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Federal Reserve Bank of Dallas l l★K P.O. BOX 655906 DALLAS, TEXAS 75265-5906 HELEN E. HOLCOMB FIRST VICE PRESIDENT AND CHIEF OPERATING OFFICER February 6, 2003 Dear Chief Executive Officer, As you may be aware, consumers and businesses are increasingly demonstrating their preference for more efficient electronic payments as substitutes for paper checks—a trend the Federal Reserve has actively promoted. In response to this shift in payment preferences, we are implementing a series of operational changes designed to enhance our ability to continue providing efficient, highquality payment services to our customers nationwide. Today we are announcing changes that will streamline our check management structure; eliminate processing in some locations and increase capacity in others; reduce staff and improve productivity. The attached table provides information about how the Federal Reserve will restructure its check processing operations to 32 locations and check adjustment operations to 12 locations nationwide. Although a detailed schedule is not yet available, we expect to begin making these changes later this year and to conclude implementations by the end of 2004. These changes will provide greater flexibility to manage check operations in an environment of declining volumes and will allocate processing functions more efficiently. The changes are also SM consistent with previous efficiency-improving initiatives in areas such as FedACH and Fedwire® operations. We believe these decisions will position us to remain a long-term, cost-effective provider of check services to depository institutions nationwide. While checks will be processed and adjustments carried out at different locations in some areas of the country, I want to assure you that the Reserve Banks are not exiting any market. Most important, we are working to maintain depository institution deposit times and availability as close as possible to current levels. In addition, new check imaging and check adjustments technology will enable us to maintain existing high-quality services and provide new services. We look forward to sharing more details in the near future and to discussing these changes with you. Related information will be posted, as it becomes available, on the Federal Reserve Financial Services Web site, www.frbservices.org. In the meantime, if you have any questions, please call one of this Bank’s account executives listed below. Rick Flansburg Michele Hitchings Jim McCammon Susan Vice Kathy Waggoner (210) 978-1661 (713) 652-9141 (214) 922-5491 (214) 922-5430 (713) 652-9146 Sincerely, Attachment Federal Reserve Banks Check Processing and Check Adjustment Restructuring Move Check Move Check Office Locations Processing to Adjustments to ______________________________________________________________________________ District One (Boston) Boston, Mass., main office ----Windsor Locks, Conn. Windsor Locks, Conn., check processing site3 --------District Two (New York) New York, N.Y., (ops. in E. Rutherford, N.J.) 1 --------Utica, N.Y., check processing site3 --------District Three (Philadelphia) Philadelphia, Pa., main office3 --------District Four (Cleveland) Cleveland, Ohio, main office3 --------Cincinnati, Ohio, branch ----Cleveland, Ohio Columbus, Ohio, check processing site1 --------Pittsburgh, Pa., branch Cleveland, Ohio Cleveland, Ohio District Five (Richmond) Richmond, Va., main office Baltimore, Md. Charlotte, N.C. Baltimore, Md., branch ----Charlotte, N.C. Charleston, W.Va., check processing site2 Cincinnati, Ohio Cleveland, Ohio Charlotte, N.C., branch3 --------Columbia, S.C., check processing site2 Charlotte, N.C. Charlotte, N.C. District Six (Atlanta) Atlanta, Ga., main office ----Jacksonville, Fla. Birmingham, Ala., branch ----Jacksonville, Fla. Jacksonville, Fla., branch3 --------Miami, Fla., branch Jacksonville, Fla. Jacksonville, Fla. Nashville, Tenn., branch ----Jacksonville, Fla. New Orleans, La., branch ----Jacksonville, Fla. District Seven (Chicago) Chicago, Ill., main office (ops. at Midway) ----Detroit, Mich. Des Moines, Iowa, check processing site ----Detroit, Mich. Detroit, Mich., branch3 --------Indianapolis, Ind., check processing site2 Cincinnati, Ohio Cleveland, Ohio Milwaukee, Wis., check processing site2 Chicago, Ill. Detroit, Mich. Peoria, Ill., check processing site2 Chicago, Ill. Detroit, Mich. District Eight (St. Louis) St. Louis, Mo., main office3 --------Little Rock, Ark., branch Memphis, Tenn. St. Louis, Mo. Louisville, Ky., branch Cincinnati, Ohio Cleveland, Ohio Memphis, Tenn., branch ----St. Louis, Mo. District Nine (Minneapolis) Minneapolis, Minn., main office3 --------Helena, Mont., branch ----Minneapolis, Minn. District Ten (Kansas City) Kansas City, Mo., main office3 --------Denver, Colo., branch ----Kansas City, Mo. Oklahoma City, Okla., branch ----Kansas City, Mo. Omaha, Neb., branch Des Moines, Iowa Detroit, Mich. District Eleven (Dallas) Dallas, Texas, main office ----Houston, Texas El Paso, Texas, branch Dallas, Texas Houston, Texas Houston, Texas, branch3 --------San Antonio, Texas, branch Dallas, Texas Houston, Texas District Twelve (San Francisco) San Francisco, Calif., main office ----Portland, Ore. Los Angeles, Calif., branch ----Portland, Ore. Portland, Ore., branch3 --------Salt Lake City, Utah, branch ----Portland, Ore. Seattle, Wash., branch ----Portland, Ore. ______________________________________________________________________________ 1 2 3 The check adjustment function at the Federal Reserve Bank of New York’s East Rutherford, N.J., payments processing office was previously moved to the Utica, N.Y., office. The check adjustment function at the Federal Reserve Bank of Cleveland’s Columbus, Ohio, office was previously moved to the Cincinnati, Ohio, office. Cincinnati’s check adjustment function will now move to the Cleveland, Ohio, office. Site will close. Indicates no change in the processing site or the adjustment site. 2
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