Carl W. Turnipseed is executive vice president in charge of the financial services group. He is also a member of the Bank's Management Committee. His responsibilities include overseeing the District's business development, cash, check, electronic payments, and fiscal services businesses and the Buffalo Branch.

Prior to being named head of the financial services group, he had been senior vice president and manager of the Buffalo Branch of the Federal Reserve Bank of New York since April 1994. In September 1998, he was appointed to head the New York Fed's Business Development Office, with his assignment to the Buffalo Branch continuing.

Mr. Turnipseed's career at the Fed began as a management trainee in 1969. Shortly after joining the Bank, he left to serve as a lieutenant in the U.S. Army. Upon his return to the Bank in 1971, he was assigned to personnel and subsequently served in positions of increasing responsibility in various areas, including accounting, check processing, government bond and ACH. In conjunction with his 1986 assignment to the foreign relations area, he was selected to represent the Federal Reserve System at the XVI SEANZA (South East Asia, New Zealand, Australia) Central Bank course in Dhaka, Bangladesh.

Mr. Turnipseed, a native of Baltimore, MD, is a graduate of Morgan State College and received a MBA degree from New York University. He was named Banker of the Year by the Urban Bankers Coalition (UBC), a professional organization founded as a forum for minority bankers and was selected Executive of the Year by the Buffalo Chapter of Professional Secretaries International.

Mr. Turnipseed also enjoys being active in organizations that address the needs of young people and the community. He is a founding member of the board of directors of Classroom Inc., a program designed to teach middle and high school students critical thinking skills using personal computer-based business simulations. In addition, he is a member of Sigma Pi Phi Fraternity, and the National Association of Urban Bankers. He is also a life member of the Kappa Alpha Psi Fraternity, Inc., the NAACP, and the Morgan State University Alumni Association.

Mr. Turnipseed is married and lives in the New York metropolitan area. Among his extra curricular activities, he enjoys running and finished two New York City marathons.

October 2000