Full text of Federal Reserve Bank of New York Circulars : 10575. Change in Classification of Member Banks for Purpose of Electing Directors

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FEDERAL RESERVE BANK
OF NEW YORK

[

Circular No. 1 0 5 7 5 ~|
September 24,1992

J

CHANGE IN CLASSIFICATION OF M EM BER BANKS
FOR PURPOSE OF ELECTING DIRECTORS

To the Member Banks o f the
Second Federal Reserve District:

Pursuant to section 2 6 5 .1 1(e)(9) of the Rules Regarding Delegation of Authority of the Board
of Governors of the Federal Reserve System, this Bank has changed the classification of member
banks in the Second Federal Reserve District for the purpose of electing class A and class B directors
of the Federal Reserve Bank of New York. Under the previous classification, Group 1 consisted of
banks with capital and surplus of more than $400 million; Group 2, of banks with capital and surplus
of $30 million to $400 million, inclusive; and Group 3, of banks with capital and surplus of less
than $30 million.
The new classification is as follows:
Group 1 consists of banks with capital and surplus of more than $1 billion.
Group 2, of banks with capital and surplus of $30 million to $1 billion, inclusive; and
Group 3, of banks with capital and surplus of less than $30 million.
The classification was last changed in October 1987. The current change is intended to achieve
a better distribution of member banks in the three groups, each of which “shall consist as nearly
as may be of banks of similar capitalization” as specified in section 4 of the Federal Reserve Act.
The new classification will be used this year, when Group 2 banks will be voting for a
class A and a class B director for three-year terms beginning January 1, 1993.




E

llen

V. Fu

tter

,

Chairman o f the Board.