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FEDERAL RESERVE BANK OF NEW YORK [ Circular No. 10316 ~| November 6, 1989 J Nomination of Directors For Terms of Office Ending December 31, 1992 To the Member Banks of the Second Federal Reserve District: A n e le c tio n w ill b e h e ld u n d e r th e p ro v isio n s o f se c tio n 4 o f th e F e d e ra l R e se rv e A c t, as a m e n d e d , to c h o o se su c c e s s o rs , to se rv e fo r th re e -y e a r te rm s , to th e fo llo w in g d ire c to rs o f th is B a n k , w h o se te rm s w ill e x p ire D e c e m b e r 31, 1989: c la ss A d ire c to r, A lberto M . P a r a c c h in i , C h a irm a n o f th e B o a rd , B a n c o d e P o n c e , P o n c e , P u e rto R ic o , an d c la ss B d ire c to r, Jo h n A. G eorges , C h a irm a n o f th e B o a rd , In te rn a tio n a l P aper, P u rc h a se , N .Y . Both directors were elected by m em ber banks in Group 2 an d their su ccessors w ill be chosen by this group. M em ber banks in Groups 1 and 3 w ill not p a rticip a te in this election. T h e c la s s ific a tio n o f m e m b e r b a n k s fo r th e p u rp o se s o f n o m in a tio n a n d e le c tio n o f C la ss A a n d B d ire c to rs o f th e F e d e ra l R e se rv e B an k o f N ew Y ork is as fo llo w s: G r o u p 1 c o n s i s t s o f b a n k s w ith c a p ita l a n d su r p lu s o f m o r e th a n $ 4 0 0 , 0 0 0 ,0 0 0 ; G r o u p 2 , o f b a n k s w it h c a p ita l a n d su r p lu s o f $ 3 0 , 0 0 0 , 0 0 0 to $ 4 0 0 , 0 0 0 , 0 0 0 , in c lu s i v e ; a n d G r o u p 3 , o f b a n k s w ith c a p ita l a n d su r p lu s o f l e s s th a n $ 3 0 , 0 0 0 , 0 0 0 . F o r th e p u rp o s e s o f th is e le c tio n , a m e m b e r b a n k ’s c la s s ific a tio n w ill b e d e te rm in e d b y its c a p ita l a n d su rp lu s as o f th e d a te o f th is c irc u la r, ev en th o u g h its c a p ita l a n d su rp lu s m a y c h a n g e b e fo re th e p o lls close. T h e b a n k s c o m p ris in g G ro u p 2 a re liste d o n p a g e s 3 a n d 4 . E x c e p t in th e c a s e o f any m e m b e r b a n k s th a t a re s u b s id ia rie s o f th e sa m e b a n k h o ld in g c o m pany,* e a c h m e m b e r b a n k in G ro u p 2 is p e rm itte d to n o m in a te o n e c a n d id a te fo r c la s s A d ire c to r * Section 4 of the F ederal Reserve Act, as am ended, reads in p a rt as follows: “ . . . T h a t w h e n e v e r a n y m e m b e r b a n k s w it h in th e s a m e F e d e r a l R e s e r v e d is t r ic t are s u b s id ia r ie s o f th e s a m e b a n k h o ld in g c o m p a n y w ith in th e m e a n in g o f th e B a n k H o ld in g C o m p a n y A c t o f 1 9 5 6 , p a r tic ip a tio n in a n y s u c h n o m in a tio n o r e le c t i o n b y su c h m e m b e r b a n k s , in c lu d in g s u c h b a n k h o ld in g c o m p a n y i f it i s a ls o a m e m b e r b a n k , s h a ll b e c o n f i n e d to o n e o f s u c h b a n k s , w h ic h m a y b e d e s ig n a t e d fo r th e p u r p o s e b y s u c h h o ld in g c o m p a n y .” Pursuant to the foregoing provision, a nomination by any bank that is a subsidiary of a multibank holding company cannot be accepted unless there is on file with this Bank evidence that such bank has been so designated. Accordingly, banks affected by the foregoing provision of the law are requested to take prompt action to have the appropriate bank holding company designate, if it has not already designated, one of such banks to participate in this nomination and elec tion. If such bank holding company does not have on file with this Bank an appropriate resolution either permanently designating one of such banks to participate in nominations 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 with this Bank. A form of resolution authorizing officers of a bank holding company to make such designations is enclosed for such bank holding companies. a n d o n e c a n d id a te fo r c la ss B d ire c to r, f T h e n o m in a tio n s sh o u ld b e m a d e b y re s o lu tio n s o f th e b o a rd s o f d ire c to rs o f th e n o m in a tin g b a n k s (o r b y re so lu tio n s o f th e b a n k s ’ e x e c u tiv e c o m m itte e s , if su c h c o m m itte e s a re e m p o w e re d to ta k e su c h a c tio n ), a n d c e rtifie d c o p ie s o f su ch re s o lu tio n s sh o u ld b e se n t to th is B a n k so as to re a c h th is B a n k o n o r b e fo re 3 p .m . o n F rid ay , D e c e m b e r 8 , 1 9 8 9 . T h e e n c lo s e d p r in te d fo rm s show th e a p p ro p ria te fo rm s o f re s o lu tio n , a n d one executed copy o f th e a p p ro p ria te fo rm fo r e a c h n o m in a tio n sh o u ld b e re tu rn e d to th is B a n k in th e e n v e lo p e p ro v id e d fo r th a t p u rp o se . O n D e c e m b e r 12, 1 9 89, c o p ie s o f th e list o f c a n d id a te s (in d ic a tin g b y w h o m n o m in a te d ) a n d p re fe re n tia l b a llo ts w ill be m a ile d to th e b a n k s in G ro u p 2 . T h e law p ro v id e s th a t th e b a llo t sh a ll b e c a s t w ith in 15 d ay s a fte r re c e ip t o f th is list. T h e p o lls w ill o p e n at 10 a .m ., W ed n esd ay , D e c e m b e r 1 3, 1 9 8 9 , a n d w ill c lo se at 12 n o o n o n T h u rsd a y , D e c e m b e r 2 8 , 1 9 8 9 . U p o n th e c lo sin g o f th e p o lls, th e b a llo t b o x w ill b e o p e n e d in th e b o a rd ro o m o f th is B a n k , th e v o tes c o u n te d a n d c h e c k e d b y te lle rs, a n d th e re su lts o f th e e le c tio n a n n o u n c e d . T h e c a n d id a te s m ay, if th e y so d e sire , b e p re s e n t o r re p re s e n te d on th a t o c c a sio n . In o rd e r to b e c o u n te d as v a lid , th e b a llo t m u st b e e x e c u te d b y a n o ffic e r a u th o riz e d to c a s t th e v o te a n d m u s t b e re c e iv e d b y th is B an k at o r b e fo re th e tim e th u s fix e d fo r th e c lo sin g o f th e p o lls (i.e ., at o r b e fo re 12 n o o n o n T h u rsd a y , D e c e m b e r 2 8 ,1 9 8 9 ) . T h e o ffic e rs h e re to fo re d e sig n a te d fo r th is p u rp o s e b y e a c h b a n k in G ro u p 2 a re sh o w n o n th e list b e g in n in g o n p a g e 3. A n y G ro u p 2 b a n k th a t d e sire s to c h a n g e its a u th o riz a tio n sh o u ld d o so b y re so lu tio n o f its b o a rd o f d ire c to rs ; a c e rtifie d co p y o f su c h re so lu tio n m u s t re a c h th is B a n k b e fo re th e p o lls clo se. A fo rm fo r th is p u rp o s e is a lso e n c lo se d . Because banks in Groups 1 and 3 will not participate in this election, this circular is sent to them without form s and for their information only. C yr u s R . Va n c e , Chairman o f the Board. t Section 4 of the F ederal Reserve A ct, as am ended, read s in p a rt as follows: “ C la s s A s h a ll c o n s i s t o f th r e e m e m b e r s , w it h o u t d is c r im in a t io n o n th e b a s is o f r a c e , c r e e d , c o lo r , s e x , o r n a tio n a l o r ig i n , w h o s h a ll b e c h o s e n b y a n d b e r e p r e s e n ta tiv e o f th e s t o c k h o ld in g b a n k s . . . . N o o ffic e r o r d ir e c to r o f a m e m b e r b a n k s h a ll b e e li g i b l e to s e r v e a s a c la s s A d ir e c to r u n le s s n o m in a t e d a n d e le c t e d b y b a n k s w h ic h are m e m b e r s o f th e s a m e g r o u p a s th e m e m b e r b a n k o f w h ic h h e i s a n o f f i c e r o r d ir e c to r .” “ A n y p e r s o n w h o is a n o f f i c e r o r d ir e c to r o f m o r e th a n o n e m e m b e r b a n k sh a ll n o t b e e l i g i b l e fo r n o m in a tio n a s a c la s s A d ir e c to r e x c e p t b y b a n k s in th e s a m e g r o u p a s th e b a n k h a v in g th e la r g e s t a g g r e g a t e r e s o u r c e s o f a n y o f t h o s e o f w h ic h su c h p e r s o n is a n o f f i c e r o r d ir e c to r .” “ C la s s B s h a ll c o n s i s t o f th r e e m e m b e r s , w h o s h a ll r e p r e s e n t th e p u b lic a n d s h a ll b e e le c t e d w it h o u t d i s c r im in a t io n o n th e b a s is o f r a c e , c r e e d , c o lo r , s e x , o r n a tio n a l o r ig i n , a n d w it h d u e b u t n o t e x c l u s iv e c o n s id e r a tio n to th e in te r e s ts o f a g r ic u ltu r e , c o m m e r c e , in d u str y , s e r v ic e s , la b o r, a n d c o n s u m e r s . . . . N o d ir e c to r o f c la s s B s h a ll b e an o ffic e r , d ir ec to r, o r e m p lo y e e o f a n y b a n k .” “ N o S e n a to r o r R e p r e s e n ta tiv e in C o n g r e s s sh a ll b e a m e m b e r o f th e B o a r d o f G o v e r n o r s o f th e F e d e r a l R e s e r v e S y s t e m o r a n o f f ic e r o r a d ir e c to r o f a F e d e r a l r e s e r v e b a n k .” [The Board of Governors of the Federal Reserve System has expressed the opinion that it is inappropriate, as a general rule, for directors of Federal Reserve Banks to hold partisan political or public office in the service of the United States, or of any State, Territory, county, district, political subdivision, or municipality thereof, to act as members of political party committees, or to serve as officers or directors of political action committees or as members of the governing bodies of such committees. The System’s policy is to avoid any situations that might give the appearance of associating the Reserve Banks with political activities.] 2 Chairman, Board of Directors Federal Reserve Bank of New York Federal Reserve P.O. Station New York, N.Y. 10045 Election of Directors For Terms of Office Ending December 31, 1992 List of the 27 Member Banks in Group 2 (G roup 2 consists o f m em ber banks with capital a n d surplus o f $ 3 0 ,0 0 0 ,0 0 0 to $ 4 0 0 ,0 0 0 ,0 0 0 , inclusive, on N ovem ber 6, 1989.) NEW JERSEY Name of Bank or Trust Company Place Officers Authorized to Cast Vote Elizabeth The National State Bank, Elizabeth, N.J....................... President, any Vice President, or Cashier Hackensack United Jersey Bank....................................................... Chairman or Vice Chairman of the Board, or any Vice President Jersey City National Westminster Bank N.J..................................... President, any Vice President, Cashier, or Secretary Morristown Chemical Bank of New Jersey, National Association . . Chairman of the Board, President, Executive Vice President, any Vice President, or Secretary Newark First Fidelity Bank, National Association, New Jersey . Newark Midlantic National Bank............................................... President, any Vice President, or Cashier Rutherford National Community Bank of New Jersey.................... Chairman of the Board, Chairman of the Executive Committee, President, any Vice President, or Cashier Totowa First Fidelity Bank, National Association, North Jersey Chairman of the Board, President, any Vice President, Cashier, or any Assistant Cashier West Paterson Midlantic National Bank/North.................................... President, any Vice President, or Cashier NEW YORK N a m e o f B a n k o r T ru s t C o m p a n y P la c e O f f ic e r s A u th o r iz e d to C a s t V ote Albany Key Bank, N.A.............................................................. President, and any Vice President, or Cashier Albany Norstar Bank of Upstate New York............................. President, any Vice President, or Cashier Buffalo Manufacturers and Traders Trust Company.................. President, any Vice President, or Secretary Buffalo Norstar Bank, N.A........................................................ President, any Vice President, or Cashier Hempstead Norstar Bank................................................................. President, any Vice President, or Cashier Jamestown Key Bank of Western New York, National Association President, any Vice President, or Cashier New York City (S e e b e lo w .) Rochester Central Trust Company................................................. President, any Vice President, or Secretary Rochester Chase Lincoln First Bank, National Association.......... President, any Vice President, or Cashier Syracuse Key Bank of Central New York National Association. . 3 NEW YORK C IT Y Place Manhattan Name of Bank or Trust Company Officers Authorized to Cast Vote Barclays Bank of New York, National Association President, any Vice President, or Cashier European American Bank ........................................... Chairman of the Board, President, any Vice Chairman, or any Executive Vice President National Westminster Bank USA.................................. Chairman, or any Vice Chairman of the Board, President, any Vice President, or Cashier IBJ Schroder Bank & Trust Company.......................... President, any Vice President, or Secretary Safra National Bank of New York................................ Security Pacific National Trust Company (New York) . Sterling National Bank & Trust Company of New York President, any Vice President, or Cashier UBAF Arab American Bank........................................ Chairman of the Board, Deputy Chairman, President, or any Executive Vice President United States Trust Company of New York.................. President, or any Vice President 4 DIRECTORS OF THE FEDERAL RESERVE BANK OF N E W YORK E le c te d by T erm B an k s in E x p ire s G ro u p N am e an d O c c u p a tio n C la ss D e c . 31 1 Jo h n E M c G illic u d d y A 1991 A 1989 A 1990 B 1991 B 1989 B 1990 C 1989 C 1990 C 1991 C h a irm a n o f th e B o a rd M a n u fa c tu re rs H a n o v e r T ru st C o m p a n y N ew Y ork, N .Y . A lb e rto M . P a ra c c h in i 2 C h a irm a n o f th e B o ard B a n c o d e P o n ce P o n c e , P u e rto R ico J. K irb y F o w le r 3 P re s id e n t a n d C h ie f E x e c u tiv e O ffic e r T h e F le m in g to n N atio n al B an k a n d T ru st C o m p a n y F le m in g to n , N .J. 1 R ic h a rd L . G elb C h a irm a n o f th e B o a rd B risto l-M y e rs S q u ib b C o m p a n y N ew Y ork, N .Y Jo h n A . G e o rg e s 2 C h a irm a n o f th e B o a rd In te rn a tio n a l P a p e r P u rc h a se , N .Y Jo h n E W elch, Jr. C h a irm a n o f th e B o a rd 3 GE F a irfie ld , C o n n . C y ru s R . V an ce (Chairman) ° 13 V, fc C3 ~0 _ O r(U P CQ tU § J ; j= ■±3 ~ CO X) "O fll t; P re s id in g P a rtn e r S im p so n T h a c h e r & B a rtle tt N ew Y ork, N .Y . E lle n V. F u tte r (Deputy Chairman) P re s id e n t C/3 U > B a rn a rd C o lle g e O C <u </2 (D N ew Y ork, N .Y . ^ 8 .1 M a u ric e R . G re e n b e rg < o P re s id e n t a n d C h ie f E x e c u tiv e O ffic e r A m e ric a n In te rn a tio n a l G ro u p , In c . N ew Y ork, N .Y . 5 Nomination for Class A Director of Federal Reserve Bank of New York For Three-Year Term Ending December 31, 1992 D istrict N o . 2 G roup No . 2 At a meeting o f the Board of D irectors o f the .......................................................................................... (Name of Bank) o f ............................................................................................(or of the Executive Com m ittee of such Board) (City or Town and State) duly called and held on th e ................ day o f ............................................................................................... 1989, on motion duly made and seconded, it was “ RESOLVED, That of , w hose occupation is be, and is hereby, nom inated by this bank as a candidate for class A director of the Federal Reserve Bank of New York for the three-year term ending D ecem ber 31, 1992, and the secretary or other officer of this bank is hereby authorized, em pow ered, and directed to send a certified copy of this resolution to the C hairm an o f the Board of D irectors of the Federal Reserve Bank o f New York.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of D irectors of this bank, or of its Executive Com m ittee, duly adopted on the date specified. I also certify that if the foregoing resolution was adopted by the Executive Com m ittee of this bank's Board of D irectors, such Executive C om m ittee is em powered to so act. (S eal of B a n k ) (Official signature) (Title) To M R. CYRUS R. VANCE, C h airm a n of th e B oard of D irectors , F ederal R eserve B a n k of N ew Y o r k . Nomination for Class B Director of Federal Reserve Bank of New York For Three-Year Term Ending December 31, 1992 D istrict N o . 2 G roup No. 2 At a m eeting of the Board of D irectors of the .......................................................................................... (N a m e o f B ank) o f ............................................................................................(or of the Executive Com m ittee of such Board) (C ity or T ow n and State) duly called and held on th e .................day o f ............................................................................................. .. 1989, on motion duly made and seconded, it was “ RESOLVED, That of , w hose occupation is be, and is hereby, nom inated by this bank as a candidate for class B director o f the Federal Reserve Bank of New York for the three-year term ending D ecem ber 31, 1992, and the secretary or other officer of this bank is hereby authorized, em pow ered, and directed to send a certified copy of this resolution to the C hairm an of the Board of D irectors 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 o f D irectors of this bank, or of its Executive Com m ittee, duly adopted on the date specified. I also certify that if the foregoing resolution was adopted by the Executive Com m ittee of this b an k ’s Board of D irectors, such Executive Com m ittee is em powered to so act. (S eal of B a n k ) (O ffic ia l sig n a tu re) (T itle) To M R. CYRUS R. VANCE, C h airm a n of th e B oard of D irectors , F ederal R eserve B a n k of N ew Y o r k .
@FedFRASER