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Federal Reserve to break ground on new Houston Branch

For immediate release: October 8, 2002

Houston—The Houston Branch of the Federal Reserve Bank of Dallas will break ground on its new 280,000-square-foot building at 1801 Allen Parkway at 10 a.m. Wednesday, October 16.

Roger W. Ferguson, Jr., vice chairman of the Federal Reserve Board of Governors, will serve as keynote speaker. Dallas Fed president Bob McTeer also will address attendees. Former Federal Reserve Governor and Houstonian Edward Kelley will be on hand for the event.

"The new building will allow the Houston Branch to enhance its operational efficiencies, particularly in the area of currency, which has experienced significant volume increases," said Bob Smith, Dallas Fed senior vice president in charge of the Houston Branch.

The building is scheduled for completion by summer 2005. The new facility will replace the Houston Branchâ??s current facility at 1701 San Jacinto St.

The Bank selected Princeton, N.J., design architect Michael Graves, recipient of the 2001 American Institute of Architects Gold Medal, and the Houston-based architectural firm of PierceGoodwin Alexander and Linville to design the building. Linbeck Construction Co. will supervise construction.

Locating the Branch along Allen Parkway in Houstonâ??s historic Fourth Ward will provide an opportunity to enhance one of the city's greenbelts and create a gateway to downtown.

"This new building will capture the multicultural, international and industrial traditions of a contemporary city while staying loyal to the classical foundations of the Federal Reserve System," Smith said.

The Dallas Fed serves the Eleventh Federal Reserve District, which encompasses Texas, northern Louisiana and southern New Mexico. As part of the nationâ??s central banking system, the Dallas Fed participates in setting national monetary policy, supervises and regulates numerous commercial banks, and provides check processing and other payments services to depository institutions and the U.S. government.

The Dallas Fed has branches in Houston, San Antonio and El Paso.

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