager

WARDLYN BASSLER
Vice President

ROBERT E. HECK
Vice President

Executive Vice President

HARRY BRANDT

'

W. R CALDWELL

Corporate Secretary and
Assistant to the President

LS

CHARLES D. EAST

4'

Senior Vice President

1
f

1
.*

a

JOHN R KERR
Vice President

Senior Vice President

DONALDLKOCH
Senior Vice President and
Director of Research

WILLIAM N. COX I11
Vice President and
Associate Director of Research

ELY S. MATIERI
Vice President

RICHARD OLIVER
Vice President

FRANK CRAVEN
Vice Resident

JOHN M. WALLACE
Vice President

-1

1983 Management Committee: Seated, left to right, Schiering, Guynn, Koch. Standing,
Caldwell, Hargett. Not pictured are East and Smith, who joined the committee in 1984.




EDMUND WILLINGHAM
Vice President and
General Counsel

JACK G U Y "
First Vice President

B. H. HARGE'IT
Executive Vice President

W. R CALDWELL
Senior Vice President

CHARLES D. EAST
Senior Vice President

DONALD L KOCH
Senior Vice President and
Director of Research

HARRY C. SCHIERING
General Auditor

H. TERRY SMITH
Senior Vice President

Jacksonville
Branch Manager:
James D. Hawkins
Vice President
11983 Directors

I 1383 Directors

I SAMUEL RICHARDSON HILL J F
CHAIRMAN

JOAN W. STEIN
CHAIRMAN
Chairman,
ierties I[nc

iEORGE C. =NE,

JR

President
University of AI
Birmingham. Alabama

G. MACKDOVE
President

President and Chief Executive Officer,
Security First Federal Savings
and Loan Association
Daytona Beach. Florida

AAA Cooper Trans

GORDON W. CAMPBELL

Chairman,
The Amencan Nati
Gadsden Alabama

Dothan Alabama

GRADY GIL
Vice Chairman,
NCNB National Bank of Fiorida
Tampa Florida

LEWIS A DOMAN
President,
Citizens and Peoples National Bank
Pensacola Florida

I

1

E. F. KEEN, J R

Vice Chairman and President.
Ellis Banking Corporation
I
Bradenton Florida

JEROME P. KEUPER

3

President
Florida Institute of Technology
Melbourne. Florida

E WILLIAM NASH, CLU
President,
South-Central Operations
Prudential Life Insurance
Company of America
Jacksonville. Florida

$
7

SIXTH
FEDERAL RESERVE
DISTRICT

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Welcome.. To Incoming Din
CARL -. JONES, J R
Chairman, President and
Chief Executive Officer,
Merchants National Bank
Mobile Alabama
We were saddened in 1983 by the de
of New Orleans branch director Thomas
G. Rapier. A Jacksonville branch director,
Roy G. Green. resigned during the year.




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Vice President

HENRY
President and Chief Executive Office]
Union Bank & Trust Company
Montgomew, Alabama
- -

MAFUWA M c I V
1

President,
EnviroSouth Inc
Montgomery, Alabama

-E LLWYD ECCLESTONE, J R
President and Chief Executive Officer,

Atlanta
I

F r t National Bank and Trust ComDanv of
is

acksonville

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16,17, 18,19,20,21,2
iia Bureau of Industry and Trade - Cove
a Deaartment of Commerce - D. 7.
515. Julia...
St
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