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FEDERAL RESERVE BANK OF NEW YORK Circular No. 8 2 0 1 ~1 October 18, 1977 -1 Nomination of Directors To All Member Banks, and Others Concerned, in the Second Federal Beserve District: A n election will be held under the provisions o f section 4 o f the F ederal R eserve A ct, as amended, to choose successors, to serve fo r three-year terms, to the follow ing directors of this Bank whose terms will expire D ecem ber 31, 1977: class A director, R aymond W . B auer, President, U nited Counties T rust Company, Elizabeth, N. J., and class B director, W illiam S. S neath , Chairman o f the B oard, U nion Carbide Corporation, New York, N. Y. B o th d ir e c to r s w e r e e le c te d b y m e m b e r banks in G ro u p 2 and th eir s u c c e s s o r s w ill be ch o sen b y this g r o u p . M e m b e r banks in G r o u p s 1 and 3 w ill n o t p a rtic ip a te in this election . The classification o f member banks fo r the purposes o f nomination and election o f class A and B directors o f the F ederal R eserve Bank o f New Y ork is as fo llo w s : Group 1 consists of banks with capital and surplus of more than $65,000,000; Group 2, of banks with capital and surplus of $3,000,000 to $65,000,000, inclusive; and Group 3, of banks with capital and surplus of less than $3,000,000. F o r the purposes o f this election, a member bank’s classification will be determ ined by its capital and surplus as o f the date o f this circular, even though its capital and surplus may change before the polls close. The list o f banks com prising Group 2 begins on page 3. E xcept in the case o f any member banks that are subsidiaries o f the same bank holding com pany,* each bank in G roup 2 is perm itted to nominate a candidate fo r class A director and * Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “ . . . That whenever any member banks within the same Federal Reserve district are subsidiaries of the same bank holding company within the meaning of the Bank Holding Company A ct of 1956, participation in any such nomination or election by such member banks, including such bank holding company if it is also a member bank, shall be confined to one of such banks, which may be designated for the purpose by such holding company.” P ursuant to the foregoing provision, a nom ination by any bank th at is a subsidiary of a multibank holding company cannot be accepted unless there is on file w ith this Bank evidence th a t such bank has been so designated. Accordingly, banks in Group 2 affected by the foregoing provision of the law are requested to take prom pt action to have the appropriate bank holding company designate, if it has not already designated, one of such banks to participate in this nom ination and election. If such bank holding com pany does not have on file w ith this Bank an appropriate resolution either perm anently designating one of such banks to participate in nom inations or elections of this Bank’s directors or setting forth the authority under which such designations will be made from time to time, such bank holding company may wish to file such resolution w ith this Bank. A form of resolution authorizing officers of a bank holding com pany to make such designations is enclosed for such bank holding companies. a candidate fo r class B d irector.! The nominations should be made by resolutions o f the boards o f directors o f the nom inating banks (o r by resolutions o f the banks’ executive com mittees, if such committees are em pow ered to take such action), and certified copies o f such resolutions should be sent to me so as to reach me on or before W ednesday, N ovem ber 23, 1977. The enclosed printed form s show the appropriate form s o f resolution, and one e x e c u ted c o p y o f the appropriate form fo r each nom ination should be returned to me. On N ovem ber 25, 1977, copies o f the list o f candidates (indicating by whom nom inated) and preferential ballots will be mailed to the banks in Group 2. The law provides that the ballot shall be cast within 15 days after receipt o f this list. The polls will open at 10 a.m., N ovem ber 28, 1977, and will close at 12 noon on Tuesday, Decem ber 13,' 1977. U pon the closing o f the polls, the ballot box will be opened in the board room o f this Bank, the votes counted and checked by tellers, and the results o f the election announced. The candidates may, if they so desire, 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 b efore the time thus fixed fo r the closing o f the polls (i.e., at or b efore 12 noon on Tuesday, D ecem ber 13, 1 9 /7 ). The officers heretofore designated fo r this purpose by each bank in G roup 2 are shown on the list beginning on page 3. A n y G roup 2 bank that desires to change its authorization should do so by resolution o f its board o f d ire c to rs ; a certified cop y o f such resolution must reach me b efore the polls close. A form fo r this purpose will be furnished upon request. B e c a u s e ban ks in G r o u p s 1 and 3 w ill n o t p a rticip a te in th is electio n , this circid ar is sen t to th em w ith o u t f o r m s and f o r th eir in fo r m a tio n o n ly. F r an k R. M il l ik e n , C h a irm a n o f the B o a rd . t 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. ‘ ‘ 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. ’ ’ [Under interpretations o f the Board o f Governors o f the Federal Reserve System, a person whose sole occupation is that o f officer o f an insurance company or of a savings and loan association is not eligible for election as a class B director of a Federal Reserve Bank.] “ 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 opinion “ that persons holding political county, district, political subdivision, cannot consistently with the spirit and o f Federal Reserve B an k s.” ] 23, 1915, the Board o f Governors o f the Federal Reserve System expressed th$ or public office in the service o f the United States, or o f any State, Territory, or municipality thereof, or acting as members of political party committees, underlying principles o f the Federal Reserve A ct, serve as directors or officers 2 Nomination for Class A Director of Federal Reserve Bank of New York For Three-Year Term Ending Decem ber 31, 1980 G roup N o . 2 D istr ict N o . 2 A t a meeting of the Board of Directors of the of (Name of Bank) (or of the Executive Committee of such Board) (City or Town and State) duly called and held on the .................... day of ............................................................. 1977, on motion duly made and seconded, it was “ RESOLVED, That , whose occupation is of be, and 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 Chair man of the Board of Directors of the Federal Reserve Bank of New Y ork.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank, or of its Executive Committee, duly adopted on the date specified. I also certify that if the foregoing resolution was adopted by the Executive Committee of this bank’s Board of Directors, such Executive Committee is empowered to so act. (S eal of Ba n k ) (Official signature) (Title) To MR. F R A N K R. M ILLIKEN, C h a ir m a n of t h e B oard of F ederal R eserve B a n k D irectors , of New Y ork. COMMITTEE ON RECOMMENDATION OF CANDIDATES FOR DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW YORK October 18,1977 Recommendations of Candidates in the 1977 Election of Directors of the Federal Reserve Bank of New York by Banks in Group 2 To All Member Banks in the Second Federal Reserve District: The directors of the Federal Reserve Bank o f N ew York to be elected in this year’s regular election, for the three-year terms ending Decem ber 31, 1980, will be chosen by the member banks in Group 2, as classified by the Board of Governors of the Federal Reserve System, that is, those banks with capital and surplus o f $3,000,000 to $65,000,000, inclusive. The undersigned committee, appointed by the bankers associations o f New York, New Jersey, and Connecticut to make recommendations to member banks of candidates for directors of the Federal Reserve Bank o f New York, and to inform member banks o f the qualifications of these candidates, recommends for nomination by Group 2 banks the following individuals, w ho have consented to serve if elected: For Class A Director RAYM ON D W . BAUER P resid e n t United Counties Trust Company, Elizabeth, New Jersey R a y m o n d W . B a u e r was b om in Linden, New Jersey, on August 27, 1915. He was graduated from Dartmouth College in 1937 and also holds a Master of Commercial Science degree from Amos Tuck School of Business Administration at Dartmouth College. In 1942, after receiving a Bachelor of Laws degree from Rutgers University, he was admitted to the New Jersey Bar. Mr. Bauer began his business career in 1940 with C. H. Winans Company, a construction and investment corporation in Roselle, New Jersey. He has held various positions with the company, currently serving as its president and director. In 1944 Mr. Bauer was named a director of Linden Trust Company in Linden, New Jersey, and in 1951 he joined the staff of the bank as a vice president. He was appointed executive vice president of the bank in 1956 and president in 1958. In 1961, after the bank merged with Union County Trust Company, Mr. Bauer was named president, chief executive officer, and a director of the bank. Following the merger of Union County with Keansburg-Middletown National Bank in 1972, Mr. Bauer became president, chief executive officer, and director o f United Counties Trust Company, the resultant institution. Presently he serves the bank as chairman, president, and chief executive officer. Mr. Bauer is a director of the Eastern States Bankcard Association and is past president and current member of the Executive Committee o f the New Jersey Bankers Association. He has also served as a member of the American Bankers Association’s Government Relations and Governing Councils, the New Jersey State Banking Advisory Board, and the Board o f Governors o f the Mortgage Bankers Association. Mr. Bauer is now a class A director of the Federal Reserve Bank of New York, having been elected, on April 15, 1977, for the unexpired portion o f the term ending December 31, 1977. ( o ver ) For Class B Director W IL L IA M S. SNEATH Chairman of the Board Union Carbide Corporation, New York, N. Y. W illiam S. Sneath was born March 29, 1926, in Buffalo, N. Y. He received a Bachelor o f Arts degree from Williams College, Williamstown, Mass., in 1947 and an M.B.A. degree from the Harvard Graduate School of Business Administration in 1950. Mr. Sneath began his career with the general accounting department o f Union Carbide Corpora tion in 1950. Following his transfer to the finance department in 1956, he was appointed assistant secretary and assistant treasurer in May 1961 and later that year became treasurer. In 1965 Mr. Sneath was elected vice president and treasurer, and designated chief financial officer. He became president in April 1971 and was named chairman and chief executive officer on January 1, 1977. He has been a director of the corporation since 1969. In addition, Mr. Sneath is a member o f the management committee of the Metropolitan Variable Account B (a management investment com pany), a director of the Metropolitan Life Insurance Company, and a trustee of Williams College and o f Brunswick School, Greenwich, Conn. Mr. Sneath is now a class B director of the Federal Reserve Bank o f New York. He was elected, on August 15, 1973, for the unexpired portion of the term ending Decem ber 31, 1974, and in Decem ber 1974 he was elected a class B director for the three-year term ending Decem ber 31, 1977. E lliott A verett, Committee Chairman E verett A. G ilmour Chairman The Bank of New York New York, New York Chairman The National Bank & Trust Company of Norwich Norwich, New York Peter C artmell F rank C. H arding President Fidelity Union Trust Company Newark, New Jersey Vice Chairman Manufacturers & Traders Trust Company Buffalo, New York Joseph F. F ah ey , Jr. T hom as J. Stanton , Jr. Chairman The First Jersey National Bank Jersey City, New Jersey Chairman The State National Bank of Connecticut Bridgeport, Connecticut Nomination for Class B Director of Federal Reserve Bank of New York For Three-Year Term Ending Decem ber 31, 1980 D istrict N o . 2 G roup N o. 2 A t a meeting of the Board of Directors of the ................................................................. (Name of Bank) o f ................................................................... (or of the Executive Committee of such Board) (City or Town and State) duly called and held on t h e .................... day o f ............................................................. 1977, on motion duly made and seconded, it was ‘ ‘ RESO LVED , That , whose occupation is of be, and 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 Chair man of the Board of Directors of the Federal Reserve Bank of New Y ork.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank, or of its Executive Committee, duly adopted on the date specified. I also certify that if the foregoing resolution was adopted by the Executive Committee of this bank’s Board of Directors, such Executive Committee is empowered to so act. (S eal of B a n k ) (Official signature) (T itle) To MR. F R A N K R. M ILLIKEN, C h a ir m an of th e B oard of D irectors, F ederal R eserve B a n k of N e w Y ork . Authorization for Officers of Bank Holding Company To Designate Subsidiary Member Bank to Participate in Elections of Directors of Federal Reserve Bank of New York D istrict N o . 2 At a meeting of the Board of Directors (or of its Executive Committee) of the (Name and Location of Bank Holding Company) duly called and held on t h e ................... day o f ........................................, 19........... , on motion duly made and seconded, it was “ RESOLVED, that t h e ............................................................................................................... (Title (s) of designated officer (s)) of this bank holding company be and (any one of them) is hereby authorized to designate on behalf of the company from time to time one subsidiary bank to participate in the nomination and election of directors of the Federal Reserve Bank of New Y ork; Provided, That such subsidiary bank is a member of the Federal Reserve System and is not otherwise disqualified from participating in such elections. “ RESO LVED FU RTH ER, That the authority hereby granted shall continue in force until revoked by the Board of Directors of this bank holding company and that such authority heretofore conferred on any officer of this bank holding company is hereby revoked.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank holding company, or of its Executive Committee, duly adopted on the date specified. I also certify that if the foregoing resolution was adopted by the Executive Committee of this company’s Board of Directors, such Executive Committee is empowered to so act. Dated t h e ................. day o f ................................................, 19.................. (Official signature) (S eal of B a n k H olding Co m p a n y ) (Title) To C h a ir m an of th e B oard of D irectors, F ederal R eserve B a n k of N e w Y ork . --------- 1977 Election of Class A and Class B Directors GROUP 2 NEW JERSEY ( C o n tin u ed ) For Terms of Office Ending December 3 1, 1980 Place List of 107 Member Banks in Group 2 ( Group 2 consists of member banks with capital and surplus of $3,000,000 to $65,000,000, inclusive, on October 18, 1977) CONNECTICUT Place Bridgeport Bridgeport Name of Bank or Trust Company Officers Authorized to Cast Vote The Connecticut National B a n k ...........................................President, any Vice President, or Cashier The State National Bank of C onnecticut...............................President, any Vice President, or Cashier NEW JERSEY Bridgewater Township F irst National Bank of Central Jersey Name of Bank or Trust Company Officers Authorized to Cast Vote Old Bridge Township Amboy-Madison National B a n k .............................. President, any Vice President, or Cashier Paramus Garden State National B a n k .................................... Chairman of the Board, President, any Vice President, or Secretary Passaic Valley National B a n k ................................................. President, any Vice President, or Treasurer Piscataway The National Bank of New J e r s e y ........................ President, any Vice President, or Cashier Piscataway The Peoples National Bank of Central Jersey President, any Vice President, or Cashier Plainfield United National B a n k ................................................. . President, any Vice President, or Cashier Raritan Township The Hunterdon County National Bank of Flemington President, any Vice President, or Cashier Red Bank Colonial F irst National B a n k .................................... President, any Vice President, or Cashier Ridgewood Citizens F irst National Bank of New Jersey President, any Vice President, or Cashier Rutherford National Community Bank of New Jersey . South Plainfield F irst National State Bank — E d iso n ........................ . Chairman of the Board, Chairman of the Executive Committee, President, any Vice President, or Cashier Succasunna F irst National State Bank of Northwest Jersey . Cashier Tenafly F irst National State Bank — C o u n ty ........................ President, any Vice President, any Assistant Vice President, or Cashier President, any Vice President, or Cashier Tenafly Midlantic National B ank/C itizens.............................. President, any Vice President, or Cashier Totowa F irst National Bank of New J e r s e y ........................ Chairman of the Board, President, any Vice President, Cashier, or any Assistant Cashier President, any Vice President, or Cashier Clifton New Jersey Bank (National Association) President, any Vice President, or Cashier Dover United Jersey Bank/Northwest President, any Vice President, Treasurer, or Assistant Treasurer Union The Union Center National B a n k .............................. The National State Bank, Elizabeth, N. J. President, any Vice President, or Cashier Wayne Prospect Park National B a n k ............................... President, any Vice President, or Cashier United Counties Trust Company . Chairman of the Board, Chairman of the Executive Committee, President, or any Vice President Woodbridge Mid-Jersey National B a n k ........................................... President, any Vice President, or Cashier Wood Ridge The Wood Ridge National B a n k ........................ President, any Vice President, or Cashier Elizabeth Elizabeth . Elizabeth United Jersey Bank/Central President, any Vice President, or Treasurer Hackensack United Jersey Bank . Chairman or Vice Chairman of the Board, or any Vice President Hazlet Township United Jersey Bank/M id State, National Association Jersey City Commercial Trust Company of New Jersey . Jersey City The F irst Jersey National Bank . . . . NEW YORK Albany Bankers Trust Company of Albany, National Association . President, or any Vice President President, any Vice President, or Treasurer Albany National Commercial Bank and Trust Company . President, any Vice President, Cashier, or Secretary Albany State Bank of A lb a n y ............................................................. President, any Vice President, or Cashier Albany Union National B a n k ............................................................. President, any Vice President, or Cashier . . . President, any Vice President, or Cashier Jersey City The Trust Company of New Jersey . President, any Vice President, or Treasurer Arcade The Citizens Central B a n k ....................................................... President, any Vice President, or Cashier Livingston Livingston National B a n k ........................ President, any Vice President, or Cashier Binghamton First-City National Bank of Binghamton, N. Y. President, any Vice President, or Cashier Maplewood The Maplewood Bank and Trust Company President, any Vice President, Cashier, Treasurer, or Secretary Buffalo Liberty National Bank and Trust Company President, any Vice President, or Cashier Canajoharie Central National Bank, C an ajo h arie..................................... President, any Vice President, or Cashier Monroe Township Heritage Bank — North, National Association . President, any Vice President, or Cashier Montclair Chairman of the Board, President, Executive Vice President, any Vice President, or Secretary American National Bank & Trust of New Jersey . Canandaigua The Canandaigua National Bank and Trust Company Canton The St. Lawrence National B a n k ........................................... President, any Vice President, or Cashier . President, any Vice President, or Cashier Cedarhurst Peninsula National B a n k ....................................................... Chairman of the Board, President, any Vice President, or Cashier Neptune Township F irst Merchants National Bank . . . . President, any Vice President, or Cashier Newark Fidelity Union Trust Company President, or any Vice President Elmira Chemung Canal Trust C o m p a n y .......................................... Newark F irst National State Bank of New Jersey . Chairman of the Board, President, any Vice President, or Cashier Endicott Endicott Trust C o m p a n y ....................................................... President, any Vice President, or Treasurer Newark Midlantic National B a n k ............................... President, any Vice President, or Cashier Garden City Long Island Trust C o m p an y ................................................. President, or any Vice President President, any Vice President, or Cashier Glen Head The F irst National Bank of Glen H e a d .............................. President, any Vice President, or Cashier Newton . . . . Midlantic N ational Bank/Sussex & Merchants 3 4 President, any Vice President, Cashier, Secretary, or Treasurer — — GROUP 2 N E W YORK Place GROUP 2 ( Continued ) Nam e o f Bank or Trust Company N EW YORK Glens Falls The F irst 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 City N ational Bank and Trust Company of Gloversville . President, any Vice President, or Cashier Hempstead Hempstead B a n k ............................................................................... President, any Vice President, or Cashier Hicksville Long Island B a n k ............................................................................... President, any Vice President, or Cashier Ithaca Tompkins County Trust C o m p a n y .................................................. President, any Vice President, or Cashier Jamestown Bankers Trust Company o f Western New York Jamestown The F irst National Bank o f J a m e s t o w n ............................. President, any Vice President, or Cashier Kingston K ingston Trust C o m p a n y ................................................................ President, any Vice President, or Treasurer . The Sullivan County National Bank of Liberty . President, any Vice President, or Cashier Middletown Em pire National B a n k ........................................................................ Chairman o f the Board, President, any Vice President, or Cashier Nanuet N anuet N ational B a n k ........................................................................ President, any Vice President, or Cashier Newburgh Highland N ational Bank o f N e w b u r g h .................................... New York City (See page 6) Norwich The N ational Bank and Trust Company o f Norwich Olean Manufacturers Hanover Trust Com pany/W estern, National A s s o c i a t i o n ...................................................................................... President, any Vice President, or Cashier Oneonta W ilber National B a n k ......................................................... President, any Vice President, or Cashier Ontario Manufacturers Hanover Trust Company/Central N ew York President, or any Vice President President Poughkeepsie Bankers Trust Company of Hudson Valley, National A s s o c i a t i o n ...................................................................................... President, any Vice President, or Cashier Poughkeepsie Dutchess Bank & Trust C o m p a n y .................................................. President, any Vice President, or Secretary Riverhead The Suffolk County National Bank o f Riverhead President Rochester Central Trust Company Rochester N . Y ....................................... President, any Vice President, or Secretary Rochester Lincoln First Bank of R o ch e ste r .................................................. Chairman o f the Board, President, Senior Executive Vice President, any Executive Vice President, or any Senior Vice President Rochester Security Trust Company o f Rochester President, any Vice President, or Secretary Saratoga Springs The Adirondack Trust Company . President, any Vice President, or Treasurer Sayville The Oystermen’s Bank and Trust Company . Chairman o f the Board, President, any Vice President, or Secretary Scarsdale Scarsdale National Bank and Trust Company President . Schenectady The Mohawk National Bank o f Schenectady President, any Vice President, or Cashier Schenectady The Schenectady Trust Company . Chairman o f the Board, President, any Vice President, or Treasurer . Scotia First N ational Bank o f S c o t i a .................................................. President, any Vice President, or Cashier Smithtown Bank o f S m ith to w n ............................................................................... President, any Vice President, or Cashier Stony Brook Bank o f Suffolk C o u n t y ................................................................ President, any Vice President, or Cashier Syracuse F irst Trust & Deposit C o m p a n y .................................................. President, any Vice President, or Secretary Syracuse Lincoln F irst Bank — Central, National Association President, any Vice President, or Cashier Syracuse The Merchants N ational Bank & Trust Company o f Syracuse .............................................................................................. . Officers Authorized to Cast Vote The Oneida National Bank and Trust Company of Central New Y o r k ............................................................................................. President, any Vice President, or Cashier Watertown The National Bank o f Northern New Y o r k ............................ President, any Vice President, or Cashier The Citizens N ational Bank and Trust Company . President, any Vice President, or Cashier W hite Plains N ational Bank o f W e stc h e ste r ......................................................... President, any Vice President, or Cashier N E W Y O R K C IT Y Manhattan Chairman o f the Board, President, any Vice President, or Cashier Island State B a n k .............................................................................. Nam e o f Bank or Trust Company W ells ville President, any Vice President, or Cashier Patchogue . Utica President, any Vice President, or Cashier Liberty . Place Officers Authorized to Cast Vote ( Continued ) Richmond Barclays Bank o f N ew Y o r k ......................................................... President, any Vice President, or Cashier Bradford Trust C o m p a n y ................................................................ Chairman o f the Board, President, any Vice President, or Cashier Century National Bank and Trust C o m p a n y ............................ President, any Vice President, or Cashier Freedom N ational Bank o f New Y o r k ................................... President, any Vice President, or Cashier The Merchants Bank o f New Y o r k ........................................... President, any Vice President, Cashier, or Assistant Cashier Schroder Trust C o m p a n y ......................................................... ' President, any Vice President, or Secretary . Sterling National Bank & Trust Company of New York . President, any Vice President, or Cashier U B A F Arab American B a n k ......................................................... Chairman o f the Board, Deputy Chairman, President, or any Executive Vice President Union Chelsea National B a n k ......................................................... President, any Vice President, or Cashier United States Trust Company o f New York President, or any Vice President . . . . Community N ational Bank and Trust Company of New Y o r k ............................................................................................. President, any Vice President, or Cashier P U E R T O RICO Hato Rey President, any Vice President, or Cashier 5 ■ Banco De Santander — Puerto Rico, N .A , Chairman o f the Board, President, any Vice President, or Cashier
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