For immediate release: June 24, 2010
Federal Reserve to Restructure San Antonio Branch
DALLAS—The Federal Reserve Bank of Dallas today announced a restructuring of its San Antonio Branch with the goal of reducing operating costs and improving efficiency.
The Federal Reserve will switch from branch-based cash services to a cash depot within San Antonio in 2011. Under a cash depot arrangement, the Federal Reserve receives and deploys currency to financial institutions from an off-site facility, usually operated by an armored carrier.
The San Antonio Branch will remain open and continue other functions, such as public programs and economic research. Additionally, the San Antonio Branch board composed of regional business and civic leaders will continue to provide a valuable “Main Street” perspective on Central and South Texas economic conditions.
“These operational changes will enable us to continue serving our customers’ cash needs at the same levels we do now while achieving greater cost efficiency,” said Blake Hastings, vice president in charge of the San Antonio Branch. “Our economic research and public outreach efforts, which represent a significant role for our branch, will continue to build on their tremendous base of activities.”
Approximately 80 employees work at the San Antonio Branch. The number of employees who will be affected by the restructuring is undetermined at this time.
The Federal Reserve currently operates cash depots in Birmingham, Ala.; Buffalo, N.Y.; Little Rock, Ark.; Louisville, Ky.; Oklahoma City, Okla.; Omaha, Neb.; and Portland, Ore.
Established by Congress in 1913, the Federal Reserve System serves as the nation’s central bank to provide a safe and stable monetary and financial system. The Dallas Fed and its branches in San Antonio, Houston and El Paso serve the Eleventh Federal Reserve District, which includes Texas, northern Louisiana and southern New Mexico.
The Dallas Fed’s San Antonio Branch opened in 1927 and moved to its current location at 126 E. Nueva Street in 1956.
For further information, visit www.dallasfed.org.
Phone: (214) 922-5307