"There are some details that still need to be worked out," Tillett adds. However, he tells GlobeSt.com the federal bank is committed to replacing the 80-year-old current Detroit branch with another facility in the Downtown area. The current building at Fort and Shelby streets was built in the 1920s and refurbished in the 1950s, Tillett says.
"The Detroit branch is one of the oldest buildings in the federal reserves system," he notes. "It's pretty admirable that its lasted that long."
The government branch is looking at the purchase of a 17-acre site on Warrenand Russell streets to begin building a roughly 200,000-sf new building in afew months. The new facility would include a vault area and administrativeoffices, and would hopefully be finished by 2005.
"The Detroit branch is an entity unto itself, the other satellite officesare strictly cash and check processing facilities," he said.The new building is needed to keep up with technology, Tillett said."In order to serve a depository institution and its customers, we have tostay current with technology, and it's known now that processing currencyand checks is a technology-driven business," he said. "We have to accountfor these currency flows, and the banks as our primary customers have to beable to receive timely and efficient cash orders."Detroit's facility, employing 300 people, is one of the few branch offices of the Federal Reserve that includes administrative offices, Tillett says. The Detroit building is a branch of the Chicago Reserve bank, which is one of 12 major Reserve Banks in the country.
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