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The Role of a Federal Reserve Bank: AN ANNUAL REVIEW I n THE UNITED STATES the function of managing the nation’s money supply has been delegated by Congress to a central bank, called the Federal Reserve System. In addition to its primary responsibility, the Federal Reserve System, in order to make the mon etary mechanism work more smoothly, is required to perform many services for the Federal Government and the public. The central bank also assumes re sponsibility in supervising some commercial banks. For purposes of administration the country is divid ed into twelve districts with each one serviced by a Federal Reserve Bank. Role of an Individual Reserve Bank in Monetary Policy: In the Past This "decentralization” of central banking operations among twelve regional banks is a unique feature of the American monetary system. Most other nations have a single institution acting as a central banking unit. A brief glance into the history of the Federal Reserve System beginning in 1913 reveals that the regional structure reflected a longstanding American tradition against centralization. It was also felt that control of the money supply was largely mechanical within the framework of an operating gold standard and prescribed banking rules. The central bank did not give explicit attention to the objective of contrib uting to national economic growth and stabilization, as it does today. Its chief objective was to provide a flexible currency to meet the needs of agriculture, commerce, and industry which, it was felt, could bet ter be dealt with on a regional basis. The primary instrument of credit policy was the establishment of the re-discount rate by each Federal Reserve Bank on its loans to member banks. In the opinion of most people at that time, such rates were to reflect condi tions in the various districts of the country, and, as such, might vary from district to district. In the twenties and thirties there was a shift from Page 6 a regional to a national concept of monetary policy. This evolution reflected the development of a national money market, and the Banking Acts of 1933 and 1935 which centralized to some extent authority within the System. The individual Reserve Banks were retained and their functions continued, but responsibility for establishing a more unified policy became more clearly centered in the Board of Governors and the Federal Open Market Committee. Reflecting this shift, open market operations (purchase and sale of securities), conducted in the main money market of the country (New York City), became the major tool of monetary policy. Even the setting of discount rates became primarily a national function because of the more highly developed national money market. The im portance of this shift increased when member banks began borrowing in the fifties. The Role of a Reserve Bank in Monetary Policy: Today With the current emphasis on the national scope of monetary policy, the role of an individual Federal Reserve Bank warrants examination. Through partici pation on the Federal Open Market Committee the Federal Reserve Banks bring an independent judgment and channel information and attitudes from the many parts of the nation into the System as a whole. More over, the Federal Reserve Banks in establishing dis count rates subject to the review and determination by the Board of Governors must continue to inquire into local conditions although rates have usually been uniform throughout the nation. The present regional system provides an established channel of contact be tween the monetary authorities and the banks, busi nesses, and public, both for obtaining information and for adapting national credit policies to regional condi tions. The individual Reserve Banks, for instance, must administer the discounting function. System Monetary Actions During 1959 The major credit control functions of the Federal Reserve System are reflected in the combined balance sheet of the twelve Federal Reserve Banks. STATEMENT OF CONDITION THE TWELVE FEDERAL RESERVE BANKS (In thousands of dollars) Assets December 31, 1959 Gold certificate account .................................. $18,185,642 Redemption fund for F. R. notes ................ 978,083 Total Gold Certificate Reserves ........... 19,163,725 F. R. notes of other F. R. Banks ................ Other cash ......................................................... December 31, 1958 $19,012,893 937,919 19,950,812 524,450 359,396 476,993 336,474 Discounts and advances .................................. 457,726 Industrial loans ................................................ — Acceptances: Bought outright ............................................ 44,168 Held under repurchase agreement ......... 31,173 U. S. Govt, securities: Bought outright: Bills .............................................................. 2,605,765 — Certificates: Special ................................ Certificates: Other .................................. 10,506,993 Notes ............................................................ 11,010,298 Bonds ......................................................... 2,483,771 Total bought outright ............................. 26,606,827 Held under repurchase agreem ent............................41,500 Total U. S. Govt. Securities ................ 26,648,327 Total Loans and Securities .................. 27,181,394 63,963 336 2,250,450 — 18,649,726 2,867,565 2,483,771 26,251,512 _____ 95,000 26,346,512 26,459,900 Due from foreign banks ................................ 15 Cash items in process of collection ........... 6,437,306 99,575 Bank premises .................................................. Other assets ....................................................... 261,740 Total Assets ..............................................$54,027,601 15 5,630,684 93,636 146,641 $53,095,155 43,290 5,799 Liabilities and Capital Accounts Liabilities December 31, 1959 Federal Reserve notes .....................................$28,261,967 Deposits: Member bank— reserve accounts .............. U. S. Treasurer— general account ......... Foreign ........................................................... Other deposits ................................................ Total Deposits ......................................... 18,173,970 503,778 344,788 693,735 19,716,271 Defered availability cash items .................... 4,847,216 Other liabilities and accrued dividends . . . 28,620 Total Liabilities ....................................... 52,854,074 December 31, 1958 $27,872,023 18,503,991 358,364 272,485 390,851 19,525,691 4,335,126 21,683 51,754,523 During 1959 the Federal Reserve System in its open market operations (i.e., net buying of Government securities) provided reserves to member banks. These reserves were used primarily to offset a large gold outflow and to increase the money supply of the coun try about X of 1 per cent. A strong demand for credit by governments, busi nesses, and individuals during 1959 tended to exceed the amount of the nation’s saving plus the modest in crease in the money supply, and as a result interest rates moved up almost steadily. The Federal Reserve System, in part to make its open market actions more effective and to keep the discount rates in line with other money market rates, marked discount rates up three times during 1959, from a level of 2% per cent at the beginning of the year to 4 per cent at the end of the year. At the Federal Reserve Bank of St. Louis the discount rate adjustments were made effective March 13, May 29, and September 11. There were no changes in reserve requirements dur ing 1959. However, in early December Regulation D was amended by the Board of Governors so that mem ber banks having relatively large holdings of vault cash could count a part of this cash in meeting their reserve requirements. This action had the effect of freeing about $230 million of reserves for all member banks and about $5 million for member banks in the district.1 Although the major central banking functions relat ing to credit policy are better reflected in the com bined balance sheet of the twelve Federal Reserve Banks, the balance sheet of the Federal Reserve Bank of St. Louis is presented on page 8 for those interested in a picture of the St. Louis Bank’s share of the System’s assets and liabilities. Capital Accounts Capital paid in ................................................ 387,404 Surplus ................................................................ 774,808 Other capital accounts ................................................. 11,316 Total Liabilities and Capital Accounts. $54,027,601 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (percent) ......................................................... Contingent liability on acceptances pur chased for foreign corespondents ........... 363,098 868,410 109,124 $53,095,155 39.9 42.1 82,006 67,799 The above statement of condition of the twelve Federal Reserve Banks shows the assets and liabilities of the Federal Reserve System as of December 31, 1959, and the assets and liabilities at the end of 1958. The Federal Reserve condition statement is necessarily complex because its purpose is to provide a summary of the many factors which enter into the nation’s reserve banking position. A detailed review and analysis of System actions during 1959 will be published in the Annual Report of the Board of Gov ernors. Service Functions of a Reserve Bank In order to provide for a more smoothly functioning monetary system, to establish a fiscal agent for the Federal Government, to promote sound banking prac tices, and for other purposes, the Federal Reserve System has the responsibility of providing a wide variety of services. The officers and employees of a Federal Reserve Bank, directly or indirectly, devote most of their efforts to performing such services. These services cover a wide range of activities including: check collecting, supplying currency and coin, issuing and redeeming Government securities, lending to member banks, safekeeping securities, examining state member banks, and collecting and publishing statistics. 1 See "Vault Cash as Bank Reserves” in Monthly Review of this Bank for December, 1959. Page 7 Just as in the case of monetary policy, the service functions of the Reserve Banks were largely local in nature in the early years of the System. But as the population, commerce, and industry of the country have grown, as the marketing of many products has broadened to a national scope, as transportation, com munications, and general mobility have improved there has been a coordination of the service activities of the various Reserve Banks. Today there is a systemwide approach to these functions with more responsi bility placed in the Board of Governors and the Con ference of Presidents. Nevertheless, the individual Re serve Banks play a major role in policy formation by advising and by acting as a liaison between the region al “grass roots” and the Board in Washington, and in STATEMENT OF CONDITION FEDERAL RESERVE BANK OF ST. LOUIS (In thousands of dollars) Assets December 31, 1959 Gold Certificate Reserves Gold Certificate Account .................... Redemption fund for F. R. notes . . . Total Gold Certificate Reserves . . December 31, 1958 $ 723,963 46,241 770,204 $ 753,490 44,661 798,151 Federal Reserve Notes of Other Banks. Other Cash .................................................. 20,751 23,922 23,286 26,514 Discounts and Advances ......................... Industrial Loans ......................................... Acceptances ................................................ 14,785 2,262 U. S. Government Securities Bills ......................................................... Certificates .................................... Notes .......................................................... Bonds ....................................................... Total U. S. Government Securities. Total Loans and Securities ........... 105,977 427 319 447,789 101,015 1,082,100 1,096,885 Due From Foreign Banks ......................................1 Cash Items in Process of Collection . . 270,271 Bank Premises (Net) ................................ ...........7,036 Other Assets ................................................ 10,528 Total Assets ....................................... $2,199,598 91,805 760,797 116,979 101,323 1,070,904 1,073,166 1 232,400 6,862 5,917 $2,166,297 Liabilities and Capital Accounts adapting and applying the Regulations of the Board to local conditions. Service Functions During 1959 Since a Reserve Bank performs duties for the Fed eral Government and the community at large, the volume of activities of a Reserve Bank generally rise and fall with the overall level of business conditions. During 1959 there was a marked improvement in most lines of business with total activity reaching a new record. Similarly, the total volume of operations performed at the Reserve Banks increased substantial ly over the 1958 level. One should refer to the Board of Governors’ forth coming Annual Report for 1959, if an overall picture of the service activities of the Federal Reserve Sys tem is to be obtained. Even though the volume of operations is better analyzed in the aggregate, Table 1 presents, for those interested in regional activity, many statistics on the volume of operations at the St. Louis Bank and its Louisville, Memphis, and Little Rock Branches in 1959 and 1958. In addition to those activities listed the Bank performed many other serv ices which are not so easily quantified such as, exam ining member banks, collecting statistics, visiting member banks, publishing a Monthly Review, and analyzing economic conditions. In any large organization many employees perform duties which aid others in their work. In this line, it should be pointed out that the operations of the Reserve Bank and its branches ran more smoothly because of the efficient work of those in the Per sonnel, Audit, Planning, Machine Tabulation, and Purchasing Departments, the legal counsel, librarians, Number of City and Country Checks Handled Liabilities Federal Reserve Bank of St. Louis December 31, 1959 Federal Reserve Notes (Net) .................. $1,245,164 Deposits Member banks— reserve accounts . . 620,895 U. S. Treasurer— general account . . . 41,413 Foreign ..................................................... 12,876 Other deposits ....................................... 20,532 Total Deposits .................................. 695,716 Deferred Availability Items ..................... Other Liabilities and Accrued Dividends Total Liabilities ................................ December 31, 1958 $1,238,270 669,057 19,283 8,695 3,140 700,175 218,371 _____ 1,084 $2,160,335 174,787 793 $2,114,025 12,931 25,862 ............. 470 39,263 12,348 33,746 6,178 52,272 $2,199,598 $2,166,297 Capital Accounts Capital Paid in ........................................... Surplus .......................................................... Other Capital Accounts ............................ Total Capital Accounts .................. Total Liabilities and Capital Accounts ....................... MEMORANDA: Contingent liabilities on acceptances purchased for foreign correspondents increased from $2,509,000 on December 31, 1958 to $3,045,000 on December 31, 1959. The ratio of gold certificate re serves to deposit and F. R. Note liabilities combined was 41.2% on December 31, 1958 and 39.7% on December 31, 1959. Page 8 Millions 1947— 1959 Millions Table 1 C O M B IN E D VO LU M E OF Banks in the Eighth District O P E R A T IO N S 1 AT THE ST. L O U IS B A N K A N D THE LOUISVILLE, M EM PH IS, A N D LITTLE RO C K BR A N C H ES IN 1959 A N D 1958 NUMBER OF PIECES HANDLED CHECK COLLECTIONS AND RELATED OPERATIONS Checks (Total)......................... City C hecks....................... Country C he cks................... Government Checks.............. Postal Money O rd e rs............ Transfer of Funds.................... Non-cash Collections............... OPERATIONS AS FISCAL AGENT OF THE GOVERNMENT U. S. Savings Bonds Issued, Exchanged and Redeemed .. . . Other Government Issues........... Withheld Tax Depository Receipts Processed2 .............. Treasury Tax and Loan Account Transactions............ U. S. Gov’t. Interest Coupons Paid. . Percentage 1958 Change 1959 195,121,000 186,360,000 + 5 32,685,000 31,141,000 + 5 129,203,000 121,259,000 + 7 21,009,00021,019,000 -0 12,224,000 12,940,000 — 6 148,000 139,000 + 6 566,000 507,000 + 1 2 There were 488 member banks in the Eighth Fed eral Reserve District as of December 31, 1959, of which 320 were National banks and 168 were state member banks. Two new National banks joined the System in the district during the year: The American National Bank of Granite City, Granite City, Illinois The Fulton National Bank, Fulton, Missouri 7,186,000 437,000 7,224,000 396,000 — 1 +10 690,354 717,000 — 4 177,503 757,000 175,000 715,000 + + 1 6 MONEY HANDLING Currency .............................. Coin3 .................................. 205,025,000 395,759,000 196,441,000 373,168,000 + + 4 SAFEKEEPING SERVICES Securities Received and Released. . Coupons Detached ................. 171,000 363,000 179,000 343,000 — 4 + 6 1,293 769 +68 DISCOUNTING OPERATIONS Discounts and A dvances........... Two district banks left the System during the year. One consolidated with another member bank, and the other withdrew from membership and became a state nonmember bank. Nonmember banks in the district at years end totaled 988, making a total of 1,476 banks within the district. Table 3 Banks in Eighth Federal Reserve District December 31, 1959 DOLLAR VOLUME CHECK COLLECTIONS AND RELATED OPERATIONS ,959 1958 c Z g V Checks Handled (Total)...... $70,388,402,000 $63,711,653,000 + 1 0 City Checks................. 44,939,071,000 40,967,866,000 + 1 0 18,472,164,000 + 1 1 Country Checks............ 20,565,886,000 4,663,851,000 4,042,023,000 + 1 5 Government Checks ...... 219,594,000 229,601,000 — 4 Postal Money O rd e rs___ Transfer of Fu nd s............ 51,446,854,000 46,113,194,000 + 1 2 379,683,000 369,297,000 + 3 Non-cash Collections......... OPERATIONS AS FISCAL AGENT OF THE GOVERNMENT U. S. Savings Bonds Issued, Exchanged and Redeemed. 710,147,000 Other Government Issues .. . 11,540,833,000 U. S. Gov’t. Interest Coupons P a id ......................... 105,267,000 MONEY HANDLING Currency....................... 1,198,275,000 Coin3 ............................ 38,446,000 SAFEKEEPING SERVICES Coupons Detached 45,367,000 DISCOUNTING OPERATIONS Discounts and Advances .. . . 691,288,000 11,161,259,000 + 3 + 3 91,859,000 +15 3,770,982,000 + + +15 1,974,193,000 +91 cafeteria workers, guards, maintenance men, porters, cleaning force, and telephone operators. Despite the larger volume of operations conducted by the Federal Reserve Bank of St. Louis, total em ployment at the end of 1959 was virtually the same as a year earlier. (Table 2) Table 2 Employment Total 707 99 171 121 ................................................... 1,098 Nonmember Par Non Par ........ 237 55 20 55 ........ 271 119 30 121 1 ........ 107 37 23 47 0 ........ 205 39 12 154 0 107 101 11 2 13 75 ........ 459 49 79 276 55 ...... ........ 96 10 2 32 52 320 168 698 290 Tennessee ...... ........ 1,476 2 9 39,464,000 Dec. 31, 1959 Member National State Mississippi ...... ........ Total 1,169,222,000 35,364,000 1Figures are rounded to nearest thousand except for number of discounts and advances. 2Includes validated receipts received from Directors of Internal Revenue which were previously received as deposits of taxes. 3Does not include 81 millian unverified coins proved in connection with wrapping. St. Louis O ffic e ............................................. Little Rock B ra n c h ......................................... Louisville Branch ......................................... Memphis Branch ........................................... Total Dec. 31, 1958 707 95 170 128 1,100 Directors Structure of the Board—Each Federal Reserve Bank has a board of directors consisting of nine members, divided into three classes, designated as Classes A, B, and C. The six Class A and B directors are elected by the member banks, and the three Class C direc tors are appointed by the Board of Governors of the Federal Reserve System. One of the three Class C directors is designated Chairman of the Board and Federal Reserve Agent by the Board of Governors, and another is named Deputy Chairman. The terms of two of the elected directors and one of the ap pointed directors expire at the end of each year. Each branch of the Federal Reserve Bank of St. Louis has a board of directors of seven members, four of whom are appointed by the directors of the bank and three by the Board of Governors. The names of all direc tors as of February 1, I960, their classifications, and their occupational affiliations are shown on page 11. Page 9 St. Louis—Mr. Pierre B. McBride was again des ignated as Chairman of the Board and Federal Re serve Agent at the Federal Reserve Bank of St. Louis for the year 1960 by the Board of Governors of the Federal Reserve System. Mr. McBride has served in these offices since his appointment as Class C director in January 1957. During the six years immediately preceding his appointment to the St. Louis Board, he served as a director of the Louisville Branch. Mr. J. H. Longwell was reappointed by the Board of Governors as Deputy Chairman of the Board of Directors for 1960. He has been a Class C director of the Bank since January 1957 and has served as Deputy Chairman of the Board since January 1958. Mr. Norfleet Turner, President, The First National Bank of Memphis, Memphis, Tennessee, was selected by the Board of Directors of the Federal Reserve Bank of St. Louis to serve as a member of the Federal Advisory Council of the Federal Reserve System for the year 1960. He succeeded Mr. William A. Me* Donnell. There has been no change in the personnel of the directors of the St. Louis bank since last year’s report, because the three directors whose terms of office expired, Mr. Kenton R. Cravens, Mr. Harold O. McCutchan, and Mr. McBride, were re-elected or re appointed to new terms of office. Branches—There were four new appointments in cluding new chairmen for all three branch boards: Mr. H. C. Adams, Executive Vice President, The First National Bank of De Witt, De Witt, Ar kansas, was appointed as a member of the Little Rock Branch Board for a three-year term begin ning January 1, 1960. He succeeded Mr. Donald Barger. Mr. William K. Harrison, President, T. P. Taylor & Co., Inc., Louisville, Kentucky, was appointed as a member of the Louisville Branch Board for a three-year term beginning January 1, 1960. He succeeded Mr. David F. Cocks. Dr. Clay Lyle, Dean and Director, Division of Agriculture, Mississippi State University, State College, Mississippi, was appointed as a member of the Memphis Branch Board for a three-year term beginning January 1, 1960. He succeeded Mr. John D. Williams. Page 10 Mr. C. R. Caviness, President, National Bank of Commerce of Corinth, Corinth, Mississippi, was appointed as a member of the Memphis Branch Board for a three-year term beginning January 1, 1960. He succeeded Mr. John K. Wilson. Mr. T. Winfred Bell, and Mr. Merle E. Robertson were reappointed on the Little Rock and Louisville Branch Boards, respectively, for a three-year term beginning January 1, 1960. Officers During the year, Mr. Darryl R. Francis was pro moted from Vice President and Manager of the Memphis Branch to First Vice President of the Fed eral Reserve Bank of St. Louis. Mr. E. Francis DeVos was promoted from the position of Cashier of the Memphis Branch to Vice President of the Bank and designated Manager of the Memphis Branch, and Mr. Benjamin B. Monaghan was promoted from the posi tion of Assistant Cashier to Cashier of the Memphis Branch. Mr. Marvin L. Bennett was promoted from Assistant Vice President to Vice President of the Bank at St. Louis. Five new officers were appointed during the year: Mr. Carl T. Arlt was appointed as an Assistant Vice President. He assumed responsibilities in the Research Department under the direction of the Vice President in charge of that function. Mr. Paul I. Black, Jr. was appointed an Assistant Cashier of the Memphis Branch. Mr. John F. Breen, Jr. was appointed an Assistant Cashier of the Memphis Branch. Mr. George W. Dennison, formerly Assistant Manager of the Fiscal Agency Department, was appointed an Assistant Vice President. Mr. Richard O. Kaley, formerly Manager of the Planning Department, was appointed an Assistant Vice President. A list of officers as of February 1, 1960 is given on page 12. DIRECTORS February 1, 1960 LITTLE ROCK BRANCH DIRECTORS BOARD OF DIRECTORS Term Expires Pierre B . M cBride Appointed by the Board of Governors Dec. 31 W aldo E . Tiller, Chairman , President, T iller T ie and Chairman of the Board and Federal Reserve Agent J. H. Longwell Deputy Chairman of the Board CLASS A DIRECTORS Elected by M ember Banks (May be bankers) Elected by Group* H. L ee Cooper, President, Ohio Valley National Bank of Henderson, (140-42 No. Main St.), P. O. Drawer 5, Henderson, Kentucky 2 Term Expires Dec. 31 1960 Arthur W erre, Jr., Executive Vice President, First National Bank of Steeleville, Steeleville, Illinois 3 1961 Kenton R. Cravens, President, M ercantile Trust Company, (721 Locust St.) Drawer 5 2 4 Main P. O., St. Louis 66, Mo. 1 1962 CLASS B DIRECTORS Harold O. M cCutchan, Executive Vice Presi dent, Mead Johnson & Company, Evans ville 21, Ind. 1 2 3 1960 1961 1962 CLASS C DIRECTORS Appointed by the Board of Governors (Must not be officers, directors, employees, or stockholders of any bank) Jesse D . W ooten, Executive V ice President, MidSouth Chem ical Corporation, (1222 River side Blvd.), P. O. Box 346, Memphis 1, Tenn. J. H. Longwell, Director, Division of Agricultur al Sciences, University of Missouri, Colum bia, Mo. Pierre B . M cBride, President, Porcelain Metals Corporation, 1400 South Thirteenth St., Louisville 10, Ky. 1960 1961 1962 Member, Federal Advisory Council Norfleet Turner, Chairman of the Board, T he First National Bank of Memphis, P. O. Box 84, Memphis 3, Tennessee. t Group 1— Consists of banks with combined capital and surplus of $1,500,000 and over. Group 2— Consists of banks with combined capital and surplus of $300,000 and over, but under $1,500,000. Group 3— Consists of banks with combined capital and surplus under $300,000. Group classifications are subject to change by the Board of Governors of the Federal Reserve System. 1962 Appointed by the Directors of F ederal Reserve Bank J. W . Bellamy, Jr., President, National Bank of Com merce of Pine Bluff, (424 Main St.), P. O. Box 2052, Pine Bluff, Ark. E. C. Benton, President, Fordyce Bank and Trust Company, P. O. Box 352, Fordyce, Ark. J. V. Satterfield, Jr., Chairman of the Board and Presi dent, The First National Bank in L ittle Rock, (3rd and Louisiana Sts.), P. O. Box 1471, Little Rock, Ark. H. C. Adams, Executive Vice President, T he First National Bank of D e W itt, Box 511, D e W itt, Ark. 1960 1960 1961 1962 Appointed by the Board of Governors (Must be actively engaged in the district in business, agriculture, or some other commercial pursuit, and must not be officers, directors, or employees of any bank) S. J. Beaucham p, Jr., President, Term inal W are house Co., 500 Block E ast Markham, L ittle Rock, Ark. 1961 1960 LOUISVILLE BRANCH DIRECTORS Elected by Member Banks Leo J. W ieck, V ice President and Treasurer, The May Departm ent Stores Co., 6th and Olive Sts., St. Louis 1, Mo. Lum ber Company, Inc. (901 Union L ife Bldg.), P. O. Box 586, L ittle Rock, Ark. V acan cy .............................................................................................. T. W infred Bell, President, Bush-Caldwell Company and Arkansas E lectric Company, 123 Main St., Little Rock, Ark. J, D. Monin, Jr., Chairman , Farm er, R .F .D . 1, Oak land, Ky. Philip Davidson, President, University of Louisville, 2301 South 3rd St., Louisville 8, Ky. W illiam H. Harrison, President, T . P. Taylor & Co., (4010 Crittenden), P. O. Box 1884, Louisville 1, Ky. 1961 1960 1962 Appointed by the Directors of Federal Reserve Bank W . Scott M cIntosh, President, State Bank of Hardinsburg, Hardinsburg, Ind. John G. Russell, President, T h e Peoples First National Bank & Trust Company of Paducah, 300 Broad way, Paducah, Ky. 1960 1960 John R. Stroud, Executive V ice President, The First National Bank of M itchell, (628 Main St.), Box 37, M itchell, Ind. Merle E . Robertson, Chairman of the Board and Pres ident, Liberty National Bank and Trust Company of Louisville, (201 W . Market St.), P. O. Box 1499, Louisville 1, Ky. 1961 1962 MEMPHIS BRANCH DIRECTORS Appointed by the Board of Governors S. L . Kopald, Jr., Chairman, Executive Vice President, Humko Division, National Dairy Products Cor poration, (1702 Thomas St.), P. O. Box 398, M em phis 1, Tenn. Frank L ee W esson, President, W esson Farm s, Inc., Victoria, Ark. Clay Lyle, Dean and D irector, Division of Agriculture, Mississippi State University, Box 1564, State Col lege, Miss. 1960 1961 1962 Appointed by the Directors of F ederal Reserve Bank John E . Brown, President, Union Planters National Bank of Memphis (Madison Ave. at Front St.), P. O. Box 387, Memphis 1, Tenn. Simpson Russell, President, T he National Bank of Com m erce of Jackson, Jackson, Tenn. J. H. Harris, Chairman of the Board, T h e First National Bank of W ynne, P. O. Box 111, W ynne, Ark. Charles R. Caviness, President, National Bank of Com merce of Corinth, P. O. Box 869, Corinth, Miss. 1960 1960 1961 1962 Page 11 OFFICERS February 1, 1960 Delos C. Johns, President Darryl R. Francis, First Vice President Dale M. Lew is, Vice President Howard H. W eigel, Vice President and Secretary C B u ild in g D e p a rtm e n t, P u r c h a s in g -D is c r e d it D o u n t epa r t m en t Stephen Koptis, Assistant Vice President D e p a rtm e n t J. M. Geiger, Assistant Vice President F ie l d S e r v ic e D epa r t m en t W . E . W alker, Assistant Vice President P e r s o n n e l D e p a rtm e n t, P r o te c tio n M o n e y D e p a r tm e n t, S a fe k e e p in g D e p a r tm e n t D e p a rtm e n t John J. H ofer, Assistant Vice President W illis L . Johns, Assistant Vice President George E . Kroner, Vice President E x a m in a t io n D epa r t m en t Orville O. W yrick, Chief Examiner W ilbur H. Isbell. Assistant Chief Examiner Joseph C. W otawa, Vice President Homer Jones, Vice President A c c o u n t in g D R epa r t m en t C D o l l e c t io n D esea r c h epa r t m en t W illiam J. Abbott, Adviser Carl T . Arlt, Assistant Vice President Paul Salzman, Assistant Vice President Marvin L . Bennett, Vice President epa r t m en t E arl R. Billen, Assistant Vice President F is c a l A g en c y D epa r t m en t George W . Dennison, Assistant Vice President D ata P r o c e s s in g D epa r t m en t Richard O. Kaley, Assistant Vice President L eg a l D epa r t m en t Gerald T . Dunne, Counsel and Assistant Secretary P l a n n in g D A u d it epa r t m en t D e p a rtm e n t George W . Hirshman, General Auditor W oodrow W . Gilmore, Assistant Vice President LITTLE ROCK BRANCH Fred Burton, Vice President and Manager S. C. Davis, Cashier W . J . Bryan, Assistant Cashier Clifford W ood, Assistant Cashier LOUISVILLE BRANCH Donald L . Henry, Vice President and Manager John W . Menges, Cashier Louis A. Nelson, Assistant Cashier C larence J. W oertz, Assistant Cashier MEMPHIS BRANCH E . Francis DeVos, Vice President and Manager Benjamin B . Monaghan, Cashier John F . Breen, Jr., Assistant Cashier Page 12 Paul I. Black, Jr., Assistant Cashier
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