Full text of Federal Reserve Bank of Cleveland

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FEDERAL RESERVE BANK OF CLEVELAND

History
Shortly after Congress passed the Federal Reserve Act on
December 23, 1913, a committee was organized by the Cleveland Chamber
of Commerce, the Cleveland Clearing House Association and seven other
groups interested in having one of the twelve proposed Federal Reserve
banks located in Cleveland.

Their efforts were successful and on

November 16, 1914, the Fedel'.'al Reserve Bank of Cleveland opened for
business in the Williamson Building on Public Square.
In 1917 and 1918 the bank opened branches in Cincinnati and
Pittsburgh.

Then, as operations at its Main Office continued to expand,

the bank built its present 12-story structure at East Sixth Street and
Superior Avenue and moved into it on August 27, 1923.

Among its unique

features was a vault door which was - - and still is - - the largest in the
world.

It weighs over 100 tons and is so precisely balanced on its 37-ton

crane hinge that it can be opened and closed by one man.

February, 1966
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Services
The Federal Reserve Bank of Cleveland is a bankers I bank in the
sense that it performs for its member banks in the Fourth Federal Reserve
District many services similar to those which commercial banks perform
for their customers.

The Reserve bank receives deposits from its member

banks, makes loans to them, receives and pays out cash, and collects
checks.
Largest of the bank's departments is Check Collection.

In our

Cleveland, Cincinnati and Pittsburgh offices in 1965 operators received,
sorted, tabulated, and transmitted approximately 412 million checks, with
a value of more than $131 billion -- an all-time high.
The bank serves as a reservoir of currency and coin to provide
cash for the needs of 17 million people in the Fourth District.

At its three

offices last year the bank paid out $2. 25 billion in currency and $70 million
in coin,

During 1965 the bank paid out 4,416 tons of coins wrapped in

21. 7 million rolls.

Ninety-eight percent of the coins shipped to member

banks are wrapped.
As fiscal agent for the United States Government in its District,
the Federal Reserve bank assists in U. S. Treasury and Savings Bond
transactions and in the collection of certain Federal taxes.

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Area Served
The geographical area served by the Federal Reserve Bank of
Cleveland and its branches at Cincinnati and Pittsburgh is known as the
Fourth Federal Reserve District.

It includes the 88 counties in Ohio, 56

counties in Eastern Kentucky, 19 counties in Western Pennsylvania and the
six ''panhandle" counties of West Virginia,

About ten percent of the nation's

commerce, industry and agriculture is conducted in this District.

Staff Members
Approximately 1, 500 men and women are employed at the bank's
three offices.

Nearly 60 percent of them are women and one out of every

six has served the bank continuously for 25 years or more.

Chairman of the Board and Chief Executive Officers
At the head of the Federal Reserve Bank of Cleveland is Joseph B.
Hall, chairman of the Board of Directors,

Mr. Hall is a Director and past

chairman of the Board of The Kroger Company, Cincinnati, Ohio.
W. Braddock Hickman is president of the bank and Walter H. MacDonald is
first vice president (effective March 1, 1966).

EDUCATION COMMITTEE
THE CLEVELAND CHAMBER OF
COMMERCE

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