Full text of Roundup : January 1984
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DALLAS Federal Reserve Bank of Dallas January 1984 Identity Program Introduced at Dallas Fed The Federal Reserve Bank of Dallas has announced a new corporate iden tity program which will take effect January 1. This program is designed to create a comprehensive and cohesive approach for the Bank in all its com munications efforts and to provide a single identity to the various aspects of the Bank’s operations. “The new identity program will ad dress certain issues brought forth by the Monetary Control Act of 1980,” President Robert H. Boykin said. “ Im plementation of this act has required that we become more responsive to the needs of all the financial institutions which represent our new constituency. In addition, it is imperative that we establish visibility as a provider of services.” The Dallas Fed’s corporate identity program will become immediately visi ble to institutions and others who receive any of the Bank’s publications, circulars or releases. According to Boykin, the new identity also will be used in all Bank let te rh e a d s, enve lopes and business cards. A primary com ponent of the new identity program is a logo which will sym b o lize the Dallas Fed in all printed materials. The design se lected incorporates elements from two primary sources: U nited S ta te s paper currency and the flags of the State of Texas and the United States. This design was created to encom pass the diverse functions of the Bank, the region of the country in which it operates and its national heritage. Created by an act of Congress in 1913, the Federal Reserve System is the nation’s central bank. One of its primary functions is to issue and distribute Federal Reserve notes, under authorization of the U.S. govern ment. Each denomination of paper cur rency in the United States has a seal located to the left of the portrait in dicating which of the 12 Federal Reserve Banks issued the note. This seal bears the name and code letter of that bank. For example, the letter K —the eleventh le tte r of the alphabet—is associated with the Federal Reserve Bank of Dallas and the Eleventh Federal Reserve District. This Reserve Bank seal is represented by the black border of the Bank’s new logo. The colors found inside the border of the symbol represent those in the flags of the State of Texas and the United States. The colors of both flags mean the following: courage (red), purity and liberty (white), and loyalty (blue). The State of Texas flag often is called the Lone Star flag because of a single fivepoint star located on the left side of the design. The same design previously was used as the flag of the Republic of Texas before Texas became a state. The Lone Star flag was designed by Dr. Charles B. Stewart and was approved by Mirabeau B. Lamar. The flag was adopted by the Third Congress of the Republic of Texas in Houston on January 25, 1839. INSIDE______________ ■ SALARY SURVEYS________ ■ RESERVE REQUIREMENTS ■ DISTRICT CHANGES This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Dallas Fed Publishes 1983 Salary Survey Results The average chief executive officer’s salary was $71,785 in 1983 for those banks which participated in the Dallas Fed’s Officers’ Salary Survey pub lished in December. This survey, along with the Employees’ Salary Survey, is published each year with both member and nonmember banks in the Eleventh Federal Reserve District given the chance to participate. The surveys provide information on the average, maximum and minimum salaries for 31 official positions and 28 employee positions. Compensation in addition to salaries also is reported. In addition to averages reported for all participating banks in the Eleventh District, the information is compiled according to each of nine geographic areas and according to each of six deposit size categories. The Officers’ Salary Survey, for ex ample, indicates an average chief ex ecutive officer’s salary of $71,785 across the Eleventh District in 1983, compared to $65,929 reported for this position in the 1982 survey. Chief executive officers’ salaries ranged from a minimum of $18,000 to a max imum of $220,000. Persons in these positions had an average 21 years of banking experience, with seven years in the chief executive position. These positions also included an average bonus of $13,079, average profit shar ing of $7,691, average insurance benefits of $1,768, and average retire ment benefits of $7,369. The survey also indicates that average chief ex ecutive officer salaries varied in 1983 according to geographic area (see map). In addition to the chief executive of ficer position, the Officers’ Salary Survey provides data on loan officers, trust officers, planning officers, con trollers and branch managers among o th e r o ffic ia l p o s itio n s . The Employees’ Salary Survey provides in formation on such positions as paying and receiving tellers, clerks, machine operators, bookkeepers, programmers, custodians, and other categories of tellers and secretaries. Additional copies of the 1983 Of ficers’ Salary Survey and Employees’ Salary Survey are available upon re quest to the Public Affairs Department. Directors Announced The Federal Reserve Bank of Dallas has announced appoint ments to its Head Office Board of Directors effective January 1. Robert D. Rogers, president and chief executive officer of Texas Industries, Inc., has been designated by the Board of Governors of the Federal Reserve System as chairman of the board of directors. Rogers replaces Gerald D. Hines, owner of Gerald D. Hines Interests, who has served as chairman since 1981. Rogers has served as a director for the Bank since 1980. John V. James, chairman of Dresser Industries, Inc., has been reappointed to the board of direc tors and was redesignated depu ty chairman of the board. Dr. Kent Gilbreath, associate dean of the Hankamer School of Business at Baylor University, and Miles D. Wilson, chairman of the board and chief executive of ficer of the First National Bank of Bellville, have been reelected directors. Elvis L. Mason, chairman of the board and chief executive officer of InterFirst Corporation, has been selected by the Board of Directors of the Federal Reserve Bank of Dallas to represent the Eleventh District on the Federal Advisory Council. The council is composed of individuals in the banking industry from all 12 Federal Reserve d is tric ts . Members meet at least four times per year in Washington, D.C. to discuss issues relevant to economic and credit conditions as well as general banking practices. Each Federal Reserve Bank has a nine-member board of directors which oversees opera tions under the general supervi sion of the Board of Governors. Transition Period Begins For Contemporaneous Reserves ■ In the last of a two-part series, Round up looks at the transition period associated with the implementation of co n te m p o ra n e o u s reserve re quirements in February. ning Thursday, Jan First CRR Computation uary 12, and end and Maintenance Periods ing W ednesday, January 18. The first main The transition period to contem te n an ce period JAN. 1 2 4 3 5 7 6 poraneous reserve accounting associated with will involve a change to two separateCRR implementa 8 9 10 11 12 13 14 reserve computation periods and will tion begins Tues include carryover provisions to allow day, February 2, 15 17 16 18 19 20 21 financial institutions time to adjust to and ends Wednes these changes. Under the former day, February 15. 22 27 23 25 26 24 28 lagged method of accounting for The corresponding reservable liabilities, financial institu computation peri 29 30 31 FEB. 1 3 2 4 tions reported both transaction and ods a ss o c ia te d nontransaction accounts during the w ith th is m ain 5 7 6 same one-week period and were re tenance period are 8 9 10 111 quired to hold reserves against those as follow s: Re accounts two weeks later. Under con quired reserves on 12 13 16 17 18 temporaneous reserve requirements nontransaction ac co u n ts w ill be (CRR), required reserves for financial Contem poraneous Com putation Period institutions will be based on deposits calculated during Lagged Com putation Period from two separate 14-day computation the period from M aintenance Period periods—one lagged period for non Tuesday, January transaction accounts and one contem 3, through Monday, January 16. Re ciated with the first contemporaneous poraneous period for transaction quired reserves on transaction ac maintenance period (see table). accounts. counts will be calculated during the During the first year under CRR, the The transition between these two period from Tuesday, January 31, allowable carryover of excess or defi methods will occur in January and through Monday, February 13 (see cient reserve balances temporarily has calendar). February. The last maintenance period been increased from 2 to 3 percent. under the lagged method will begin Because of the overlap involved Between February 2 and August 2, Thursday, January 26, and will end in this transition, it will be 1984, the allowable carryover will be 3 seven days later on Wednesday, necessary for financial institutions to percent. Between August 2 and Janu February 1. The corresponding com keep track of reservable liabilities dur ary 30, 1985, the carryover will be 2.5 putation period for both transac ing three separate computation peri percent. On January 31,1985, the 2 per tion and nontransaction accounts ods in January—once under the lagged cent carryover provision will be will be the seven-day period begin method and two additional times asso reestablished. s M T w T F ■ TRANSITION SCHEDULE Computation period for: Required reserves on nontransaction accounts Required reserves on transaction accounts Corresponding maintenance period January 12 — January 18' January 3 — January 162 January 17 — January 30 January 31 — February 13 January 12 — January 18 January 31 — February 13 February 14 — February 27 February 28 — March 12 January 26 — February 1 February 2 — February 15 February 16 — February 29 March 1 — March 14 1. Last computation and maintenance period under previous accounting method 2. First computation and maintenance period under CRR method S Board Approves Transfer of Counties The Federal Reserve Board has announced approval of the transfer of eight counties in Oklahoma from the Eleventh Federal Reserve District to the Tenth Federal Reserve District ef fective May 1984. The affected coun ties are Atoka, Bryan, Choctaw, Coal, Johnston, McCurtain, Marshall and Pushmataha (see map). After the transfer, these counties will be served by the Oklahoma City Branch of the Federal Reserve Bank of Kansas City instead of the Federal Reserve Bank of Dallas. Operational details about the change will be announced at a later date. The Dallas Fed will continue to serve the state of Texas, southern New Mex ico and northern Louisiana. In addition to the state of Oklahoma, the Kansas City Fed will continue to serve northern New Mexico, Colorado, Wyoming, Nebraska, Kansas and western Missouri. > ccn ££ 3 9 o "2. CD B "O o m3 CD 30 a> o D C X O OB 3 E Q) O ’ CD O Q- (/) 3 ao» 9 o CD O » § » om^ CD 3, T) CD o 2 § CZ) 5" o < ELEVENTH FEDERAL RESERVE DISTRICT (Dallas, Texas)