Full text of Federal Reserve Bank of New York Circulars : 4484. Change in Classification of Member Banks for Purpose of Electing Directors

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FE D E R A L R E SE R V E BANK
O F N E W YO R K

/"Circular No. 4 4 8 4 1
L June 27. 1957 J

CHANGE IN CLASSIFICATION OF MEMBER BANKS
FOR PURPOSE OF ELECTING DIRECTORS

T o M em ber Banks in the
Second Federal R eserve D is tr ic t:

The Board of Governors of the Federal Reserve System has changed
the classification o f member banks in the Second Federal Reserve District
fo r the purpose o f electing class A and class B directors of the Federal
Reserve Bank o f New York. Under the B oard’s previous classification,
Group 1 consisted o f banks having capital and surplus o f $10,000,000 or
m ore; Group 2 consisted o f banks with capital and surplus over $500,000
but less than $10,000,000; and Group 3 consisted o f banks having capital
and surplus o f $500,000 and less.
The new classification is as follow s:
Group 1 consists of banks with capital and surplus of $20,000,000 and more;
Group 2, of banks with capital and surplus of $800,000 and more, but less
than $20,000,000; and
Group 3, of banks with capital and surplus of less than $800,000.

The change in classification is intended to achieve a better distribution
o f member banks in the three groups, each o f which “ shall consist as nearly
as may be o f banks o f similar capitalization” as specified in section 4 o f the
Federal Reserve Act. The change was made because o f recent increases in
capitalization o f member banks and a reduction in the number o f member
banks through mergers and absorptions.
The new classification will be used in the fall of this year, when Group
3 banks will be voting fo r a class A and a class B director for three-year
terms beginning January 1, 1958.




J

ohn

E.

B

ie r w ir t h

,

Chairman of the Board.

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Federal R eserve

Ba n k

of

N ew Yo r k

N E W Y O R K 4 5 . N. Y.
RECTOR
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June 28, 1957

DEFECTS IN SOME TABLES OF REDEMPTION VALUES
FOR UNITED STATES SAVINGS BONDS, SERIES A - E
To

All Qualified Paying Agents of Savings Bonds
in the Second Federal Reserve District*
The Treasury Department has informed us that some of the booklets of

tables of redemption values for Series A-E Savings bonds may be defective.

The

booklets, which contain tables for use during the months of July 1957 through
June 1958> were sent to paying agents by the Treasury on or about May 27> 1957.
The Treasury asks that agents carefully check all the tables in the
booklets in their possession as follows:
1.

See that each booklet contains a table for every month
from July 1957 through June 1958, and that the tables
are in chronological order.

2.

Compare the month and year printed on the second line at
the very top of each page in black ink with the month and
year printed immediately underneath in large red type to
be certain they are the same.

An agent finding an error in a booklet should request a new booklet from the
Bureau of the Public Debt, Treasury Department, Washington 25, D.C.
booklets should be sent to this Bank.




Very truly yours,

A. Phelan
Vice President

Incorrect