Lynn P. Talley was the fourth leader of the Federal Reserve Bank of Dallas, serving as its governor from July 1, 1925, to October 1, 1931.
Born in Belton, Texas, in 1881, Talley had an extensive banking career that started in 1903 working for the City National Bank of Dallas. After only a year, he was made manager of the collection and transit departments, soon prevailing upon the management of the bank to do away with the old book and pen records and to put into effect a new system that he had worked out. As a result, City National Bank was the first bank in its region to use a combination typewriter and adding machine method. Within two years, he was made an assistant cashier of the bank. Talley later became cashier. In January 1911, Talley left City National Bank to become cashier of Lumberman’s National Bank of Houston.
Talley began his career with the Dallas Fed in 1915 as cashier, followed by deputy governor in 1919. He served in this capacity until the spring of 1921, when he resigned to accept the position of vice president and managing officer of Southwest National Bank.
On March 15, 1923, Talley resigned his position at Southwest National Bank to accept the appointment as Federal Reserve agent and chairman of the board of directors at the Dallas Fed.
In 1925, Talley was unanimously asked by the board of directors to succeed B.A. McKinney as the governor of the Dallas Fed, giving him the unique distinction of having held every major executive position within the Reserve Bank. Talley served as governor until October 1931, when he resigned to become chairman of the board of the Bank of America in California.
During his tenure as governor, Talley worked diligently to get a large number of member banks out of an overextended condition. The San Antonio branch of the Dallas Fed also opened under his leadership.
Talley passed away at his home in Dallas in 1942.
Written by the Federal Reserve Bank of Dallas. See disclaimer.