DENVER BUSINESSMAN TO SERVE AS CHAIRMAN
OF THE FEDERAL RESERVE BANK OF KANSAS CITY

     The Board of Governors of the Federal Reserve System has appointed Richard H. Bard, CEO and founder of Bard & Co., Denver, Colo., to serve as chairman of the Federal Reserve Bank of Kansas City effective April 1, 2003. Bard has served as a director and deputy chairman since January 1, 2002.

     Bard is a Denver-area-based business operator and investor.  His background includes founding and participating in the senior management of three former NYSE-traded companies, and one NASDAQ-based company. Bard & Co. has active investments in specialty manufacturing, supply-chain consulting, media, paper distribution, and commercial real estate.

     Bard is active in education, health care and the arts in the Denver community.  Through the Bard Family Foundation, he has endowed the Center for Entrepreneurship Development at the University of Colorado at Denver, where he chaired the board of advisors of the College of Business and is a founding member of the Institute for International Business.  Bard is a founding member of the Economics Club of Denver.

     Bard replaces Terrence P. Dunn, president and chief executive officer, J.E. Dunn Construction Company, Kansas City, Mo. who retired from the Board effective March 31, 2003.  Dunn had been on the Bank's Board since 1998, serving as Deputy Chairman from 1998 to 2000, and as Chairman from 2001 to present.

     Other Federal Reserve Bank of Kansas City board members include: Dan L. Dillingham, chief executive officer, Dillingham Insurance, Enid, Okla.; Jeffrey L. Gerhart, president and chief executive officer, First National Bank, Newman Grove, Neb.; Hans C. Helmerich, president and chief executive officer, Helmerich & Payne, Inc. Tulsa, Okla.; 

     Rhonda Holman, vice president, Kauffman Center for Entrepreneurial Leadership at the EM Kauffman Foundation, Kansas City, Mo.; Frank Moore, President, Spearhead Ranch Company, Douglas, Wyo.; Bruce A. Schriefer, president, Banker's Bank of Kansas, Wichita, Kan.; and Rick L. Smalley, president and chief executive officer, Dickinson Financial Corporation, Kansas City, Mo.

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