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FED ER A L R ESER VE BANK
OF NEW YORK
(" Circular No. 71 7 9 "1
L
July 9, 1973
J
Nomination of Class B Director
For Unexpired Portion of Term Ending December 31, 1974
To the Member Banks of the Second Federal Reserve District:
An election will be held under the provisions of section 4 of the Federal Reserve Act, as
amended, to till the vacancy in the office of class B director of this Bank for the unexpired
portion of the term ending December 31, 1974, from which F r a n k R. M i l l i k e n has resigned,
effective December 31, 1972, to accept appointment as a class C director of this Bank.
Mr. Milliken was elected a class B director of the Federal Reserve Bank of New York by
member banks in Group 2 and liis successor will be chosen by this group. Member banks in
Groups 1 and 3 will not participate in this election.
The classification of member banks for the purpose of nomination and election of class A
and B directors of the Federal Reserve Bank of New York 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.
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 2 begins on page 3.
Except in the case of any member banks that are subsidiaries of the same bank hold
ing company,* each bank in Group 2 is permitted to nominate a 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. ’ ’
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.
director.f The nominations should be made by resolutions of the boards of directors of the
nominating banks and certified copies of such resolutions should be sent to me so as to reach
me on or before Friday, July 27, 1973. The enclosed printed form shows the appropriate
form of resolution, and one executed copy of the form should be returned to me.
On July 30, 1973, copies of the list of candidates (indicating by whom nominated) and
preferential ballots will be mailed so that, in the normal course of the mails, they will be
received by all banks in Group 2 on July 31, 1973. The law provides that the ballot shall
be cast within 15 days after receipt of this list. The polls will open at 10 a.m., July 31, 1973,
and will close at 10 a.m. on Wednesday, August 15, 1973. 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 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 by me at or before the time thus fixed for the closing of
the polls (i.e., at or before 10 a.m. on Wednesday, August 15, 1973). The officers heretofore
designated for this purpose by the banks in Group 2 are shown in the list beginning on
page 3. Any Group 2 bank that desires to change its authorization should do so by resolution
of its board of directors; a certified copy of such resolution must reach me before the polls
close. A form for 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 forms and for their information only.
L. G i l p a t r i c ,
Chairman of the Board.
R o s w e ll
f
Section 4 of the Federal
Reserve
Act, as amended, reads in part as follows:
“ Class B shall consist of three members, who at the time of tlieir 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 o f an insurance company or of a savings and loan association is not eligible for election as a class B
director o f a Federal Reserve Bank.]
“ No Senator or Representative in Congress shall he 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 o f Governors of the Federal Reserve System expressed the
opinion “ that persons holding political or public office in the service of the United States, or o f 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
o f Federal Reserve Banks.” ]
2
I
Special Election of Class B Director
For Unexpired Portion of Term Ending December 31, 1974
List of 111 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 July 9, 1973)
CONNECTICUT
Place
Name o f Bank or Trust Company
Officers Authorized to Cast Vote
Bridgeport
The City National Bank o f C on n ecticu t.........................
Bridgeport
Bridgeport
The Connecticut National B a n k .....................................
The State National Bank o f Connecticut
. . . .
. Chairman o f the Board, the Vice Chairman,
President, any Vice President, or Secretary
President, any Vice President, or Cashier
President, any Vice President, or Cashier
NEW JERSEY
Basking Ridge
Clifton
Dover
Somerset Hills & County National Bank
.
.
.
.
.
President, any Vice President, or Cashier
New Jersey Bank (National Association)
.
.
.
.
.
Elizabeth
Elizabeth
The National State Bank, Elizabeth, N. J.
United Counties Trust C om p a n y .....................................
.
President, any Vice President,
President, any Vice President,
Assistant Treasurer
President, any Vice President,
President, any Vice President,
Hackensack
Hackensack
First National State Bank of North Jersey
Garden State National B a n k ...........................................
.
Hackensack
Peoples Trust o f New Jersey .
Jersey City
Jersey City
Commercial Trust Company of New Jersey . . . .
The First Jersey National B a n k .....................................
President, any Vice President, or Treasurer
• President, any Vice President, Cashier, or
Secretary
Jersey City
The Trust Company o f New Jersey .
.
.
.
The Dover Trust C o m p a n y ...........................................
.
.
.
. . .
.
.
.
.
.
Madison Township Amboy-Madison National B a n k .........................................
Maplewood
The Maplewood Bank and Trust Company . . . .
Monroe Township First Charter National B a n k ...............................
Montclair
American National Bank & Trust of New Jersey .
Morristown
The First National Iron Bank of New Jersey .
First Merchants National Bank . .
. . . .
Neptune
Newark
Fidelity Union Trust C o m p a n y .....................................
Newark
First National State Bank of New Jersey . . . .
Newark
New Brunswick
National Newark & Essex B a n k ...............................
The National Bank o f New J e r s e y ...............................
Newton
Passaic
Paterson
The Sussex and Merchants National Bank of Newton
Bank o f Passaic and Clifton, National Association .
Broadway Bank & Trust C o m p a n y .........................
Piscataway
Plainfield
The Peoples National Bank o f Central Jersey .
Rutherford
National Community Bank o f Rutherford
Somerville
First National Bank o f Central J e r s e y .........................
United National B a n k ...........................................
Raritan Township The Hunterdon County National Bank of Flemington .
Red Bank
Colonial First National B a n k .........................
Ridgewood
Citizens First National Bank o f Ridgewood . . . .
3
or Cashier
Treasurer, or
or Cashier
or Treasurer
President, any Vice President, or Cashier
Chairman of the Board, President, any Vice
President, or Secretary
Chairman or Vice Chairman o f the Board, or
any Vice President
President, any Vice President, or Treasurer
President, any Vice President, or Cashier
President, any Vice President, Cashier,
Treasurer, or Secretary
President, any Vice President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
.
.
.
.
President, any Vice President, or Cashier
President, or any Vice President
Chairman of the Board, President, any Vice
President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Treasurer
President, any Vice President, or Treasurer
President,
President,
President,
President,
President,
any
any
any
any
any
Vice
Vice
Vice
Vice
Vice
President,
President,
President,
President,
President,
or
or
or
or
or
Cashier
Cashier
Cashier
Cashier
Cashier
Chairman o f the Board, Chairman of the
Executive Committee, President, any Vice
President, or Cashier
President, any Vice President, any Assistant
Vice President, or Cashier
GROUP 2
NEW JERSEY ( Continued )
Place
Name o f Bank or Trust Company
South Plainfiekl
The Edison Bank, National Association .
Succasunna
Tenafly
Tenafly
Totowa
First National State Bank o f Northwest Jersey
Citizens National B a n k .............................................
County Trust C om pan y .................................................
Union
The Union Center National Bank .
Wayne
The Prospect Park National B a n k ...............................
Mid-Jersey National Bank . . . .
W oodbridge
.
Officers Authorized to Cast Vote
.
.
Cashier
First National Bank of New J e r s e y .........................
.
.
.
.
.
.
.
President, any Vice President, or Cashier
President, any Vice President, or Cashier
Chairman of the Board, President, any Vice
President, Cashier, or any Assistant Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
NEW YORK
Albany
Albany
The Bank of New York, A l b a n y .....................................
Bankers Trust Company o f Albany, National Association
National Commercial Bank and Trust Company .
Albany
Albany
State Bank o f Albany .
Albany
Binghamton
Union National B a n k ..............................................................
First-City National Bank o f Binghamton, N. Y. .
Buffalo
Liberty National Bank and Trust Company .
Manufacturers and Traders Trust Company
Buffalo
Buffalo
Canajoharie
Canton
Cedarhurst
.................................................
.
.
.
.
Niagara Frontier Bank o f NeAV Y o r k .....................................
Central National Bank, C a n a joh arie.....................................
The St. Lawrence National B a n k ...........................................
Peninsula National B a n k ............................... ......
President,
President,
President,
President,
any Vice President, or Cashier
or any Vice President
any Vice President, or Cashier
any Vice President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Secretary
President, any Vice President, or Treasurer
President, any Vice President, or Cashier
President, any Vice President, or Cashier
Chairman of the Board, President, any Vice
President, or Cashier
East Setauket
Elmira
Marine Midland Tinker National B a n k ...............................
Chemung Canal Trust C o m p a n y .....................................
President, any Vice President, or Cashier
President, any Vice President, Cashier,
Secretary, or Treasurer
Elmira
Marine Midland Bank — S o u t h e r n .....................................
Chairman o f the Board, President, or any Vice
President
Endicott
Endicott Trust Company ........................................................
Garden City
Glen Cove
Long Island Trust C o m p a n y ..................................................
Nassau Trust C om pany...............................
.
.
.
.
President, any Vice President, or Treasurer
President, or any Vice President
President, any Vice President, Cashier, or
Secretary
Glens Falls
Glens Falls
Gloversville
Hempstead
Ilicksville
The First National Bank of Glens F a l l s ...............................
Glens Falls National Bank and Trust Company . . . .
City National Bank and Trust Company of Gloversville
President, any Vice President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
Hempstead B a n k .........................................................................
Long Island National B a n k .................................................
President, any Vice President, or Cashier
Cashier
Ithaca
Jamestown
Jamestown
Jamestown
Kingston
Tompkins County Trust Company
.....................................
Bankers Trust o f Ja m estow n ...............................
.
The First National Bank o f Jam estow n...............................
Liberty
Middletown
The Sullivan County National Bank of Liberty . . . .
Empire National B a n k ..................................... ........
President,
President,
President,
President,
President,
President,
President,
Newburgh
New Rochelle
Highland National Bank of Newburgh
First Westchester National Bank . .
President, any Vice President, or Cashier
President, any Vice President, or Cashier
New York City
N orwich
(See page 5)
The National Bank and Trust Company o f Norwich .
Marine Midland Bank — Chautauqua, National Association
Kingston Trust C o m p a n y .....................................
.
. . .
.........................
4
any
any
any
any
any
any
any
Vice President, or Cashier
Vice President, or Cashier
Vice President, or Cashier
Vice President, or Cashier
Vice President, or Treasurer
Vice President, or Cashier
Vice President, or Cashier
Chairman o f the Board, President, any Vice
President, or Cashier
GROUP 2
NEW YORK ( Continued)
Place
Officers Authorized to Cast Vote
Name o f Bank or Trust Company
.
.
Chairman of the Board, President, any Vice
President, or Cashier
President, any Vice President, or Cashier
Patchogue
Bankers Trust o f Suffolk, National Association .
.
Poughkeepsie
Bankers Trust Hudson Valley, National Association .
Poughkeepsie
Poughkeepsie
Rochester
Rochester
Rochester
Rochester
President, any Vice President, or Secretary
Dutchess Bank & Trust C om pan y...........................................
Marine Midland Bank o f Southeastern New York, N. A. . President, any Vice President, or Cashier
President, or any Vice President
Bankers Trust Company o f Rochester . . . . . . .
Central Trust Company Rochester N. Y ................................... President, any Vice President, or Secretary
Lincoln First Bank of R och ester...........................................
Security Trust Company o f R o c h e s te r .........................
President, or any Vice President
President, any Vice President, or Secretary
Scarsdale
Schenectady
Scarsdale National Bank and Trust Company . . . .
The Mohawk National Bank of Schenectady.........................
Schenectady
The Schenectady Trust C om p an y ............................... .....
President
President, any Vice President, or Cashier
Chairman o f the Board, President, any Vice
President, or Treasurer
President, any Vice President, or Cashier
Chairman o f the Board, President, any Vice
President, Cashier, or Secretary
President, any Vice President, or Cashier
President, any Vice President, or Secretary
.
Smithtown
Bank o f Sm ith tow n ....................................................................
Spring Valley
Bankers Trust o f Rockland County .
Stony Brook
Syracuse
Bank of Suffolk C o u n t y ........................................................
First Trust & Deposit C o m p a n y ...........................................
Syracuse
Syracuse
Marine Midland Bank — C e n tr a l...........................................
................................
Lincoln First Bank — Central, National Association .
Syracuse
The Merchants National Bank & Trust Company of
Syracuse
.................................................................................
Troy
Utica
Marine Midland Bank — Eastern, National Association
The Oneida National Bank and Trust Company o f Central
New Y o r k ...........................................
.........................
Valley Stream
Valley Bank o f New Y o r k ........................................................
Marine Midland Bank — N o r t h e r n .....................................
Watertown
Watertown
The National Bank o f Northern New Y o r k .........................
Wellsville
White Plains
The Citizens National Bank and Trust Company .
White Plains
The County Trust C om p a n y .................................................
National Bank o f W e stch e ste r...........................................
President, any Vice President, or Cashier
Chairman of the Board, President, Executive
Vice President, any Vice President, or
Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
Chairman of the Board, President, any Vice
President, or Cashier
President, any Vice President, or Cashier
President, any Vice President, or Cashier
President, or any Vice President
President, any Vice President, or Cashier
NEW YORK CITY
M anhattan
The Amalgamated Bank o f New Y o r k ...............................
American Bank & Trust C o m p a n y .....................................
Century National Bank and Trust Com pany.........................
The Merchants Bank of New Y o r k .....................................
Republic National Bank o f New Y o r k ...............................
Schroder Trust Company . . .
.....................................
Sterling National Bank & Trust Company of New York
United States Trust Company o f New Y o r k .........................
R ichmond
President, any Vice President, or Cashier
President, or any Vice President
President, any Vice President, or Cashier
President, any Vice President, Cashier, or
Assistant Cashier
Chairman o f the Board, President, any Vice
President, or Cashier
President, any Vice President, or Secretary
President, any Vice President, or Cashier
President, or any Vice President
Community National Bank and Trust Company of New
Y o r k ................................................................................
President, any Vice President, or Cashier
VIRGIN ISLANDS
St. T hom as
Charlotte Amalie
Virgin Islands National B a n k ............................................
5
President
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@FedFRASER