Charlotte Office of the Richmond Branch of the Federal Reserve Bank

[atlrvr]

Does anyone have any detailed information regarding the planned renovation of the Charlotte Fed office on East Trade?

Industry construction reports list it as a $50M expansion and/or renovation to the property, and building permits have been applied for, but everything is very vague, with no indication if additional square footage will be added.

In searching, I did find out that Charlotte is THE most important non-HQ office of the 12 FRBs, and the government ha been realigning regional offices, with many shutting down, but Charlotte's role greatly expanding, including moving some services from Richmond to the office here.

EDIT....Do any of you banking gurus know if the law creating the FRBs allow for HQ's to be moved at any point? I think basing Region 5 in Charlotte over Richmond could make sense.

[dubone]

Personally, I would rather they demolish that ugly building, and join forces with the Federal Courthouse across the street. They could make a tall courthouse-post office-federal reserve building, and save two entire city block for more productive uses. As it stands right now, the post office, courthouse and Fed will take up a combined 3 full city blocks.

Security costs could be shared.

Not to start a Richmond-Charlotte brawl on the HQ. But with all the banking assets in Charlotte, it has always surprised me that Charlotte does not have a fed HQ.

[Miesian Corners]

^Agreed! The Fed is one of the ugliest buildings contructed uptown over the last 20 years. They do have a good tour though.

A bit of trivia: the Charlotte branch handles more coupon shredding (yep, those that come in the Sunday paper) than any other facility in the country. Now we can all feel a little bit superior when we throw that tid bit into conversation at the water cooler today.

[monsoon]

I don't even know what that means.

[dubone]

Well, FDR took us off the Gold Standard. Nixon took us off the Silver Standard.

Bush has put us on the Coupon Standard.

[Miesian Corners]

All barcoded coupons that are redeemed get sent to the Fed for shredding. They are like cash. Charlotte's branch shreds more than any other Fed branch. That's what it means.

[queensguy06]

Do any of you banking gurus know if the law creating the FRBs allow for HQ's to be moved at any point? I think basing Region 5 in Charlotte over Richmond could make sense.

You know, I don't really know so I passed the question along to the FRB. Hopefully we'll get some more insight in a day or two.

[AlabamaGuy2007]

You know, I don't really know so I passed the question along to the FRB. Hopefully we'll get some more insight in a day or two.

Yea, I think that Charlotte deserves the place more than Richmond. Charlotte has more enterprise than Richmond, so, it only makes sense.

[A2]

I see this a pure logistical move. It does make sense to have a larger presence of the "Evil Fed Empire" here in the city, since we are the largest banking city outside of NYC. I think one reason we never had a HQ here, was simply because 20 years ago, Charlotte's banks were in growth mode and our presence was muted by other banking centers equal to or larger than our own.

Now since we are established and much larger than any other city (excluding NYC) in terms of banking assets, it means a more substantial presence by the FED might be needed (or at least desired).

Remember it is those guys in that ugly building that loan out to the guys in the shiny towers . Even though the paper they print is becoming more and more worthless day by day.

A2

[AlabamaGuy2007]

I see this a pure logistical move. It does make sense to have a larger presence of the "Evil Fed Empire" here in the city, since we are the largest banking city outside of NYC. I think one reason we never had a HQ here, was simply because 20 years ago, Charlotte's banks were in growth mode and our presence was muted by other banking centers equal to or larger than our own.

Now since we are established and much larger than any other city (excluding NYC) in terms of banking assets, it means a more substantial presence by the FED might be needed (or at least desired).

Remember it is those guys in that ugly building that loan out to the guys in the shiny towers towers . Even though the paper they print is becoming more and more worthless day by day.

A2

Yea, I think Birmingham is in the stage that Charlotte was about 15-20 years ago, the banking is getting stronger and stronger. Bham's 7th in the nation in banking. The reserve in Atlanta for some reason took the FRB Branch outta Birmingham. I'm confused by this, cause they still employ people there.

[crispin]

Do any of you banking gurus know if the law creating the FRBs allow for HQ's to be moved at any point? I think basing Region 5 in Charlotte over Richmond could make sense.

The short answer is that it makes great sense, and it is possible, but I can't imagine it would ever happen. The Fed Board, which has the power, has said it would carve the districts differently if it was beginning from scratch, but any changes in the current system would have to realize major costs savings. In the last 75 years, there have only been two: A branch was opened in Miami, and a branch was closed in Spokane. And the really impossible hurdle is that Virginia still has two senators, same as North Carolina.

Here's the law:

As soon as practicable, the Secretary of the Treasury, the Secretary of Agriculture and the Comptroller of the Currency, acting as

[monsoon]

Indeed, It would seem unlikely that Burr and our celebrity and never in the state senator, Dole, would burn up the political capital in an attempt to move this HQ. Virgina would see this as an assault by a state that has gotten too big for its britches, and an all and out war would be declared. They are still smarting from Charlotte taking over their biggest bank.

[uptownliving]

And check out that nice GREEN ROOF on the Federal Reserve building which was added as part of their recent renovations.

[dubone]

[atlrvr]

Except when it dies due to drought like I believe what happened to the Discovery Place test green roof.

In sad news, the Fed has laid off 52 people in Charlotte, and so far about 120 for the year.....about 25%-30% of the total staff in Charlotte. No more cuts are expected though, as all positions have been in check processing, and all consolidations are already in effect.