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FEDERALRESERVEBANK OF DALLAS 1981ANNUAL REPORT This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) 1981ANNUALREPORT FEDERAL RESERVEBANK OF DALLAS EL PASO HOUSTON SANANTONIO CONTENTS: MessageFrom the President Feature Article Directors FederalReserue Bank of Dallas El PasoBranch Houston Branch , San Antonio Branch FederalAduisory CouncilMember Changesin Directors 1981 Summary StatementofCondition Earnings and Etcpenses VolumeofOperations Bank Holding CompanyActiaity 7981 Earnings Changesin Officers Officers 2 4 9 10 12 74 16 18 19 2l 22 23 24 25 26 26 28 MESSAGE FROM THE PRESIDENT National economicpolicy, both fiscal and monetary, experiencedan unprecedented degree of interest throughout 1981. These past severalmonths have been a difficult period for all Americans, but especiallyfor those who have suffered most severelyfrom the impact of inflation and high interest rates. As an important step toward reversing the budget trends of the past ten to fifteen years, a comprehensivefiscal plan was passedby Congressand was signed by the President. The Federal Reservecontinued its restraint of the supply of money and credit with the goal of gradually reducing the rate of inflation. I believe that the results of the consistent monetary policy of 1981 havebegun to provide evidencethat Federal Reserverestraint is a necessarypart of the anti-inflation battle. However,the Federal Reserve'sactions must be supported and complementedby other policies. A balancedapproachof both fiscal and monetary restraint - one in which we are currently involved - has, in my judgment, the best chanceof achieving real economic growth and stable prices. A beginning has been achievedtoward reducing inflation, and I have confidencethat additional progresswill emerge over the coming months. During the critical year ahead,rising unemployment, high interest rates, and a sluggish economy may very well be the short-term price we Americans must pay to accomplishour long-term economicgoals. However,the ultimate resolution of achievinglower inflation over the long term will come about by our resourcefulnessand particularly by our perseverance.Only after we curb inflation can the economybegin to function properly, as a stable and healthy system. In addition to monetary policy, the pricing of and accessto Federal Reserveserviceswere on all our minds during 1981. As a result of the Depository Institutions Deregulation and Monetary Control Act of 1980,we at the Federal ReserveBank of Dallas spent much of this past year working to make the services to all financial institutions we provide avaiTable and developingpricing procedures. Becauseof the shift from non-pricedto priced services,we felt it appropriate to take a critical look at the serviceswe offer and to think of ways of improving ourselvesas a service organization.We spent a great deal of time this year working to restructure our ways of thinking to becomemore service-oriented. Continuing efforts to improve the serviceswe offer, to developadditional options for the financial institutions we serve, and, in general, to make our servicesmore responsiveto the needsof the financial community were prominent in our activities. We also conducted senior managementbriefings and distributed informational materials to help the users of our servicesunderstand the range of Federal Reserveservicesavailable.As an additional measure,we placed strong emphasis on internal programs designedto enhance our sensitivity toward high quality and responsiveservice. In conclusion,we in the Federal Reservefully appreciatethe challengesfaced by each of you in a rapidly changing environment that has been made evenmore uncertain due to high inflation and structural changesbrought about by legislation, deregulationand technological advances.Let me assureyou that we will continue to seek your suggestionsand advice as, together,we achieveeconomic stability and a vigorous financial climate that will best serve all elementsof our societv. Sincerely, (JJ \J K"["RobertH. Boykin U w R 0 I ] E K I I ] . B 0 \ ' K I N .I I T D S I I ) I ] \ 1 ' SERVICE. Through the years, this has been one of the primary responsibilitiesof the Federal Reserve.We make it our businessto serve financial institutions in the best way possible. We meet their needsand concerns.We assist them with vital information. We help them with their problems. And, aboveall, we provide them with the servicesthey need to conducttheir daily business.It is these servicesof which we are most proud. WE TRANSFERFUNDSBY WIRE. Each businessday over $400 billion is transferred electronically through the Federal Reserve'scommunicationsnetwork. We have developedsystemswhich allow institutions to transfer very large sums of money safely and quickly to other institutions as they conduct their daily business.Some institutions are directly on-line with our communications network for easein making these transactions. Others initiate wire transfer activity through simple telephoneprocedures. WE PROCESS CHECKS. The Federal Reserveprocessesover 60 million checks every day for the financial institutions using its check clearing services. Checksare depositedat our offices, and then are endorsed, sorted, and sent to the institutions on which they are drawn. A variety of options allows institutions the opportunity to adapt our check processingservicesto their particular needs. WE PERFORMSETTLEMENT FUNCTIONS. Since checks are sometimesprocessedthrough various other organizations,there often exists a need for a centralized point of accounting and settlement. The Federal Reserveprovides this point through the various accountswe maintain for financial institutions and through a service called net settlement. When a representativeof the check clearing organization advisesus of the daily settling entries, we make the necessarvdebits and credits to the proper accounts. WE PROVIDEAUTOMATED CLEARINGHOUSEFACILITIES. The Federal Reserveoperatesa system of automatedclearinghouseswhich use eleckonic payments to help reduce the increasing number of paper checks. Financial institutions use these facilities to offer their customers direct deposit, automatic bill payment, and other recurring payments services.The information for these payments is sent to us and processedthrough the latest electronic media and technology. WE SUPPLYCURRENCYAND COIN. Over 100 million piecesof currency and coin are receivedand counted by the Federal Reserveevery day as we work to supply financial institutions with the cash to meet their transaction needs.We accept cashfor deposit to the accountsof institutions, and we send cash to institutions when ordered. We also perform certain processingfunctions which assurethat the quality of cashin circulation is the highest possible. WE PERFORMSECURITIES TRANSACTIONS. The Federal Reserveperforms severalsecurities functions as a service to financial institutions. We take orders to purchaseor sell U.S. Governmentand other types of securities in the open market, and we hold securities in safekeepingand maintain securities accounts.We also havethe capability to transfer ownership of computer-storedsecurities to other institutions through our communications network. WE COLLECTNONCASHITEMS. The Federal Reserveoperatesa nationwide system which handlesthe processingof certain items which cannot be processedas checks. These items include municipal or corporate securities and coupons,bankers' acceptances,and noncashchecks and drafts. Noncashitems are depositedwith us, and we perform the collection and give credit to the depositing institution. WE LOAN FUNDS. An average$1 billion is loaned by the Federal Reserveevery day to financial institutions in need of funds. We help institutions in need of short-term funds as well as those experiencing longer-termdifficulties due to seasonal fluctuations and other problems. When collateral requirements are determined, institutions can usually call our offices and receivethe funds that same day. WE PROVIDEINFORMATIONAND ASSISTANCE. An important aspect of the Federal Reserve's businessis to provide the financial institutions we servewith vital information. We help institutions with their planning by developing functional cost analysisstudies and salary surveys.We also assistwith economicand statistical information when needed.and are always ready to help institutions understand regulatory changesand eliminate operational problems when they appear. SERVICEBUILT ON A FOUNDATIONOF EXPERIENCE. The Federal Reservehas over 60 years of experiencein providing servicesto financia^ institutions. We haveworked through the years to insure that the serviceswe provide are the best possible.And we have consistently assumeda leading role in the development of new servicesfor financial institutions. We are proud of the service which is our continuing responsibility. DIRECTORS LEWISH. BOND Chnirman of the Board and Chief Executiw Officer TexasAmerican BancsharesInc.. Fort Worth. Texas MARGARETS.WILSON Chairman of the Board and Chief Executitp Offi.cer ScarbroughsStores,Austin, Texas ROBERTD. ROGERS Presi.dent, TexasIndustries, Inc., Dallas, Texas BENNETT J. \ryAYLAND Charles C. ThompsonProfessorof Agricultural Finance and AssociateDean, Collegeof Agricultural Sciences,TexasTech Uniwrsifi, Lubboch, Texas MILESD. WILSON Chairnan of the Board and President, The First Nationnl Bank of Belluille, Belluille, Tems JOHNP GILLIAM Presidentand Chief Executiu Officer First National Bank in ValleyMills, Vallq Mi.lb Texas KENT GILBREATH AssociateDean, Hankamer Schoolof Business, Baylnr Uniwrsity, Waco,Tems FEDERAL RESERVEBANK OF DALLAS GERALDD. HINES,CHAIRMANAND FEDERALRESERVE AGENT Oumex Gerald D. Hines Infurests,Houston, Texas JOHNV. JAMES,DEPUTYCHAIRMAN Chairnan of the Bmrd, DresserIndustries, Inc., Dalbs, Teras ARNOLD B. PEINADO, JR. Executitp Vice President, AVC Dewlopnmt Corporation, El Paso, Texas CHESTER J. KESEY C. J. Kesq Enterfrises, Pecos, Terns ERNEST M, SCHUR Chairman of the Executitz Committee, The Fi.rst National Bank of Odessa, Odessa, Terns CLAUDEE. LEYENDECKER President. Mimbres Vallq funk, Deming, Neu Mexico STANLEYJ. JARMIOLOWSKI Chairman of the Board and Prxident, First Intzmational Bank in El Paso,N.A., El Paso, Texas EL PASOBRANCH A. J. LOSEE,CHAIRMANPROTEM ShuehoMex htsee, Carson, & Dickcrson, PA., Artpsin, New Mexbo CHAIRMAN JOSEFINAA. SALAS.PORRAS, Erzcatiu Director BI Language Smices, El Paso, Tqas GEORGE V SMITH,SR, President, Smith Pipe & Supply,Inc., Houston, Texas RAYMONDL, BRITTON LaborArbitrator and Professorof lttw, Unircrsity of Houston, Houston, Texas RALPHE. DAVID President, First FreeportNational Bank, Freeport, Tems WILL E. WILSON Chairmanof theBoard and Chief Executiw Officer, First Secuity Bank of Beaumont,N.A., Beaumont,Texas JOHNT. CATER Presifunt, Bank of the SouthuvstNational Association,Houston,Texas HOUSTONBRANCH PAULN. HOWELL,CHAIRMANPROTEM Chairman of the Board, Hounll Corforation, Houston, TeMs Not Picture.d: CHAIRMAN JEROMEL. HOWARD, Chairmnn of the Board and Chief Erecutiw Officer Mortgage and Trust, Inc., Houston, Tems JOHNH. GARNER Presidentand Chief Executiu Offi.cer, Corpus Christi National Bank, Corpus Christi, Tems JOHNH. HOLCOMB ()wner-Manager, ProgresoHaciendnsComfany,Progreso,Texns GEORGEBRANNIES Chairman of the Board and. President, The Mason National Bank, Mason, Texas CARLOS A. ZUNIGA Zuniga Freight Seraices, Inc., Laredn, Tetcas CHARLES E. CHEEVER,JR. President, Broadwa! National Bank, San Antonio, Tbms SAN ANTONIO BRANCH PAT LEGAN,CHAIRMANPROTEM Owner' Legan Properties,San Antonio, Teras LAWRENCE L. CRUM,CHAIRMAN Professorof Banhing and Finance, The Uniursity of Tems at Austin, Austin, Texas 17 FEDERALADVISORYCOUNCILMEMBER T C.FROST Chairman of the Board, Cullen/FrostBanhers,Inc., San Antonio, Tetas CHANGES IN DIRECTORS HEAD OFFICEBOARD GeraldD. Hines, Owner of GeraldD. Hines Interests, Houston, Texas, was reappointeda ClassC Director by the Board of Governors for a three-yearterm beginning January 1, 1982, and was redesignatedChairman of the Board for 1982 by the Board of Governors. John V. James,Chairman of the Board of DresserIndustries,Inc., Dallas,Texas,was redesignatedDeputy Chairman for 1982 by the Board of Governors. Member banks in the Eleventh District reelectedtwo directors to begin new threeyear terms effective January 1, 1982.'Lewis H. Bond, Chairman of the Board and Chief Executive Officer of Texas American BancsharesInc., Fort Worth, Texas, and J. Wayland Bennett, Charles C. Thompson Professorof Agricultural Finance and Associ ate Dean of the College of Agricultural Sciencesat Texas Tech University, Lubbock, Texas, were both reelected. EL PASOBRANCH BOARD Mary CarmenSaucedo,AssociateSuperintendent of the Central Area, El PasoIndependent School District, El Paso,Texas, was appointedto the El PasoBranch Board by the Board of Governorsfor a three-yearterm beginning January 1, 1982,succeedingJosefina A. Salas-Porras,Executive Director of BI LanguageServices,El Paso,Texas. Ernest M. Schur, Chairman of the Executive Committee of The First National Bank of Odessa,Odessa,Texas,was reappointedby the Federal ReserveBank of Dallas for a three-yearterm beginningJanuaryt,1982. Gerald W. Thomas, President of New Mexico State University, Las Cruces,New Mexico, was appointedby the FederalReserveBank of Dallas for a three-yearterm beginning January L, 1982,succeedingArnold B. Peinado, Jr., Executive Vice President of AVC Development Corporation, El Paso,Texas. During the year, StanleyJ. Jarmiolowski, Chairman of the Board and President of the First InternationalBank in El Paso,N.A., El Paso,Texas, was appointedby the Federal ReserveBank of Dallas to fill a vacancy created by the resignation of Arthur L. Gonzales,who resignedto accept a position as Senior Vice President of First City Bancorporationof Texas Inc., Houston,Texas, which is located outside the territory served by the El PasoBranch. HOUSTONBRANCH BOARD GeorgeV. Smith, Sr., President of Smith Pipe & Supply,Inc., Houston,Texas,was reappointed to the Houston Branch Board by the Board of Governorsfor a three-yearterm beginningJanuaryl, \982. Ralph E. David, Presidentof the First Freeport National Bank, Freeport, Texas, was reappointedby the Federal ReserveBank of Dallas for a three-yearterm beginning January l,1982. Thomas B. McDade,Vice Chairman of Texas CommerceBancshares, Inc., Houston, Texas, was appointedby the Federal ReserveBank of Dallas for a threeyear term beginningJanuary1, L982,succeeding John T. Cater, President of Bank of the SouthwestNational Association. Houston, Texas. 19 SANANTONIO BRANCH BOARD Carlos A. Zuniga of Zuniga Freight Services, Inc., Laredo,Texas,was reappointedto the San Antonio Branch Board by the Board of Governorsfor a three-yearterm beginning Januaryl, 1982. Joe D. Barbee,Presidentand Chief Executive Officer of BarbeeNeuhausImplementCompany, Weslaco,Texas, was appointedby the Federal ReserveBank of Dallas for a threeyear term beginningJanuary\, 1982,succeeding John H. Holcomb, Owner-Managerof ProgresoHaciendasCompany,Progreso,Texas. CharlesE. Cheever,Jr., Presidentof Broadway National Bank, San Antonio, Texas, was reappointedby the Federal ReserveBank of Dallas for a three-yearterm beginning January l, L982. FEDERALADVISORY COUNCILMEMBER T. C. Frost, Chairman of the Board of Cullen/Frost Bankers, Inc., San Antonio, Texas, was reappointedby the Board of Directors of the Federal ReserveBank of Dallas for a one-yearterm as a member of the Federal Advisory Council to represent the District. 1981SUMMARY STATEMENTOF CONDITION Assets Gold certificate account SpecialDrawing Rights certificate account Coin Loans and Securities: Loans to depository institutions Federal agency obligations U.S. Governmentsecurities Total loans and securities Cash items in processof collection Bank premises Other assets Interdistrict settlement account TOTAL ASSETS December31, 1981 $ December31, 1980 628,000,000$ 192,000,000 26,2L3,483 572,000,000 132,000,000 30,095,361 46,000,000 57,100,000 518,678,981 570,9L1,942 7,991,694,105 7,080,479,784 9,619,7a6,047 7,645,098,765 L,525,865,794 1,369,860,780 L3,018,792 L4,252,282 565,012,704 452,076,422 1,541,916,341 401,190,104 $10,615,340,224 $1!Jt?,999,q51 Liabilities Federal Reservenotes in actual circulation Deposits: Depository institutions U.S. Treasury - general account Foreign Other Total deposits Deferred availability cash items Other liabilities TOTAL LIABILITIES 9,665,487,923 $ 7,198,598,251 2,929,625,161 2,3L4,r99,783 00 21,004,000 19,459,000 78,735,579 22,256,664 2,971,340,825 2,353,939,362 789,839,285 t,L49,144,779 r25,908,126 L59,460,124 $10,468,285,024 $12,945,433,651 Capital Accounts Capital paid in Surplus TOTAL CAPITAL ACCOUNTS TOTAL LIABILITIES AND CAPITAL ACCOUNTS $ 83,766,500 83,766,500 167,533,000$ 73,527,600 73,527,600 147,055,200 $13,112,966,6q1 w,615_40221 EARNINGSAND EXPENSES Current Earnings Loans U.S. Governmentsecurities Foreign currencies Income from services All other Total Current Earnings Earnings credits used NET TOTAL CURRENTEARNINGS 1981 1980 $ 8,847,852$ L2,247,609 891,720,713 7L6,797,931 7,082,798 34,586,775 10,149,890 208,7t5 509,962 736,337,052 945,815,192 -172.129 $945,643,063$736,337,052 Current Expenses Current operating expenses Federal Reservecurrency Total Less reimbursement for certain fiscal agency and other expenses NET EXPENSES 53,832,069 43,597,663 5,904,801 5,143,576 59,736,870 48,74r,239 2,838,359 2,757,377 56,979,493 45,902,880 Profit and Loss Current net earnings Additions to current net earnings: All other Total additions Deductionsfrom current net earnings: Loss on salesof U.S. Governmentsecurities (net) Loss on Foreign Exchange (net) All other Total deductions Net additions or deductions ( - ) Assessmentfor expenditures of Board of Governors Net earnings before dividends and payments to U.S. Treasury Dividendspaid Paymentsto U.S. Treasury (interest on F. R. notes) Transferred to surplus Surplus, January 1 Surplus,December31 888,663,570 690,434,172 709,075 709,075 5,712,009 5,712,009 7,574,644 lL,293,644 0 18,665,503 1,676,670 226,834 26,466,981 \2,970,31+ -25,757,908 -7,258,305 3,699,800 3,900,200 859,005,462 679,476,067 4,268,321 4,745,886 669,089,896 844,020,676 10,238,900 6,117,850 73,527,600 67,409,750 $ 83,766,500 fi3,5n_,609. VOLUME OF OPERATIONS HEAD OFFICE AND BRANCHES COMBINED Number of Pieces Handledl 1981 Currency received and counted Coin receivedand counted Food stamps redeemed Transfers of funds Dollar Amount 1981 1980 r980 495,958,000456,849,000 5,472,290,425 4,735,618,800 890,874,000 824,247,000 162,396,650 144,26r,450 183,657,000159,066,000 707,159,892 608,931,613 4,030,119 3,280,834 5,610,299,909,290 4,333,641,843,277 Checkshandled: U.S.Government checks 43,146,000 4I,224,000 36,684,990,525 30,987,r4r,817 Postalmoneyorders 10,076,000 10,206,000 772,L58,274 729,45I,882 All other2 1,008,304,000 1,029,521,000427,390,196,512562,044,754,137 ACH items handled: Commercial U.S. Government 5,489,424 2,4L3,I92 I4,56L,544,345 3,490,I17,432 13,371,141 12,032,472 5,198,098,306 5,095,868,466 Collection items handled: U.S. Government couponspaid All other 113,000 L78,264 Issues,redemptions,and exchangesof U.S. Governmentsecurities:3 Definitive Book-entry 9,733,192 186,710 Loans 72L,22L 221,363 66,879,334 351,176,105 69,977,874 444,520,8I7 13,193,520 891 11.6,572,999,44r 6,544,908,812 159,475,156,000 933 6,862,834,999 9,568,441,000 I Packageditems handled as a single item are counted as one piece. 2 Exclusive of checks drawn on the Federal ReserveBanks. 3 The 1980figures combine definitive and book-entry. BANK HOLDINGCOMPANYACTIVITY NUMBER OF BANK HOLDINGCOMPANIES.BANK AND NONBANKSUBSIDIARIES Deeember31, 1981 December31, 1980 350 401- 260 44 304 SUBSIDIARYBANKS One-bankHolding Companies Multibank Holding Companies TOTAL SUBSIDIARYBANKS 346* 448 794 257* 341 598 NONBANKSUBSIDIARIES One-bankHolding Companies Multibank Holding Companies TOTAL NONBANKSUBSIDIARIES 7L 191 262 51 778 229 COMPANIES One-bankHolding Companies Multibank Holding Companies TOTAL BANK HOLDINGCOMPANIES ot These figures are adjusted to reflect ownership of the same subsidiary bank by two bank holding companies. DEPOSITDATA FOR SUBSIDIARYBANKSOF BANK HOLDINGCOMPANIES December31, 1981 DOMESTICDEPOSITSIN SUBSIDIARY BANKS(MILLIONS) One-bankHolding Companies Multibank Holding Companies TOTAL SUBSIDIARYBANKS,PERCENTOF DISTRICTDEPOSITS One-bankHolding Companies Multibank Holding Companies TOTAL December31, 1980 $12,619 56,097 $68,716 $ 9,348 45,722 $55,070 12.9 57.4 70.3 11.0 54.0 65.0 25 1981EARNINGS CHANGES IN OFFICERS Gross current earnings of the Federal ReserveBank of Dallas were $945.6 million in 1981,current expenseswere $56.9million, leaving current net earnings of $888.7 million. HEAD OFFICE Official changesduring 1981 at the Head Office included: Net earnings, after additions, deductions and assessments,and before payments to the Treasury totaled$859.0million. Of this, $844.0 million was paid to the U.S. Treasury as interest on Federal Reservenotes. Statutory dividends of $4.7 million were paid to memberbanks and $10.2million was added to surplus. The Federal Reservepays to the Treasury all net earnings in excessof the statutory dividend to member banks and additions to surplus to bring it to the level of paid-incapital. E. A. Thaxton, Jr., AssistantVice President, retired April 1. Assessmentfor expenditures of the Board of Governorsamounted to $3.9 million. There was a net deduction of $25.8 million in the profit and loss account primarily becauseof a net lossof $7.6 million on transactionsin U.S. Governmentsecuritiesand a net loss of $18.7 million on foreign exchangetransactions.The Federal Reservebuys and sells Government securities and foreign exchangefor the purpose of implementing national monetary policy. The transactionsare not designedto earn a profit; however,earnings of the Federal ReserveSystem are derived primarily from U.S. Governmentsecurities acquired through open market purchases. Millard E. Sweatt,Jr., was promoted to Vice President and General CounselMay 1. Jack A. Clymer was electedVice President April 1. Donald L. Jacksonwas electedAssistant Vice PresidentApril 1. Larry M. Snell was electedAssistant Vice PresidentApril 1. Jay K. Mast was elected Senior Vice PresidentMay 1. GeorgeF. Rudy, Vice President and General Counsel,retired May 1. William A. Tribble was elected Assistant General Counseland Assistant Secretarv May 1. U. D. Black was elected Acting Senior Vice Presidentfor the period August 15, 1981, through January 31, 1982. Senior Vice President Tony J. Salvaggiowas on leave of absenceduring this period. T. Guy Brown was elected Assistant Vice PresidentSeptember8. Official changesat the Head Office effective Januaryl, L982,included: Billy J. Dusek was promoted to Vice President. Phillip E. Sellers was promoted to Vice President. EL PASOBRANCH Official changesduring 1981 at the El Paso Branch included: William L. Wilson was elected Assistant Vice President April 1. HOUSTONBRANCH Official changesat the Houston Branch effective January l, 7982, included: J. Z. Rowe was promoted to Senior Vice Presidentin Charge. Andrew W. Hogwood, Jr., was elected Assistant Vice President. Carla M. Warberg was promoted to Vice President. SANANTONIO BRANCH Official changesduring 1981 at the San Antonio Branch included: Richard L. Barnes was elected Assistant Vice President. Antonio G. Valencia, Jr., was elected Assistant Vice President April 1. Terry B. Campbell was elected Assistant Vice President. Carl H. Moore, Vice President in Charge, retired June 1. Johnny L. Johnsonwas elected Assistant Vice President. Thomas H. Robertsonwas promoted to Vice President in Charge June 1. Billy B. Musgrave was elected Assistant Vice President. John A. Bullock was elected Assistant Vice PresidentJune 1. James E. Pearcewas elected Assistant Vice President. William M. Rettie was elected Assistant Vice President. OFFICERS T. Guy Brown Assistant VicePresident HEADOFFICE RobertH. Boykin President William H. Wallace First VicePresident JosephE. Burns SeniorVicePres'i.dent GeorgeC. Cochran, III SeniorVicePresident Jay K. Mast SeniorVicePresi.dent Harry E. Robinson,Jr. Senbr Viw President Neil B. Ryan SeniorVicePresidpnt Tony J. Salvaggio SeniorVicePres,ident U. D. Black Acting SeniorVicePresident Robert A. Brown GeneralAuditor Jack A. Clymer VicePresident Billy J. Dusek Viw Presidznt Anthony J. Montelaro Vi.cePresidcnt Larry J. Reck VicePresident Sammy T. Schulze VicePresident Phillip E. Sellers VicePresident Robert Smith. III VicePresidentand Secretam Millard E. Sweatt,Jr. VicePresidentand GeneralCounsel E. W. Vorlop, Jr. VicePresidentand Controller Carla M. Warberg VicePresident Uzziah Anderson AssistantVicePresident Richard L. Barnes AssistantVicePresident Terry B. Campbell AssistantVicePresident Forrest E. Coleman AssistantVicePresident Larry N. Hill AssistantVicePresident Richard D. Ingram AssistantVicePresident DonaldL. Jackson AssistantVicePresident JohnnyL. Johnson AssistantVicePresident Billy B. Musgrave AssistantVicePresident James E. Pearce AssistantVicePresident William M. Rettie AssistantVicePresident Mary M. Rosas AssistantVicePresident Thomas H. Rust AssistantVicePresident JesseD. Sanders AssistantVicePresident Larry M. Snell AssistantVicePresident C. L. Vick AssistantVicePresident William A. Tribble AssistantGeneralCounsel andAssistantSecretary EL PASOBRANCH JoelL. Koonce,Jr. VicePresidentin Charge Robert W. Schultz AssistantVicePresident William L. Wilson AssistantVicePresident HOUSTONBRANCH J. Z. Rowe SeniorVicePresidentin Charge Vernon L. Bartee Assistant VicePresi.dent Sammie C. Clay AssistantVicePresident Andrew W. Hogwood, Jr. AssistantVicePresident C. O. Holt, Jr. AssistantVicePresident SANANTONIO BRANCH Thomas H. Robertson VicePresidentin Charge John A. Bullock AssistantVicePresi.dent Thomas C. Cole AssistantVicePresident Antonio G. Valencia,Jr. AssistantVicePresident Janunry1, 1982
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