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F E D E R A L R E S E R V E BANK O F NEW YO R K f Circular No. 5 2 3 7 1 L October 8, 1962 J Nomination and Election of Directors To the Member Banks o f the Second Federal Reserve D istrict: An election will be held under the provisions of section 4 of the Federal Reserve Act, as amended, to choose successors to the following directors of this Bank whose terms will expire December 31,1962: class A director, C £ sar J. B ertheau, Chairman of the Board, Peoples Trust Company of Bergen County, Hackensack, N. J., and class B director, K e n n e t h H. Executive Vice President, Union Carbide Corporation, New York, N. Y. H annan , Both directors were elected by member banks in Group 2 and their successors will be chosen by this group. The member banks in Groups 1 and 3 will not participate in this election. The classification of member banks for the purpose of nomination and election of class A and B directors of the Federal Reserve Bank of New York is as follows: Group 1 consists of banks with capital and surplus of $25,000,000 or more; Group 2, of banks with capital and surplus of more than $1,000,000 but less than $25,000,000; and Group 3, of banks with capital and surplus of $1,000,000 or less. For the purposes of this election, a member bank’s classification will be determined by its capital and surplus as of the date of this circular, even though its capital and surplus may change before the polls close. The banks comprising Group 2 are listed on the following pages. Except in the case of two or more banks affiliated with the same holding company affiliate,* each bank in Group 2 is permitted to nominate a candidate for class A director and a candidate ♦Section 4 of the Federal Reserve Act, as amended, reads in part as follows: . . That whenever any two or more member banks within the same Federal reserve district are affiliated with the same holding company affiliate, participation by such member banks in any such nomination or election shall be confined to one of such banks, which may be designated for the purpose by such holding company affiliate.” Accordingly, banks in Group 2 affected by the foregoing provision of the law are requested to take prompt action to have the appropriate holding company affiliate designate, if it has not already designated, one of its affiliated banks to participate in this nomination and election. for class B directors of me so as to appropriate director.** The nominations should be made by resolutions of the boards of the nominating banks and certified copies of such resolutions should be sent to reach me on or before November 9, 1962. The enclosed printed forms show the forms of resolution, and one executed copy of each form should be returned to me. On November 14,1962, copies of the list of candidates (indicating by whom nominated) and preferential ballots will be mailed so that, in the normal course of the mails, they will be received by all banks in Group 2 on November 15, 1962. The law provides that the ballot shall be cast within 15 days after receipt of this list. The polls will open at 10 a.m., November 15, 1962, and will close at 12 o ’clock noon on Friday, November 30, 1962. Upon the closing of the polls the ballot box will be opened in the board room of this Bank, the votes counted and checked by tellers, and results of the election announced. The candidates will be invited to be present or represented on that occasion. In order to be counted as valid, the ballot must be executed by an officer authorized to cast the vote and must be received by me at or before the time thus fixed for the closing of the polls (i.e., at or before 12 o ’clock noon on Friday, November 30, 1962). The officers heretofore designated for this purpose by the respective banks in Group 2 are shown in the list on the following pages. Each Group 2 bank that has not designated an officer or officers for the purpose of executing the ballot, or any Group 2 bank that desires to change its authorization, should do so by resolution of its board of directors; a certified copy of such resolution must reach me before the polls close. A form for this purpose will be furnished upon request. Because banks in Groups 1 and 3 will not participate in this election, this circular is sent to them without forms and for their information only. P h il ip D. R eed, Chairman of the Board. **Section 4 of the Federal Reserve Act, as amended, reads in part as follows: *‘ Class A shall consist of three members, who shall be chosen by and be representative of the stock holding banks.. . . No officer or director of a member bank shall be eligible to serve as a class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director. “ Any person who is an officer or director of more than one member bank shall not be eligible for nomination as a class A director except by banks in the same group as the bank having the largest aggregate resources of any of those of which such person is an officer or director. ’ ’ ‘ ‘ Class B shall consist of three members, who at the time of their election shall be actively engaged in their district in commerce, agriculture or some other industrial pursuit. . . . No director of class B shall be an officer, director, or employee of any bank. ’ ’ [On July 2, 1925, the Board of Governors of the Federal Reserve System advised that it had “ reached the conclusion that a person whose sole occupation is that of officer o f an insurance company is not eligible for election as a class B director o f a Federal Reserve Bank,” and on October 18, 1939, the Board advised “ that a person whose sole occupa tion is that of president o f a Federal savings and loan association and who has been serving as a class A director is not now eligible for election and service as a class B director.” ] “ No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a director of a Federal reserve bank. ’ ’ [In a resolution adopted December 23, 1915, the Board o f Governors o f the Federal Reserve System expressed the opinion “ that persons holding political or public office in the service of the United States, or o f any State, territory, county, district, political subdivision, or municipality thereof, or acting as members o f political party committees, cannot consistently with the spirit and underlying principles o f the Federal Reserve Act, serve as directors or officers of Federal Reserve Banks.” ] 2 1962 Election of Directors List of 159 Member Banks in Group 2 ( Group 2 consists of member banks with capital and surplus of more than $1,000,000 hut less than $25,000,000, on October 8, 1962) CONNECTICUT Officers Authorized to Cast Vote Name of Bank or Trust Company Place Bridgeport Bridgeport President, any Vice President, Cashier, or Secretary City Trust C om pany.............................................................. The Connecticut National B a n k ..................................... Stamford President, any Vice President, or Cashier . Chairman of the Board, President, any Vice President, or Cashier The State National Bank of Connecticut NEW JERSEY Asbury Park Asbury Park and Ocean Grove B a n k ..................................... President, any Vice President, or Cashier Asbury Park First Merchants National Bank, Asbury Park President, any Vice President, Cashier, or any Assistant Cashier Belleville Peoples National Bank & Trust Company o f Belleville President, any Vice President, or Cashier Bernardsville Somerset Hills National Bank of Bernardsville President, any Vice President, or Cashier Bound Brook County Bank and Trust Company of Somerset . Bound Brook The First National Bank of Somerset County, Bound Clifton New Jersey Bank and Trust C o m p a n y ............................... President, any Vice President, or Treasurer Dover The Dover Trust C om pan y........................................................ President, any Vice President, Treasurer, or Assistant Treasurer . . . President, any Vice President, Cashier, Secretary, or Treasurer President, any Vice President, or Cashier Dover The National Union Bank of Dover President, any Vice President, or Cashier Elizabeth Central Home Trust Company of Elizabeth, N. J. President, any Vice President, or Treasurer Elizabeth The Elizabethport Banking Company President, any Vice President, or Cashier Elizabeth The National State Bank, Elizabeth, N. J. President, any Vice President, or Cashier Elizabeth Union County Trust C om pan y.................................................. President, any Vice President, or Treasurer President, any Vice President, or Cashier Englewood Citizens National Bank of Englew ood..................................... Fair Lawn Fair Lawn-Radbum Trust C om p a n y ..................................... President, any Vice President, or Treasurer Flemington The Hunterdon County National Bank of Flemington Hackensack The Bergen County National Bank of Hackensack President, any Vice President, or Cashier President, any Vice President, or Secretary Hackensack The Hackensack Trust C om p a n y ........................................... Hackensack Peoples Trust Company o f Bergen C o u n ty ......................... President, any Vice President, Cashier, Secretary, or Treasurer Highland Park The First National Bank o f Highland P a r k ......................... President, any Vice President, or Cashier Jersey City Commercial Trust Company o f New J e r s e y ......................... President, any Vice President, or Treasurer J ersey City The First National Bank of Jersey C i t y ............................... President, any Vice President, or Cashier President, any Vice President, or Cashier Jersey City Hudson County National B a n k ................................................. Jersey City The Trust Company o f New J e r s e y ..................................... Kearny The First National Bank and Trust Company of Kearny President, any Vice President, or Cashier Maplewood The Maplewood Bank and Trust C om p a n y ......................... President, any Vice President, Cashier, Treasurer, or Secretary Montclair Montclair National Bank and Trust Company . . . . President, any Vice President, any Assistant Vice President, or Cashier Morristown The First National Iron Bank of Morristown . . . . President, any Vice President, or Cashier President, any Vice President, or Treasurer GROUP 2 NEW JERSEY Place ( C o n tin u e d ) Name o f Bank or Trust Company Officers Authorized to Cast Vote President, or any Vice President Morristown Trust Company o f Morris C o u n ty ........................................... Netcong The Citizens National Bank o f N e t c o n g ............................... President, any Vice President, or Cashier Newark Bank o f C om m erce.................................................................... President, any Vice President, or Secretary New Brunswick The National Bank of New J e r s e y ..................................... New Brunswick The Peoples National Bank of New Brunswick . Newton The Sussex and Merchants National Bank of Newton . . . . President, any Vice President, or Cashier President, any Vice President, or Cashier President, any Vice President, or Cashier North Bergen The First National Bank of North B e r g e n ......................... President, any Vice President, or Cashier Nutley Bank o f N u t l e y .......................................................................... Passaic Bank o f Passaic and C l i f t o n ................................................. President, any Vice President, or Treasurer Paterson Broadway Bank & Trust C om pany........................................... President, any Vice President, or Treasurer Paterson First National Bank of Passaic C o u n t y ............................... Chairman of the Board, President, any Vice President, or Cashier Perth Amboy First Bank and Trust C o m p a n y ........................................... President, any Vice President, Treasurer, or Assistant Treasurer Perth Amboy Perth Amboy National B a n k ................................................. President, any Vice President, or Cashier Plainfield Plainfield Trust State National B a n k ..................................... President, any Vice President, or Cashier President, any Vice President, or Cashier Prospect Park The Prospect Park National B a n k ........................................... President, any Vice President, or Cashier Red Bank The Monmouth County National Bank, Red Bank President, any Vice President, or Cashier Ridgewood Citizens First National Bank o f R id g ew ood ......................... President, any Vice President, or Cashier . Ridgewood The North Jersey Trust Company, Ridgewood, New Jersey President, any Vice President, or Secretary Rutherford National Community Bank o f R u th erford ............................... Chairman o f the Board, Chairman of the Executive Committee, President, any Vice President, or Cashier South River The First National Bank o f Middlesex County . Summit The Summit Trust C o m p a n y .................................................. President, any Vice President, or Treasurer . . . President, or Cashier President, any Vice President, or Cashier Teaneck The Garden State National Bank o f Teaneck Tenafly County Trust C om pan y.............................................................. President, any Vice President, or Cashier Union The Union Center National B a n k ............................................ President, any Vice President, or Cashier . . . . Westfield The National Bank o f W e s t f ie ld ............................................ President, any Vice President, or Cashier Woodbridge Woodbridge National B a n k .................................................. President, any Vice President, or Cashier NEW YORK Albany First Trust Company o f A l b a n y ..................................... . President, or any Vice President Albany Mechanics and Farmers’ Bank o f Albany . President, any Vice President, or Cashier Albany The National Commercial Bank and Trust Company of Albany ................................................................................. . President, any Vice President, or Cashier Amsterdam Montgomery County Trust C om p an y ............................... . President, any Vice President, or Treasurer Auburn The National Bank o f A u b u r n ........................................... . President, any Vice President, or Cashier Bay Shore First National Bank of Bay S h o r e ............................... . Chairman of the Board, President, any Vice President, or Cashier Binghamton First-City National Bank o f Binghamton, N. Y. . . President, any Vice President, or Cashier Buffalo Liberty Bank and Trust C om pany..................................... . President, any Vice President, or Cashier Canajoharie Central National Bank, C a n a joh arie............................... . President, any Vice President, or Cashier Canandaigua The Canandaigua National Bank and Trust Company . . President, any Vice President, or Cashier Cedarhurst The Peninsula National Bank of Cedarhurst . . Chairman of the Board, President, any Vice President, or Cashier Chappaqua Northern Westchester National Bank, Chappaqua . . President, any Vice President, or Cashier Corning First National Bank and Trust Company of Corning . President, any Vice President, or Cashier . 4 . . . . . . GROUP 2 NEW YORK (C o n tin u e d ) Name o f Bank or Trust Company Place Officers Authorized to Cast Vote . Chairman o f the Board, President, any Vice President, or Cashier Cortland First National Bank of C o r tla n d ..................................... Dunkirk Dunkirk Trust C o m p a n y ................................................. . President, or any Vice President East Islip The First National Bank o f East I s l i p ......................... . President, or Cashier . President East Setauket The Tinker National Bank of East Setauket . Elmira Chemung Canal Trust C o m p a n y ..................................... . President, any Vice President, Cashier, Secretary, or Treasurer Elmira Marine Midland Trust Company of Southern New York . Chairman of the Board, Chairman of the Executive Committee, President, any Vice President, or Cashier Endicott The Endicott National B a n k ........................................... . President, any Vice President, or Cashier Endicott Endicott Trust C o m p a n y .................................................. . President, any Vice President, or Treasurer Farmingdale The First National Bank of Farmingdale . President, any Vice President, or Cashier . . . . . . . Garden City Long Island Trust C o m p a n y ........................................... Glen Cove Nassau Trust C om p an y ........................................................ . President, any Vice President, or Cashier Glen Head The First National Bank o f Glen H e a d ......................... . President, any Vice President, or Cashier . President, or any Vice President Glens Falls The First National Bank o f Glens F a l l s ......................... . President, any Vice President, or Cashier Glens Falls Glens Falls National Bank and Trust Company . . President, any Vice President, or Cashier Gloversville Gloversville City National Bank and Trust Company o f Gloversville . President, any Vice President, or Cashier The Fulton County National Bank and Trust Company of G loversville.................................................................................Cashier Gloversville Trust Company o f Fulton C o u n ty ..................................... . President, any Vice President, or Treasurer Hamburg The Peoples Bank of Erie C ou n ty ..................................... . President, or Cashier Hempstead Hempstead B a n k .................................................................... . President, any Vice President, or Cashier Hicksville Long Island National B a n k ........................................... . Cashier Huntington Bank o f H u ntington .............................................................. . President, any Vice President, Cashier, or Secretary Huntington Security National Bank of Long I s l a n d ......................... . President, any Vice President, or Cashier Ithaca First National Bank and Trust Company of Ithaca . . President, any Vice President, or Cashier Ithaca Tompkins County Trust C om pan y..................................... . President, any Vice President, or Cashier J amestown Bank of Jam estow n .............................................................. . President, any Vice President, or Cashier Jamestown Chautauqua National Bank of Jamestown . President, any Vice President, or Cashier Jamestown The First National Bank of Jam estow n......................... . President, any Vice President, or Cashier Kingston Kingston Trust C o m p a n y ................................................. . President, anv Vice President, or Treasurer Kingston The State o f New York National B a n k ......................... . President, any Vice President, or Cashier Liberty The Sullivan County National Bank of Liberty . . President, any Vice President, or Cashier Middletown County National Bank, M id d le t o w n ............................... . President, any Vice President, or Cashier Mount Vernon The First National Bank o f Mount Vernon . . President, any Vice President, or Cashier . . . . . . . Nanuet Nanuet National B a n k ........................................................ Newburgh Highland National Bank o f N e w b u r g h ......................... . President, any Vice President, or Cashier New Rochelle First Westchester National Bank o f New Rochelle . . President, any Vice President, or Cashier . President, any Vice President, or Cashier New York City (See page 6) Norwich The National Bank and Trust Company of Norwich Nyack Marine Midland Trust Company o f Rockland County Ogdensburg Ogdensburg Trust C o m p a n y ........................................... . President, any Vice President, or Treasurer Olean The Exchange National Bank o f O l e a n ......................... . President, any Vice President, or Cashier Olean The First National Bank o f O le a n ..................................... . President, any Vice President, or Cashier Oneida The Oneida Valley National Bank of Oneida . . . . . President, any Vice President, or Cashier Patchogue The Peoples National Bank of Patchogue . . . President, any Vice President, or Cashier . 5 . Chairman of the Board, President, any Vice President, or Cashier . GROUP 2 NEW YORK ( C o n tin u e d ) Place Name o f Bank or Trust Company Poughkeepsie Dutchess Bank & Trust C om pan y ........................................... Poughkeepsie Officers Authorized to Cast Vote President, any Vice President, or Secretary The Fallkill National Bank and Trust Company of P o u g h k e e p s ie ..................................... ......................... President, any Vice President, or Cashier Poughkeepsie Marine Midland National Bank of Southeastern New York President, any Vice President, or Cashier Rochester Central Trust Company Rochester, N. Y. President, any Vice President, or Secretary Rochester Security Trust Company o f Rochester . President, any Vice President, or Secretary Rockville Centre Bank of Rockville Centre Trust C o m p a n y ......................... President, any Vice President, or Treasurer Sayville The Oystermen’s Bank and Trust C om pan y......................... Chairman, President, any Vice President, or Secretary Scarsdale Scarsdale National Bank and Trust Company Schenectady The Citizens’ Trust Company of Schenectady, N. Y. Schenectady The Mohawk National Bank of Schenectady......................... President, any Vice President, or Cashier The Schenectady Trust Company ..................................... President, any Vice President, or Treasurer Schenectady . . . . President President, any Vice President, or Secretary and Treasurer Scotia First National Bank of S c o t ia ................................................. President, any Vice President, or Cashier Smith town Bank o f Smithtown President, any Vice President, or Cashier Spring Valley The First National Bank of Spring V a l l e y ......................... President, any Vice President, or Cashier Suffem Rockland National Bank, Suffem . President, any Vice President, or Cashier Syracuse First Trust & Deposit C o m p a n y ........................................... President, any Vice President, or Secretary Syracuse Lincoln National Bank and Trust Company of Central New Y o r k ................................................................................. President, any Vice President, or Cashier Syracuse Marine Midland Trust Company of Central New York . Syracuse The Merchants National Bank & Trust Company of Syracuse ................................................................................ Troy The Manufacturers National Bank of T r o y ......................... President, any Vice President, or Cashier Chairman of the Board, President, any Vice President, or Cashier President, any Vice President, or Cashier President, any Vice President, or Cashier Troy The Union National Bank of T r o y ..................................... Utica Marine Midland Trust Company of the Mohawk Valley President, any Vice President, or Secretary Utica The Oneida National Bank and Trust Company of Central New Y o r k ................................................................................. President, any Vice President, or Cashier Valley Stream Valley National Bank o f Long Island President, any Vice President, or Cashier Waterloo First National Bank of W a te r lo o ........................................... President, any Vice President, or Cashier Watertown The Northern New York Trust Company President, any Vice President, or Secretary and Treasurer Watertown The Watertown National B a n k ............................... President, any Vice President, or Cashier Wellsville The Citizens National Bank of W ellsville............................... President, any Vice President, or Cashier Westbury Bank of Westbury Trust C o m p a n y ..................................... President, any Vice President, or Cashier West Hempstead The Meadow Brook National Bank ............................... Chairman o f the Board, President, any Vice President, or Cashier White Plains The County Trust C o m p a n y .................................................. President, or any Vice President White Plains National Bank of Westchester, White P la in s ......................... President, any Vice President, or Cashier Yonkers First National Bank in Y o n k e r s ........................................... President, any Vice President, or Cashier NEW YORK CITY Brooklyn The Bensonhurst National Bank o f Brooklyn in New York President, any Vice President, or Cashier Manhattan The Amalgamated Bank o f New Y o r k ............................... President, any Vice President, or Cashier Lafayette National Bank o f Brooklyn in New York . President, or Cashier American Trust C o m p a n y ........................................................ President, or any Vice President Federation Bank and Trust C om pany..................................... 6 President, or any Vice President GROUP 2 NEW YORK CITY Name o f Bank or Trust Company Place Manhattan ( Continued) ( C o n tin u e d ) Officers Authorized to Cast Vote First National City Trust C o m p a n y ............................... . President, any Vice President, or Cashier The Gotham B a n k .............................................................. President, any Vice President, or Cashier Grace National Bank of New York President, any Vice President, or Cashier The Merchants Bank of New York . President, any Vice President, Cashier, or Assistant Cashier Schroder Trust C o m p a n y ................................................. . President, any Vice President, or Cashier Trade Bank and Trust C o m p a n y ..................................... Queens . President, any Vice President, or Secretary Sterling National Bank & Trust Company of New York . President, any Vice President, or Cashier United National Bank of Long Island in New York . President, any Vice President, or Cashier . VIRGIN ISLANDS S t. T h o m a s Charlotte Amalie Virgin Islands National B a n k ..................................................President 7 R o m 515 Digitized foroFRASER M r . P h il ip D. R e e d , Chairman, Board of Directors , Federal Reserve Bank of New York, Federal Reserve P. 0. Station, New York 45, N. Y. F E D E R A L R E S E R V E BANK O F NEW Y O R K Nomination for Class A Director, 1962 D is tr ic t No. Group No. 2 2 A t a meeting of the Board of Directors of t h e ............................................. (Name of Bank) of........................................................................ duly called and held on the...................... day (City or Town and State) of.............................................................1962, on motion duly made and seconded, it was “ R E SO L V E D , That............................................................................................................... , of................................................................................................................... , whose occupation is be, and he is hereby, nominated by this bank as a candidate for class A director of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered and directed to send a certified copy of this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New York.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank duly adopted on the date specified. (S Ban eal of k ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n of t h e F R ederal B oard of ese r v e B ank D ir e c t o r s , of N ew Y ork. F E D E R A L R E S E R V E BANK O F N EW YO R K Nomination for Class A Director, 1962 Group No. 2 D is t r ic t No. 2 A t a meeting of the Board of Directors of th e ............................................. (Name of Bank) of.........................................................................duly called and held on the...................... day (City or Town and State) of............................................................. 1962, on motion duly made and seconded, it was “ R E SO L V E D , That............................................................................................................... , of...................... ............................................................................................., whose occupation is be, and he is hereby, nominated by this bank as a candidate for class A director of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered and directed to send a certified copy of this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New York.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank duly adopted on the date specified. (S eal B of ank ) (Official signature) (Title) To MR, P H IL IP D. R E E D , C h a ir m a n of t h e B oard of D ir e c t o r s , F ed eral R eserve B a n k of N e w Y o r k . F E D E R A L R E S E R V E BAN K O F N EW YORK Nomination for Class B Director, 1962 D is tr ic t N o. Group No. 2 2 A t a meeting of the Board of Directors of t h e ............................................. (Name of Bank) of........................................................................ duly called and held on the...................... day (City or Town and State) of............................................................ 1962, on motion duly made and seconded, it was “ R E SO L V E D , That..............................................................................................................., of..................................................................................................................., whose occupation is be, and he is hereby, nominated by this bank as a candidate for class B director of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered and directed to send a certified copy of this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New York.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank duly adopted on the date specified. (S e a l of B ank ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n of t h e B oard of D ir e c t o r s , F ederal R eserve B a n k of N e w Y o r k . F E D E R A L R E S E R V E BANK O F NEW YORK Nomination for Class B Director, 1962 D is t r ic t N o. 2 Group No. 2 At a meeting of the Board of Directors of t h e ............................................. (Name of Bank) of........................................................................ duly called and held on the.......................day (City or Town and State) of............................................................. 1962, on motion duly made and seconded, it was “ RESO LV ED , That............................................................................................................... , of....................................... ............................................................................ , whose occupation is be, and he is hereby, nominated by this bank as a candidate for class B director of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered and directed to send a certified copy of this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New York.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank duly adopted on the date specified. (S eal of Ban k ) (Official signature) (Title) To MR. P H IL IP D. R E E D , C h a ir m a n of t h e B oard of D ir e c t o r s , F ederal R eserve B a n k of N e w Y o r k .
@FedFRASER