FEDERAL RESERVE BANK ANNOUNCES
NEW DIRECTORS FOR KANSAS CITY BOARD

The Federal Reserve Bank of Kansas City announces the results of the recent elections for two positions on the Bank's board of directors.

Robert C. Fricke, president and CEO of the Farmers & Merchants Bank of Ashland, Nebraska, will serve a three-year term as a Class A director, effective Jan. 1, 2005, representing Group 3 member banks. Group 3 includes member banks having a combined capital and surplus of less than $2.5 million.

Frank Moore, president of Spearhead Ranch Company, Douglas, Wyoming, will serve a second three-year term as a Class B director, effective Jan. 1, 2005, also representing Group 3 member banks.

The Reserve Bank's board includes nine directors, six of whom are elected by the member banks in the seven states of the Tenth Federal Reserve District: Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico and western Missouri. Three of the directors are appointed by the Federal Reserve Board in Washington, D.C. to represent the general public.

Reserve Bank directors meet monthly to oversee the Bank's operations and policies, and to confer on economic and banking developments. Among directors' responsibilities is establishing the Bank's discount rate, subject to review and determination by the Federal Reserve Board.

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