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Annual Report


2002 Annual Report cover

Reviews the Bank's operations and includes the article entitled "Accounting for Corporate Behavior"

Message from the President and First Vice President

Al Broaddus and Walter Varvel reflect on the nation's recovery from the 2001 recession, as well as discuss the challenges faced by the Richmond Fed and its accomplishments in 2002.

Feature Article: "Accounting for Corporate Behavior"

The strength of corporate governance arrangements in American corporations became a subject of hot debate in 2002 as accounting scandals unfolded at several large firms. John Weinberg looks at the debate in terms of the fundamental challenge in governance arrangements: how does a large business align the incentives of its professional managers with those of its widely dispersed shareholders?

Boards of Directors and Advisory Councils

Photos and listings of the Bank's boards of directors and advisory councils.


Photo and list of Bank officers.

Financial Statements

Comparative financial statements and footnotes for 2002. Also includes Management Assertion and Report of Independent Auditors.

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Lisa Davis (804) 697-8179