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F E D E R A L R E S E R V E BANK O F N E W YORK r Circular No. 6 8 2 1 ~| I October 20, 1971 J Nomination of Directors To the Member Banks o f the Second Federal Reserve D istrict: A n election w ill be held under the provisions o f section 4 o f the F ederal R eserve A ct, as amended, to choose successors to the follow in g directors o f this Bank, whose terms will expire Decem ber 31, 1971: class A director, C h a r l e s E. T r e m a n , Jr., President, Tom pkins County T rust Company, Ithaca, N. Y., and class B director, M i l t o n C. M u m f o r d , Chairman o f the B oard, L ever B rothers Company, New Y ork, N. Y. Both directors were elected by member banks in Group 2 and tlieir successors ivill be chosen by this group. Member banks in Groups 1 and 3 will not participate in this election. The classification o f m ember hanks fo r the purposes o f nom ination and election o f class A and B directors o f the F ederal R eserve Bank o f New Y ork is as follow s: Group 1 consists of banks with capital and surplus of more than $65,000,000; Group 2, of banks with capital and surplus of $3,000,000 to $65,000,000, inclusive; and Group 3, of banks with capital and surplus of less than $3,000,000. F o r the purposes o f this election, a mem ber bank’s classification will be determ ined b y its capital and surplus as o f the date o f this circular, even though its capital and surplus m ay change b efore the polls close. The list o f banks com prising Group 2 begins on page 3. E xcept in the case o f any member banks that are subsidiaries o f the same bank holding com pany,* each bank in Group 2 is perm itted to nominate a candidate fo r class A director * 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, par ticipation 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.” Accordingly, banks in Group 2 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 election. and a candidate fo r class B d irector.! The nom inations should be made by resolutions o f the boards o f directors o f the nom inating banks and certified copies o f such resolutions should be sent to me so as to reach me on or b efore W ednesday, N ovem ber 24, 1971. The enclosed printed form s show the appropriate form s o f resolution, and one executed copy of each form should be returned to me. On N ovem ber 29, 1971, copies o f the list o f candidates (indicating b y whom nom inated) and preferential ballots w ill be m ailed so that, in the norm al course o f the mails, they w ill be received by all banks in Group 2 by N ovem ber 30, 1971. The law provides that the ballot shall be cast within 15 days after receipt o f this list. The polls w ill open at 10 a.m., N ovem ber 30, 1971, and w ill close at 12 noon on W ednesday, Decem ber 15, 1971. U pon the closing o f the polls, the ballot box w ill be opened in the board room o f this Bank, the votes counted and checked by tellers, and the results o f the election announced. The candidates may, i f they so desire, be present or represented 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 b y me at or b efore the time thus fixed fo r the closing o f the polls (i.e., at or b efore 12 noon on W ednesday, Decem ber 15, 1971). The officers heretofore designated fo r this purpose by the respective banks in Group 2 are shown on the list on the follow in g pages. A n y G roup 2 bank that desires to change its authorization should do so by resolution o f its board o f d ire c to rs; a certified cop y o f such resolution must reach me before the polls close. A form fo r this purpose will be furnished upon request. Because banks in Groups 1 and 3 will not 'participate in this election, this circular is sent to them without form s and fo r their information only. A lbert L. N ic k e r s o n , Chairman of the Board. f Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “ Class A shall consist of three members, who shall be chosen by and be representative of the stockholding banks. . . . No officer or director of a member bank shall be eligible to serve as a class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director. “ A ny person who is an officer or director of more than one member bank shall not be eligible for nomination as a class A director except by banks in the same group as the bank having the largest aggregate resources of any of those of which such person is an officer or director. ’ 1 ‘ ‘ Class B shall consist of three members, who at the time of their election shall be actively engaged in their district in commerce, agriculture or some other industrial pursuit. . . . No director of class B shall be an officer, director, or employee of any bank. [Under interpretations of the Board of Governors of the Federal Reserve System, a person whose sole occupation is that of officer of an insurance company or of a savings and loan association is not eligible for election as a class B director of a Federal Reserve 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.” [In a resolution adopted December 23, 1915, the Board of Governors of the Federal Reserve System expressed the opinion “ that persons holding political or public office in the service of the United States, or of any State, Territory, county, district, political subdivision, or municipality thereof, or acting as members of political party committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as directors or officers of Federal Reserve Banks.” ] 2 1971 Election of Directors List of 105 Member Banks in Group 2 ( Group 2 consists of member banks with capital and surplus of $3,000,000 to $65,000,000. inclusive, on October 20, 1 9 7 1 ) CONNECTICUT Place Officers Authorized to Cast Vote Name o f Bank or Trust Company Bridgeport The City National Bank o f C onnecticut......................... Bridgeport The Connecticut National B a n k ..................................... Bridgeport The State National Bank o f Connecticut . . . President, any Secretary Vice President, Cashier, or . President, any Vice President, or Cashier President, any Vice President, or Cashier . NEW JERSEY Basking Ridge Somerset Hills & County National Bank . . . . . President, any Vice President, or Cashier Clifton New Jersey Bank (National Association) . . . . . Chairman o f the Board, President, any Vice President, or Treasurer Dover The Dover Trust C o m p a n y ........................................... Dover National Union Bank o f New J e r s e y ......................... . President, any Vice President, Treasurer, or Assistant Treasurer . President, any Vice President, or Cashier Elizabeth The National State Bank, Elizabeth, N. J ....................... . President, any Vice President, or Cashier Elizabeth Union County Trust C o m p a n y ..................................... . President, any Vice President, or Treasurer Englewood Citizens National B a n k ................................................. . President, any Vice President, or Cashier Hackensack Garden State National B a n k ........................................... . President, any Vice President, or Secretary Hackensack Peoples Trust o f New J e r s e y ........................................... . President, any Vice President, Cashier, Secretary, or Treasurer Jersey City Commercial Trust Company o f New Jersey . President, any Vice President, or Treasurer Jersey City The First Jersey National B a n k ..................................... . . . . . President, any Vice President, Cashier, or Secretary Jersey City The Trust Company o f New J e r s e y ............................... . President, any Vice President, or Treasurer Maplewood The Maplewood Bank and Trust Company . President, any Vice President, Cashier, Treasurer, or Secretary Middletown Keansburg-Middletown National B a n k ......................... . . . . . Monroe Township First Charter National B a n k ........................................... Montclair President, any Vice President, or Cashier . President, any Vice President, or Cashier American National Bank & T r u s t ............................... . President, any Vice President, or Cashier The First National Iron Bank of New Jersey . Morristown Neptune Township First Merchants National B a n k ..................................... . President, any Vice President, or Cashier . President, any Vice President, or Cashier Newark Fidelity Union Trust C o m p a n y ..................................... . President, or any Vice President Newark First National State Bank o f New Jersey . Chairman of the Board, President, any Vice President, or Cashier Newark National Newark & Essex B a n k ..................................... New Brunswick The National Bank o f New J e r s e y ............................... Passaic Bank o f Passaic and Clifton, National Association . . President, any Vice President, or Treasurer . . . . . President, any Vice President, or Cashier President, any Vice President, or Cashier Paterson Broadway Bank & Trust C o m p a n y ............................... . President, any Vice President, or Treasurer Piscataway The Peoples National Bank o f Central Jersey . President, any Vice President, or Cashier Plainfield United National Bank o f Central Jersey . . . . . Raritan Township The Hunterdon County National Bank o f Flemington . . President, any Vice President, or Cashier . President, any Vice President, or Cashier Red Bank The Monmouth County National Bank, Red Bank . President, any Vice President, or Cashier Ridgewood Citizens First National Bank o f Ridgewood . President, any Vice President, or Cashier Rutherford National Community Bank of Rutherford . 3 . . . . Chairman of the Board, Chairman of the Executive Committee, President, any Vice President, or Cashier GROUP 2 NEW JERSEY (Continued) Place Name o f Bank or Trust Company Officers Authorized to Cast Vote President, any Vice President, any Assistant Vice President, or Cashier Somerville First National Bank o f Central J e r s e y ............................... South Plainfield The Edison Bank, National A s s o c ia t io n ......................... Summit Summit and Elizabeth Trust C o m p a n y ............................... President, or any Vice President Tenafly County Trust C o m p a n y ........................................................ President, any Vice President, or Cashier Totowa First National Bank o f New J e r s e y ..................................... Chairman o f the Board, President, any Vice President, or Cashier Union The Union Center National B a n k ..................................... President, any Vice President, or Cashier Wayne The Prospect Park National B a n k ..................................... President, any Vice President, or Cashier NEW YORK Albany Bankers Trust Company o f Albany, National Association Albany National Commercial Bank and Trust Company Albany State Bank o f A l b a n y .............................................................. . President, or any Vice President President, any Vice President, or Cashier President, any Vice President, or Cashier Binghamton First-City National Bank o f Binghamton, N. Y. . Buffalo Liberty National Bank and Trust Company . . President, any Vice President, or Cashier Buffalo Manufacturers and Traders Trust Company . Buffalo Niagara Frontier Bank o f New Y o r k ............................... . . . . President, any Vice President, or Cashier . President, any Vice President, or Secretary Canajoharie Central National Bank, C a n a joh arie..................................... President, any Vice President, or Cashier Cedarhurst Peninsula National B a n k ........................................................ Chairman o f the Board, President, any Vice President, or Cashier East Setauket Marine Midland Tinker National B a n k ............................... President Elmira Chemung Canal Trust C o m p a n y ........................................... President, any Vice President, Cashier, Secretary, or Treasurer Elmira Marine Midland B a n k -S ou th ern ........................................... Chairman o f the Board, President, or any Vice President Endicott Endicott Trust C o m p a n y ........................................................ President, any Vice President, or Treasurer Garden City Long Island Trust C o m p a n y .................................................. President, or any Vice President Glen Cove Nassau Trust C om pan y.............................................................. President, any Vice President, Cashier, or Secretary Glens Falls The First National Bank o f Glens F a l l s ......................... President, any Vice President, or Cashier Glens Falls Glens Falls National Bank and Trust Company President, any Vice President, or Cashier Hempstead Hempstead B a n k .................................................................... President, any Vice President, or Cashier Hicksville Long Island National B a n k .................................................. Cashier Huntington Security National B a n k .............................................................. President, any Vice President, or Cashier Ithaca Tompkins County Trust C om pan y........................................... President, any Vice President, or Cashier J amestown Bankers Trust o f J a m e s to w n .................................................. President, any Vice President, or Cashier Jamestown The First National Bank o f Jam estow n ............................... President, any Vice President, or Cashier Jamestown Marine Midland Bank — Chautauqua, National Association Chairman o f the Board, President, any Vice President, or Cashier Kingston Kingston Trust C o m p a n y ........................................................ President, any Vice President, or Treasurer Middletown Empire National B a n k .............................................................. President, any Vice President, or Cashier Newburgh Highland National Bank o f N e w b u r g h ............................... President, any Vice President, or Cashier New Rochelle First Westchester National B a n k ............................................ President, any Vice President, or Cashier Norwich The National Bank and Trust Company of Norwich Chairman o f the Board, President, any Vice President, or Cashier Patchogue Bankers Trust o f Suffolk, National Association Poughkeepsie Bankers Trust Hudson Valley, National Association 4 . . Chairman o f the Board, President, any Vice President, or Cashier President, any Vice President, or Cashier GROUP 2 NEW YORK (Continued) Place Name o f Bank or Trust Company Poughkeepsie Marine Midland Bank of Southeastern New York, N. A. Rochester Bankers Trust Company o f R o c h e s t e r ............................... Officers Authorized to Cast Vote President, any Vice President, or Cashier Rochester Central Trust Company Rochester N. Y Rochester Lincoln Rochester Trust C o m p a n y ..................................... ............................... President, or any Vice President Rochester Security Trust Company o f R o c h e s t e r ............................... President, any Vice President, or Secretary Scarsdale Scarsdale National Bank and Trust Company . . . . President Schenectady The Mohawk National Bank o f Schenectady . . . . President, any Vice President, or Cashier Schenectady The Schenectady Trust C o m p a n y ..................................... President, any Vice President, or Secretary Chairman, President, any Vice President, or Treasurer Smithtown Bank o f Sm ith tow n .................................................................... President, any Vice President, or Cashier Spring Valley Bankers Trust of Rockland C o u n t y ..................................... Chairman o f the Board, President, any Vice President, Cashier, or Secretary Syracuse First Trust & Deposit C o m p a n y ........................................... President, any Vice President, or Secretary Syracuse Lincoln National Bank and Trust Company o f Central New Y o r k ................................................................................. President, any Vice President, or Cashier Syracuse Marine Midland B a n k -C e n t r a l............................................ Syracuse The Merchants National Bank & Trust Company of Syracuse ................................................................................... President, any Vice President, or Cashier Troy Marine Midland Bank-Eastern, National Association President, any Vice President, or Cashier Troy The Union National Bank of T r o v ..................................... President, any Vice President, or Cashier Utica The Oneida National Bank and Trust Company of Central New Y o r k ................................................................................. President, any Vice President, or Cashier Valley Stream Valley National Bank of Long I s l a n d ............................... President, any Vice President, or Cashier Watertown Marine Midland B a n k -N o r th e r n ........................................... Chairman o f the Board, President, any Vice President, or Cashier Watertown The National Bank o f Northern New Y o r k ......................... President, any Vice President, or Cashier Wellsville The Citizens National Bank and Trust Company President, any Vice President, or Cashier White Plains The County Trust C o m p a n y .................................................. President, or any Vice President White Plains National Bank o f W e s tc h e s t e r ........................................... President, any Vice President, or Cashier Chairman o f the Board, President, any Vice President, or Cashier NEW YO R K CITY Manhattan The Amalgamated Bank o f New Y o r k ............................... President, any Vice President, or Cashier American Bank & Trust C o m p a n y ..................................... President, or any Vice President Century National Bank and Trust Company President, any Vice President, or Cashier . . . . Chelsea National B a n k .............................................................. The Merchants Bank o f New Y o r k ..................................... President, any Vice President, Cashier, or Assistant Cashier Republic National Bank o f New Y o r k ............................... Chairman o f the Board, President, any Vice President, or Cashier Royal National Bank o f New Y o r k ..................................... President, any Vice President, any Assistant Vice President, Cashier, or any Assistant Cashier Schroder Trust C o m p a n y ........................................................ President, any Vice President, or Secretary Sterling National Bank & Trust Company of New York President, any Vice President, or Cashier United States Trust Company o f New Y o r k ......................... President, or any Vice President VIRGIN ISLANDS St . T h o m a s Charlotte Amalie Virgin Islands National B a n k ................................................. 5 President M r . A l b e r t L . N ic k e r s o n , Chairman, Board o f Directors, Federal Reserve Bank of New York, Federal Reserve P. 0 . Station, New York, N. Y. 10045 Room 511 FEDERAL RESERVE BANK OF N EW YORK Nomination for Class A Director, 1971 D istrict N o . 2 G roup N o. 2 A t a meeting o f the Board o f Directors o f t h e ........................................................................ (Name of Bank) of................................................................................ duly called and held on the....................... day (City or Town and State) o f ............................................................... 1971, on motion duly made and seconded, it was “ RESOLVED, That.................................................................................................................... . of.......................................................................................................................... , whose occupation is be, and he is hereby, nominated by this bank as a candidate for class A director of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered, and directed to send a certified copy o f this resolution to the Chairman of the Board of Directors o f the Federal Reserve Bank of New Y ork.” I hereby certify that the foregoing is a true and correct copy o f a resolution of the Board of Directors of this bank duly adopted on the date specified. (S eal of B a n k ) ( Official signature) (Title) To MR. A LB E R T L. NICKERSON, C h a i r m a n o f t h e B o a r d o f D ir e c t o r s , F ederal R eserve B a n k of N e w Y o r k . FEDERAL RESERVE BANK OF N EW YORK Nomination for Class A Director, 1971 D is t r i c t N o. 2 Group N o. 2 A t a meeting of the Board o f Directors of t h e ........................................................................ (Name of Bank) o f................................................................................ duly called and held on the....................... day (City or Town and State) o f ............................................................................. 1971, on motion duly made and seconded, it was “ RESOLVED, That.................................................................................................................... , of.......................................................................................................................... , whose occupation is be, and he is hereby, nominated by this bank as a candidate for class A director of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered, and directed to send a certified copy o f this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New Y ork.” I hereby certify that the foregoing is a true and correct copy o f a resolution of the Board of Directors o f this bank duly adopted on the date specified. ( S e a l op B a n k ) ( Official signature) (Title) To MR. A LB E R T L. NICKERSON, C h a i r m a n o p t h e B o a r d op D ir e c t o r s , F ed er al R eserve B a n k of N e w Y ork. FE D E R A L R E S E R V E BANK O F N E W YORK Nomination for Class B Director, 1971 D istrict N o . 2 G roup N o. 2 A t a meeting o f the Board of Directors of t h e ........................................................................ (Name of Bank) of................................................................................duly called and held on the........................day (City or Town and State) of 1971, on motion duly made and seconded, it was “ RESOLVED, That.................................................................................................................... . of.......................................................................................................................... , whose occupation is be, and he is hereby, nominated by this bank as a candidate for class B director of the Federal Reserve Bank of New York, and the cashier 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 Y ork.” 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. (S eal of B a n k ) ( Official signature) (Title) To MR. A L B E R T L. NICKERSON, C h a i r m a n o f t h e B o ard o f D ir e c t o r s , F ederal R eserve B a n k of N e w Y o rk . FEDERAL RESERVE BANK OF N EW YORK Nomination for Class B Director, 1971 D is t r ic t No. 2 G roup No. 2 A t a meeting of the Board of Directors of t h e ........................................................................ (Name of Bank) of................................................................................ duly called and held on the....................... day (City or Town and State) of 1971, on motion duly made and seconded, it was “ RESOLVED, That.................................................................................................................... . o f.......................................................................................................................... , whose occupation is be, and he is hereby, nominated by this bank as a candidate for class B director of the Federal Reserve Bank of New York, and the cashier 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 Y ork.” 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. (S eal of B a n k ) ( Official signature) (Title) To MR. A LB E R T L. NICKERSON, C h a i r m a n op t h e B o ard of D ir e c t o r s , F ederal R eserve B a n k of N e w Y o r k .
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