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the Sugar Bowl and NCAA Final Four in 2003. The massive Morial Convention Center has major events booked through the year 2030. New Orleans is also preparing for a festive year-long celebration of the 200th anniversary of the Louisiana Purchase. This year- long celebration of statewide activities and events is expected to entertain, educate and inspire Louisiana citizens and visitors throughout the state. 

Important to the New Orleans economy is one of America’s leading general cargo ports. Over the last 10 years, the Port of New Orleans has invested in new state of the art facilities and improved other features. This facility is scheduled to open in Spring 2003. The Port of Orleans and Northrup Grumman received a grant from the state that will allow them to modernize the shipyard and to compete for additional shipbuilding contracts. This new initiative is anticipated to have a favorable impact on the local economy. 

## North Louisiana 

North Louisiana has enjoyed steady employment for years. The 5.3% unemployment rate (Ouachita Parish) has remained the same as last year. Employment in the area is generally tied to light manufacturing and service-related industries. Monroe-based CenturyTel was recently named the number one U.S.-based telecommunication company by Business Week magazine in their December 2002 edition. State Farm Insurance recently completed a $10 million addition to its office complex and employs 1,500 people. Chase Manhattan Mortgage is another significant employer in the area. Chase employs 1,050 full-time and 250 part-time people and recently moved into a 95,000 square foot facility in Monroe. 

Overall, the markets we serve are both dynamic and well diversified. We are pleased to be important corporate citizens in these communities. As we have stated many times, the degree of success we achieve is a function of the prosperity of our communities and clients who believe in us. 

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