Newspaper article THE JOURNAL RECORD

Move of Dallas Fed Entails Lots of Boxes, Lots of Money

Newspaper article THE JOURNAL RECORD

Move of Dallas Fed Entails Lots of Boxes, Lots of Money

Article excerpt

By Evan Ramstad

Associated Press

DALLAS _ The moving list for this longme resident looks something like this: 20,000 boxes, 1,400 personal computers, tons of furniture and mounds of files.

Oh, and money, lots and lots of money.

Throughout the summer, the Federal Reserve Bank of Dallas will move from the imposing granitedmestone building it has occupied for 71 years to a $108 million facility 12 blocks away featuring a 14-story tower on sixres.

So far, much of the move has occurred on weekends to avoid disrupting the bank's operation. The Dallas Fed _ one of 12 regional Fed banks _ holds much of the deposits of member banks and savings and loans in Texas, northern Louisiana and southern New Mexico. Those institutions rely on it daily to do things like process checks and borrow or save cash.

The relocation has been no ordinary job for the movers or the bank's 1,200 employees.

"It goes a lot slower than you think," said Robin Wilson, an operations analyst and coordinator of the move.

"They (employees) show up so enthusiastic Saturday morning, but by 9 that night, they have really got a taste of what it takes to move," added Harvey Mitchell, the other move coordinator.

About twoirds of the bank's employees, including the research and loan departments, have been relocated so far. The bank has 25 departments.

Not surprisingly, Fed officials have been hushsh about when or how all the money and securities _ "in the low billions" in cash alone, according to one spokesperson _ will leave the old building.

One reason for the move is that the Fed had run out of room to keep all the coins and bills in its old twoory vault.

The bank's new home features an underground vault five stories deep with a computerized robotic storage system. "The operator can just tell the computer to bring out the oldest batch of $20 bills in here," Mitchell said. …

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