Contact: Media Representative 612-204-5261 Date: August 11, 1998 FOR IMMEDIATE RELEASE

Minneapolis Fed Announces Official Staff Promotions

MINNEAPOLIS—The Federal Reserve Bank of Minneapolis named the following to new positions effective August 1, 1998.

Karen L. Grandstrand was named senior vice president, responsible for banking supervision and risk management. She also becomes the bank's Equal Employment Opportunity officer. Grandstrand joined the bank in 1985 as an attorney in the law department. She was named assistant vice president of the banking supervision department in 1989 and vice president of that department in 1993. She has a bachelor's degree in business administration and political science from Concordia College, Moorhead, Minn., and a juris doctor degree from Loyola University of Chicago School of Law.

Niel D. Willardson was named vice president of the banking supervision department. Willardson joined the bank in 1990 as an attorney and later became manager of the enforcement section in banking supervision. He was promoted to assistant vice president in 1994, responsible for human resources. He has a bachelor of science degree from South Dakota State University and a juris doctor degree from the University of Minnesota.

Marie R. Unger was named assistant vice president responsible for FedACH CBAF support services, the national application for processing electronic payment transactions through the automated clearing house (ACH). Unger joined the bank in 1987 as an analyst and was promoted to supervisor in the savings bonds department in 1990 and manager in 1993. In 1996, she moved to information technology as manager of server support. Unger has a bachelor's degree in business administration and a master's degree in business from the Carlson School of Management at the University of Minnesota.

As one of the 12 Federal Reserve Banks, the Federal Reserve Bank of Minneapolis contributes to a variety of Federal Reserve System functions, including operation of a nationwide payments system, distribution of the nation’s currency and coin, supervision and regulation of member banks and bank holding companies, and serving as a fiscal agent for the U.S. Treasury. Additionally, the president of the Minneapolis Fed serves as a member of the Federal Open Market Committee, the monetary policymaking arm of the Federal Reserve’s Board of Governors. Together with its branch in Helena, Mont., the Minneapolis Fed serves the Ninth Federal Reserve District, which includes Minnesota, Montana, North and South Dakota, 26 counties in northwestern Wisconsin and the Upper Peninsula of Michigan.

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