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V.I. EXECUTIVE RENAMED TO FEDERAL RESERVE POSTS

Oct. 14, 2003 – Wesley S. Williams Jr., co-chair and co-chief executive officer of Lockhart Companies Inc., has been reappointed to the board of directors of the Federal Reserve Bank of Richmond, Virginia, and redesignated as the bank's chair until 2005.
The reappointment and redesignation were announced recently by the board of governors of the Federal Reserve System.
The St. Thomas-based Lockhart Companies comprise 17 real estate, insurance and consumer finance subsidiaries including Lockhart Realty, Guardian Insurance Co., Heritage Insurance Co. of the British Virgin Islands, Premium Finance Company and its affiliates throughout the Eastern Caribbean
He is chair and president of the Lockhart Foundation and chairs the board of managers of St. Croix-based Azimuth Trust Company, the managing general partner of St. Croix's Azimuth Alternative Assets Management.
Williams, who has homes in the Virgin Islands, Washington, D.C., and Harper's Ferry, West Virginia, is a partner in the Washington law firm of Covington & Burling and is vice chair of the National Conference of Federal Reserve Bank Chairmen and Deputy Chairmen. He has served on the Richmond Fed board since 1997 and also chairs the Federal Reserve Bank Committee on Bank Supervision and Regulation.
Also in Washington, he chairs the Executive Committee, the Committee of the Whole and the Finance and Investment Committee of the Smithsonian Institution board of regents. And he is the presiding independent director of CarrAmerica Realty Corp. and a member of the executive committees of the National Prostate Cancer Coalition and the Washington Lawyers' Committee for Civil Rights Under Law.
He also is a senior trustee executive committee member of Penn Mutual Life Insurance Co. and is a member of the board of managers of Haverford College. In 2002, by command of Queen Elizabeth II, he was invested as a Knight (hon.) of the Most Venerable Order of St. John of Jerusalem.
The Richmond Fed is the Federal Reserve Bank for the Fifth District, encompassing Washington, D.C., Maryland, Virginia, North Carolina and South Carolina and nearly all of West Virginia. It has regulatory authority over bank and other financial holding companies based in the district and over bank and other financial subsidiaries of these holding companies nationwide. And it oversees the electronic funds transfer system, including the Fed wire system, for the entire United States.

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