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FEDERAL RESERVE BANK OF NEW YORK [ C irc u la r No. 10436 ”1 F e b ru a ry 2 5 , 1991 Nomination of Class B Director For Term of Office Ending December 31, 1993 To the M em b er B anks o f the Secon d F ederal R eserve D istrict: An election o f a Class B director of this Bank will be held under the provisions of section 4 o f the Federal Reserve Act, as amended, to choose a successor to Jo h n F. W e l c h ,Jr ., Chairman o f the Board, GE, Fairfield, Conn., whose term as a Class B director expired December 31, 1990. Mr. Welch was elected by member banks in Group 3 and his successor will be chosen by this group. Member banks in Groups 1 and 2 will not participate in this election. The classification o f member banks for the purposes 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 more than $400,000,000; Group 2, of banks with capital and surplus of $30,000,000 to $400,000,000, inclusive; and Group 3, of banks with capital and surplus of less than $30,000,000. 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 list of banks comprising Group 3 begins on page 3. Except in the case of any member banks that are subsidiaries of the same bank holding com pany,* each member bank in Group 3 is permitted to nominate one candidate for Class B * 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 Act 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.” Pursuant to the foregoing provision, a nomination by any bank that is a subsidiary of a bank holding company having other subsidiaries in the same voting group 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 re quested to take prompt action to have the appropriate bank holding company designate, if it has not already des ignated, one of such banks to participate in this nomination and election. If such bank holding company does not have on file with this Bank an appropriate resolution either perma nently 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. director.! The nominations should be made by resolutions of the boards of directors of the nom inating banks (or by resolutions of the banks’ executive committees, if such committees are empow ered to take such action), and certified copies of such resolutions should be sent to this Bank so as to reach this Bank on or before 3 p.m. on Monday, March 25, 1991. The enclosed printed forms show the appropriate form of resolution, and o n e e x e c u te d c o p y of the form should be returned to this Bank. On March 26, 1991, copies of the list of candidates (indicating by whom nominated) and pref erential ballots will be mailed to the banks in Group 3. 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., Wednesday, March 27, 1991, and will close at 12 noon on Thursday, April 11, 1991. 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 the result of the election announced. The candidates may, if they so desire, be present or repre sented 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 this Bank at or before the time thus fixed for the closing of the polls (i.e., at or before 12 noon on Thursday, April 11, 1991). The officers heretofore designated for this purpose by each bank in Group 3 are shown on the list beginning on page 3. Any Group 3 bank that desires to change its authorization should do so by resolution of its board of directors; a certified copy o f such resolution must reach this Bank before the polls close. A form for this pur pose is also enclosed. B e c a u s e b a n k s in G r o u p s 1 a n d 2 w ill n o t p a r t i c i p a t e in th is e le c tio n , th is c i r c u la r is s e n t to th e m w ith o u t f o r m s a n d f o r th e ir in fo r m a tio n on ly. C y r u s R. V a n c e , C h a ir m a n o f th e B o a r d . t Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “Class B shall consist of three members, who shall represent the public and shall be elected without dis crimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusive con sideration to the interests of agriculture, commerce, industry, services, labor, and consumers. No director of class B shall be an officer, director, or employee of any 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.” [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 Election of Class B Director For Term of Office Ending December 31, 1993 List of 137 Member Banks in Group 3 (Group 3 consists o f m em ber banks with capital a n d surplus o f less than $30,000,000, on February 2 5 , 1991.) CONNECTICUT Place Name of Bank or Trust Company Officers Authorized to Cast Vote Danbury Liberty National Bank ................................................................... Stamford First National Bank of Stamford .................................................... President, any Vice President, or Cashier ......................................................................... NEW JERSEY Basking Ridge Growth Bank....................................................................... Belleville Peoples Bank, National Association.................................... Chairman of the Board, President, any Vice President, or Cashier Blairstown United National B ank......................................................... President, any Vice President, or Cashier Branchville The National Bank of Sussex C ounty................................ President, any Vice President, or Cashier Clinton Hunterdon National Bank................................................... President, any Vice President, or Cashier Fairfield West Jersey Community B ank............................................ Flemington The Flemington National Bank and Trust Company.......... President, any Vice President, or Cashier Franklin Lakes Urban National Bank ......................................................... President, any Vice President, or Cashier Gladstone Peapack-Gladstone Bank ................................................... President, any Vice President, or Cashier Hope The First National Bank of Hope........................................ President, any Vice President, or Cashier Maplewood The Maplewood Bank and Trust Company........................ President, any Vice President, Cashier, Treasurer, or Secretary Maywood Community Bank of Bergen County, N .J........................... President, any Vice President, or Cashier Morristown Princeton Bank and Trust Company, National Association. Newark Broad National Bank........................................................... President, any Vice President, Cashier, or Assistant Cashier Newark City National Bank of New Jersey..................................... Chairman of the Board, President, or Cashier Newark Security National Bank and Trust Company of New Jersey Chairman of the Board, President, any Vice President, or Cashier North Bergen Meadowlands National B an k .............................................. President, any Vice President, or Cashier Old Bridge Township Amboy-Madison National Bank......................................... President, any Vice President, or Cashier Passaic Jefferson National B ank..................................................... President, any Vice President, or Cashier Passaic Valley National B a n k ......................................................... President, any Vice President, or Treasurer 3 NEW JERSEY (Continued) Place Name of Bank or Trust Company Officers Authorized to Cast Vote Peapack Beneficial National Bank USA.................................. Phillipsburg The Phillipsburg National Bank and Trust Company President, any Vice President, or Cashier Ridgewood Citizens First National Bank of New Jersey ............ President, any Vice President, or Cashier Rocky Hill Amboy National Bank .............................................. Somerset City Trust Services, National Association................ Chairman of the Board, President, any Vice President, or Cashier Somerville Mid Jersey National Bank.......................................... President, any Vice President, or Cashier Somerville Suburban National Bank............................................ Union The Union Center National Bank.............................. President, any Vice President, or Cashier NEW YORK Addison Community National Bank........................................ Albany Key Bank USA National Association........................ Albany Union National Bank.................................................. President, any Vice President, or Cashier Alden Alden State Bank ..................................................... President, any Vice President, or Cashier Alexandria Bay The Redwood National B ank.................................... Amenia The First National Bank of Amenia.......................... President, any Vice President, or Cashier Angola The Evans National Bank of Angola........................ President, any Vice President, or Cashier Atlanta Atlanta National Bank................................................ President, any Vice President, or Cashier Avoca Bank of Avoca........................................................... President, any Vice President, or Cashier Ballston Spa Ballston Spa National B an k ...................................... President, any Vice President, Cashier, or Secretary Bath The Bath National Bank............................................ President, any Vice President, or Cashier Bridgehampton The Bridgehampton National B ank.......................... President, any Vice President, or Cashier Canajoharie Central National Bank, Canajoharie ........................ President, any Vice President, or Cashier Canandaigua The Canandaigua National Bank and Trust Company President, any Vice President, or Cashier Canisteo First State Bank, Canisteo, N .Y ............................... President, any Vice President, Treasurer, or Secretary Canton The St. Lawrence National Bank.............................. President, any Vice President, or Cashier Carmel The Putnam County National Bank of Carm el........ President, any Vice President, or Cashier Cattaraugus Bank of Cattaraugus.................................................. President, any Vice President, or Cashier Clifton Springs The Ontario National Bank of Clifton Springs........ President, any Vice President, or Cashier Cortland First National Bank of Cortland................................ Chairman of the Board, President, any Vice President, or Cashier Coxsackie The National Bank of Coxsackie.............................. President, Executive Vice President, any Vice President, or Cashier President, any Vice President, or Cashier Delhi The Delaware National Bank of Delhi...................... President, any Vice President, or Cashier Downsville The First National Bank of Downsville.................... President, any Vice President, or Cashier Dryden The First National Bank of Dryden.......................... President, any Vice President, or Cashier East Hampton The Bank of the Hamptons, N.A.............................. President, any Vice President, or Cashier Ellenville Ellenville National Bank............................................ President, any Vice President, or Cashier Elmira Chemung Canal Trust Company .............................. President 4 NEW YORK (Continued) Name of Bank or Trust Company Place Officers Authorized to Cast Vote President, any Vice President, or Treasurer Endicott Endicott Trust Company............................................... Fleischmanns American National Bank of New York ........................ Florida The National Bank of Florida ...................................... President, any Vice President, or Cashier Geneva The National Bank of G eneva...................................... President, any Vice President, or Cashier Glen Head The First National Bank of Long Islan d ...................... President, any Vice President, or Cashier Glens Falls The First National Bank of Glens Falls........................ President, any Vice President, or Cashier Glens Falls Glens Falls National Bank and Trust Company............ President, any Vice President, or Cashier Gloversville City National Bank and Trust Company of Gloversville President, any Vice President, or Cashier Great Neck Bank of Great N eck ..................................................... President, any Vice President, or Treasurer Groton The First National Bank of Groton .............................. President, any Vice President, or Cashier Hammond The Citizens National Bank of Hammond.................... President, any Vice President, or Cashier Hermon The First National Bank of Hermon ............................ President, any Vice President, or Cashier Highland The First National Bank of Highland............................ President, any Vice President, or Cashier Jeffersonville The First National Bank of Jeffersonville .................... President, any Vice President, or Cashier Jericho Chemical Bank, National Association.......................... Keeseville The Keeseville National B an k ...................................... President, any Vice President, Cashier, or Assistant Cashier Kinderhook The National Union Bank of Kinderhook.................... President, any Vice President, or Cashier Lisbon The First National Bank of Lisbon .............................. President, any Vice President, or Cashier Lyons The Lyons National Bank............................................. President, any Vice President, or Cashier Mahopac The Mahopac National B ank........................................ Chairman of the Board, President, any Vice President, or Cashier Malone The Citizens National Bank of Malone........................ President, any Vice President, or Cashier Middletown Orange County Trust Company.................................... President, any Vice President, or Secretary Millbrook Bank of Millbrook ....................................................... President, any Vice President, or Cashier New York City (See page 6) Nichols The Nichols National Bank .......................................... Norfolk The First National Bank of Norfolk.............................. President, any Vice President, or Cashier North Tarrytown The First National Bank of North Tarrytown.............. President, or Cashier Olean The Exchange National Bank........................................ Oneida The Oneida Valley National Bank of O neida.............. Chairman of the Board, President, any Vice President, or Cashier Oneonta Wilber National Bank................................................... Vice Chairman & CEO, President, any Vice President, or Cashier Owego The Owego National Bank........................................... President, any Vice President, or Cashier Pine Plains The Stissing National Bank of Pine P lain s.................. President, any Vice President, or Cashier Poughkeepsie The Fishkill National Bank........................................... President, any Vice President, or Cashier Rhinebeck The First National Bank of Rhinebeck ........................ President, any Vice President, or Cashier Riverhead The Suffolk County National Bank of Riverhead........ President, any Vice President, or Cashier Rochester First National Bank of Rochester.................................. President, any Vice President, or Cashier Roxbury The National Bank of Roxbury.................................... President, any Vice President, or Cashier Salamanca Salamanca Trust Company........................................... President, any Vice President, or Cashier 5 President, any Vice President, or Cashier NEW YORK (Continued) Place Name of Bank or Trust Company Officers Authorized to Cast Vote Saratoga Springs The Adirondack Trust Company.................................................... President, any Vice President, or Treasurer Saratoga Springs Saratoga National Bank and Trust Company.................................. Savannah The National Bank of Savannah...................................................... President, any Vice President, or Cashier Schenectady Trustco Bank New York.................................................................. President, Senior Vice President, or any Vice President Scotia First National Bank of Scotia.......................................................... President, any Vice President, or Cashier Smithtown Bank of Smithtown......................................................................... President, any Vice President, or Cashier Solvay Solvay B a n k ................................................................................... President, any Vice President, or Cashier Spencer Tioga State Bank............................................................................. President, any Vice President, Cashier, or Treasurer Stamford The National Bank of Stamford...................................................... President, any Vice President, Comptroller, or Cashier Syracuse The Merchants National Bank and Trust Company of Syracuse .. Tupper Lake The Tupper Lake National B a n k .................................................... President, any Vice President, or Cashier Union Springs Cayuga Lake National Bank............................................................ President, any Vice President, or Cashier Vernon The National Bank of Vernon ........................................................ President, any Vice President, or Cashier Walton The National Bank of Delaware County, Walton............................ President, any Vice President, or Cashier Waterloo Horizon Bank, National Association.............................................. President, any Vice President, or Cashier Watertown Jefferson National B ank................................................................. President, any Vice President, or Cashier Willsboro Essex County-Champlain National Bank, Willsboro...................... President, any Vice President, or Cashier Yonkers Hudson Valley National Bank.......................................................... President, any Vice President, or Cashier President, any Vice President, or Cashier NEW YORK CITY Bronx New York Capital Bank National Association...................... New York National B a n k ...................................................... Manhattan Chairman of the Board, President, Senior Vice President, any Vice President, or Cashier Bank of Bermuda (New York) Limited................................ BankAmerica Trust Company of New Y o rk ........................ Bessemer Trust Company, N.A............................................. President, any Senior Vice President, any Vice President, or Secretary BPD International B ank........................................................ Chairman of the Board or President Broadway National B an k ...................................................... Delta National Bank and Trust Company ............................ The Depository Trust Company............................................ Chairman of the Board Eastbank, National Association............................................ Gotham Bank of New Y ork.................................................. Mellon Securities Trust Company........................................ Merchants Bank of New York .............................................. President, any Vice President, Cashier, or Assistant Cashier The Park Avenue Bank, National Association...................... Participants Trust Company.................................................. Shawmut Trust Company...................................................... President, any Vice President, or Treasurer State Street Bank and Trust Company, National Association President, any Vice President, or Cashier United Missouri Trust Company of New Y ork.................... 6 NEW YORK CITY (Continued) Name of Bank or Trust Company Officers Authorized to Cast Vote Asia Bank, N.A............................................................................... Chairman of the Board, President, any Vice President, or Cashier Great Eastern Bank------------------------------------------------------- -------------------------------------------------------------------- Marathon National Bank of New York--------------------------------- -------------------------------------------------------------------- Place Queens National Bank of New York C ity .................................................... President, any Vice President, or Cashier Staten Island Community National Bank and Trust Company of New York . . . . President, any Vice President, or Cashier Gateway State B a n k ....................................................................... Chairman of the Board, President, or any Vice President PUERTO RICO Ponce Banco de Ponce Chief Executive Officer, President, any Vice President, or Cashier 7 DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW YORK Elected by Banks in Group Name and Occupation Class Term Expires Dec. 31 1 John E McGillicuddy Chairman and Chief Executive Officer Manufacturers Hanover Trust Company New York, N.Y. A 1991 2 Victor J. Riley, Jr. Chairman, President, and Chief Executive Officer KeyCorp Albany, N .Y A 1992 3 Barbara Harding Chairman and Chief Executive Officer The Phillipsburg National Bank and Trust Company Phillipsburg, N.J. A 1993 1 Richard L. Gelb Chairman and Chief Executive Officer Bristol-Myers Squibb Company New York, N.Y. B 1991 2 John A. Georges Chairman and Chief Executive Officer International Paper Purchase, N.Y. B 1992 3 (Vacancy) B 1993 Maurice R. Greenberg Chairman and Chief Executive Officer American International Group, Inc. New York, N.Y. C 1991 Cyrus R. Vance (Chairm an) Presiding Partner Simpson Thacher & Bartlett New York, N.Y. C 1992 Ellen V. Futter (Deputy Chairm an) President Barnard College New York, N.Y. C 1993 V|_l ° 13 " 2 fc c3 ^3 o £ CQ Uh to <U aS -C >> *3 00 >> O X> T3 <D «= SoCl* ^ 0 « > 1/5j U l U <U O i/5 e 0> h c5 > 0 8 Nomination for Class B Director of Federal Reserve Bank of New York For Term of Office Ending December 31, 1993 D istrict N o . 2 G roup N o .3 At 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 the...............day o f ......................................................................................1991, 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 B director of the Federal Reserve Bank of New York for the term ending December 31, 1993, and the secretary 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 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. (Seal of Bank) (Official signature) (Title) To MR. CYRUS R. VANCE, C hairman of the B oar d of D irectors, Federal R eserve B a n k of N e w Y o r k . FE D E R A L RESERVE B A N K O F NEW Y O R K Designation of Officers Authorized to Cast Vote of Member Bank in Elections of Directors of Federal Reserve Bank of New York D istrict N o. 2 At a meeting of the Board of Directors of the (Name and Location of Bank) duly called and held on the....................... day of...................................., 19............, on motion duly made and seconded, it was “ RESOLVED, That the president, any vice president, or the cashier of this bank, or (If designation of some officer not included in those mentioned is desired, insert his title only here) of this bank, be and any one of them is hereby authorized, empowered and directed to cast the vote of this bank for class A and class B directors of the Federal Reserve Bank of New York, in accordance with the provisions of section 4 of the Federal Reserve Act, as amended. “ RESOLVED FURTHER, That the authority hereby granted shall continue in force until revoked by the Board of Directors of this bank and that such authority heretofore conferred on any officer of this bank is hereby revoked.” I 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. Dated the................... day of................................................, 19................ (Official signature) ( S eal of Bank) (Title) To C h a ir m a n of t h e B oard of D irectors , F ederal R eserve B a n k of N ew 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 York; Provided, That such subsidiary bank is a member of the Federal Reserve System and is not otherwise disqualified from participating in such elections. “ RESOLVED FURTHER, 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 th e ................. day of 19 (Official signature) ( S eal of B a n k H olding Co m p a n y ) (Title) To C h airm an of t h e B oard of D irectors , F ederal R eserve B a n k of N ew Y ork . FEDERAL RESERVE BANK OF N E W Y O R K February 25, 1991 To the Chief Executive Officer of the Bank Addressed: The enclosed circular invites nominations for this Bank's regular election of a Class B director. Member banks in Group 3, i.e., those with capital and surplus of less than $30,000,000, are eligible to participate in this election? a current iist of Group 3 banks begins on page 3 of the circular. If your bank is in Group 3, and thus eligible to participate, the nomination form, and other related forms, are being mailed to your Corporate Secretary under separate cover. Please note that, in order for vour bank to participate in the nomination process, we must be properly notified fas specified in the circular) of action bv vour board of directors, or executive committee, before the close of the nomination period (3 p.m., March 25). If your bank is not in Group 3, it is not eligible to participate in this election. In that case, this circular is being sent to you for your information only. Circulars Division C O M M IT T E E ON RECOM MENDATION OF CANDIDATES FOR ■)u ■/eysc, D IR EC TO R S OF TH E FED ER A L R ESERVE BANK OF N EW YORK February 25, 1991 Recommendation of Candidate in Election of Class B Director of the Federal Reserve Bank of New York To All Member Banks in the Second Federal Reserve District: The Federal Reserve Bank of New York will hold an election of a class B director, for the term ending December 31,1993, to succeed John F. Welch, Jr.. Member banks in Group 3 — that is, member banks with capital and surplus of less than $30,000,000 — will participate in this election. The committee, appointed by the bankers associations of New York, New Jersey, and Connecticut to make rec ommendations to member banks of candidates for directors of the Federal Reserve Bank of New York, and to inform member banks of the qualifications of these candidates, recommends for nomination by Group 3 banks the following individual, who has consented to serve if elected: For C lass B D irector RA ND V. A R ASKO G Chairman and Chief Executive ITT Corporation, New York, NY Rand V. Araskog was born on October 10,1931 in Fergus Falls, Minnesota. He received a Bachelor of Science degree from the U.S. Military Academy at West Point in 1953 and studied at the Harvard Graduate School of Arts and Sciences in 1953 and 1954. Mr. Araskog served with the Defense Department from 1954 to 1959, becoming special assistant in its Advanced Research Project Agency in 1958. After directing marketing and planning for the Aeronautics Division of Honeywell, Inc., he joined the ITT System in 1966 as director of marketing for its Defense-Space Group. He rose through several positions in that Group, became an executive vice president responsible for ITT’s telecommunications business in 1976, and was appointed senior executive vice president and chief operating officer in 1978. He was elected president and chief executive in July 1979, and chairman in 1980. Among his many business and civic activities, Mr. Araskog is a director of the Hartford Fire Insurance Company, The ITT Sheraton Corporation, Dow Jones & Company, Inc., Dayton Hudson Corporation, Shell Oil Company, the New York Stock Exchange, and the New York City Partnership. He is also a member of the Economic Club of New York, The Business Council, The Business Roundtable, and the Council on Foreign Relations. In 1982, he was ap pointed the first chairman of the National Security Telecommunications Advisory Committee by President Reagan. ARTHUR F. RYAN, Committee Chairman* President The Chase Manhattan Bank, New York, NY JOHN B. ROBINSON, JR. Executive Vice President Fleet/Norstar Financial Group, Albany, New York JOHN J. CONNOLLY President and Chief Executive Officer The National State Bank, Elizabeth, New Jersey RONALD A. SABIA Vice President, First National Bank of Stamford Stamford, Connecticut ALBERT J. JULIANO Director, Orange County Trust Company Middletown, New York T. JOSEPH SEMROD Chairman, United Jersey Bank Hackensack, New Jersey Succeeding Raymond J. Dempsey, who retired.
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