I am pleased to announce that the St. Louis Fed will establish a regulatory presence at our Memphis Branch by midyear 2004. We are the banking supervisor for a growing number of state member banks, and we-re also responsible for regulating all bank holding companies within our District-the largest of which are located in Memphis.
Our reason for establishing a Memphis office is simple: We want to improve our visibility and become more accessible to bank holding companies and all of our constituents. I believe we can be more effective as a Mid-South banking supervisor if we establish a physical presence in Memphis. I also believe that better proximity is one small way we can counter the regulatory pressures many banking organizations-especially small ones-face every day.
Initially, our Memphis office will be staffed with four to five experienced examiners who will relocate from St. Louis. In time, the operation will grow to approximately 10 regulatory professionals.
Our satellite operation will be led by two senior examiners: Mike White and Bill Samisch. Mike will serve as manager of the office, and Bill will serve as the deputy manager. Mike has 15 years of banking and regulatory experience. Among other responsibilities, Mike has been a field examiner, served as central point of contact for two large multi-bank holding companies and coordinated our District-s participation in the Shared National Credit review. Likewise, Bill has more than 12 years of banking and regulatory experience along with significant expertise in the examiner-training field.
In addition to their office management responsibilities, both Mike and Bill will be involved in supervisory and regulatory outreach efforts. We want them to serve as local resources for you, our bankers in the Eighth District, and I certainly hope you feel comfortable contacting them whenever you have a question or concern.