FEDERAL RESERVE ANNOUNCES CHANGES TO CASH INFRASTRUCTURE

          Cash processing operations carried out by the Federal Reserve Bank of Kansas City’s Oklahoma City Branch will transition to a third-party vendor that will operate a cash depot operation in Oklahoma City, serviced by the Federal Reserve Bank of Dallas as part of an ongoing review of cash operations across the Federal Reserve System.

          Financial institutions currently served by the Oklahoma City Branch’s cash operation are not expected to see a significant change in the level of cash services.

          The transition is expected to occur in early 2006 and will result in the elimination of approximately 60 jobs in cash handling and related support positions. The Federal Reserve will offer a variety of programs to affected staff, including separation packages, extended medical coverage and career transition assistance.

          In approving the transition, the Board of Directors of the Federal Reserve Bank of Kansas City recognized the substantial impact on the Branch’s operations and expressed its continuing commitment to Oklahoma City and the region.

          “We have depended on the good work of our employees and the directors at the Oklahoma City Branch and will continue to do so,” said Thomas M. Hoenig, president and chief executive officer of the Federal Reserve Bank of Kansas City.

          The Oklahoma City Branch will maintain staff to carry out the banking supervision function and continue public and community affairs programs as well as support of the Bank’s monetary policy role, including the Branch Board of Directors.

          The Federal Reserve Bank of Kansas City and its branches serve the Tenth Federal Reserve District, an area that includes Oklahoma, Kansas, Nebraska, Wyoming, Colorado, northern New Mexico and western Missouri.

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