The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF MEW YORK No. 10196 1 October 6, 1987 [ Circular CHANGE IN CLASSIFICATION OF MEMBER BANKS FOR PURPOSE OF ELECTING DIRECTORS To the Member Banks of the Second Federal Reserve District: Pursuant to section 2 6 5 .2 (f)(3 0 ) o f the R u les R egarding D elegation o f A uthority o f the B oard o f G overnors o f the Federal R eserve Sy stem , this B a n k has changed the classifica tio n o f m em ber banks in the Second Federal R eserve D istrict for the purpose o f electin g class A and class B directors o f the Federal R eserv e B an k o f New Y o rk . U nder the previous cla ssifica tio n , G roup 1 consisted o f banks with capital and surplus o f m ore than $ 4 0 0 ,0 0 0 ,0 0 0 ; G roup 2 , o f banks with capital and sur plus o f $ 6 ,5 0 0 ,0 0 0 to $ 4 0 0 ,0 0 0 ,0 0 0 , in clu siv e; and Group 3 , o f banks with cap ital and surplus o f less than $ 6 ,5 0 0 ,0 0 0 . T h e new classificatio n is as follow s: Group 1 consists o f banks with capital and surplus o f m ore than $ 4 0 0 ,0 0 0 ,0 0 0 ; Group 2 , o f banks w ith capital and surplus o f $ 3 0 ,0 0 0 ,0 0 0 to $ 4 0 0 ,0 0 0 ,0 0 0 , in clu sive; and Group 3 , o f banks w ith capital and surplus o f less than $ 3 0 ,0 0 0 ,0 0 0 . T h e classificatio n was last changed in O ctob er 1 9 8 1 . T h e current change is intended to achieve a better distribution o f m em ber banks in the three groups, each o f w hich “shall co n sist as nearly as m ay be o f banks o f sim ilar capitalization” as specified in section 4 o f the Fed eral R eserv e A ct. T h e new classificatio n w ill be used this year, when Group 3 banks w ill be voting fo r a class A and a class B director for three-year terms beginning January 1, 1 9 8 8 . Jo h n R . O p e l , Chairm an o f the B oard. new york state bankers association ^ S ™ S £ James R Murphy, Executive Vice President(212) 949-1170 (212^ 949'1155 October 2s 1987 TO THE EXECUTIVE OFFICER OF THE INSTITUTION ADDRESSED: The following committee has been appointed for the purpose of recommending candidates for Directors of the Federal Reserve Bank of New York: THE NEW YORK STATE BANKERS ASSOCIATION IS REPRESENTED BY: Richard S. Simmons, CHAIRMAN Vice Chairman, Chemical Bank New York, New York Robert W. Bouchard President & CEO, Key Bancshares of New York Inc. Albany, New York Albert J. Juliano President, Orange County Trust Company Middletown, New York THE NEW JERSEY BANKERS ASSOCIATION IS REPRESENTED BY: Herman H. Suenholz President, First Jersey National Bank Jersey City, New Jersey Desmond P. McDonald President, Midlantic National Bank Newark, New Jersey THE CONNECTICUT BANKERS ASSOCIATION IS REPRESENTED BY: Robert H. Winstanley Executive Vice President, New Canaan Bank and Trust Company New Canaan, Connecticut The report of the committee will be mailed to you shortly, ,
@FedFRASER