The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF N EW YORK [ Circular No. 7 4 9 0 October 29, 1974 ~1 -J Nomination of Directors To the Member Banks of the Second Federal Reserve District: A n election will be held under the provisions of section 4 of the Federal Reserve Act, as amended, to choose successors, to serve for three-year terms, to the following directors of this Bank whose terms will expire December 31, 1974: class A director, Norman B rassler, Chair man of the Board, New Jersey Bank (National Association), Clifton, N. J., and class B director, W illia m S . S n e a t h , President, Union Carbide Corporation, New York, N. Y . Both directors were elected by member banks in Group 2 and their successors 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 purposes of nomination and election of class A and B directors of the Federal Reserve Bank of New York is as follows: G rou p 1 consists o f banks w ith capital and surplus o f m ore than $65,000,000; G rou p 2, o f banks w ith capital and surplus o f $3,000,000 to $65,000,000, in c lu s iv e ; and G rou p 3, o f banks w ith capital and surplus o f 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 holding company,* each bank in Group 2 is permitted to nominate a candidate for class A director * Section 4 of the Federal Reserve Act, as amended, reads in part as follows: . . T hat w henever an y m em ber banks w ith in the same F ed era l Reserve district are subsidiaries o f the same bank h old in g com p an y w ith in the m ean in g o f the B ank H o ld in g C om pany A ct o f 1956, p a rticip a tion in an y such nom ination o r election b y such m em ber banks, in clu d in g such bank h old in g com p a n y i f it is also a m em ber bank, shall be confined to one o f such banks, w hich m ay be designated fo r the pu rp ose b y such h old in g com pany. ’ ’ 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 for class B director.! 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, November 29, 1974. The enclosed printed forms show the appropriate forms of resolution, and one executed copy of each form should be returned to me. On December 2, 1974, copies of the list of candidates (indicating by whom nominated) and preferential ballots will be mailed to the banks in Group 2. 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., December 3, 1974, and w^ill close at 12 noon on Wednesday, December 18, 1974. 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 results 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 12 noon on Wednesday, December 18, 1974). The officers heretofore designated for this purpose by each bank in Group 2 are shown on 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 wTill be furnished upon request. Because banks in Groups 1 and 3 tvill not participate in this election, this circular is sent to them without forms and for their information only. R osw ell L. G il p a t r ic , Chairman of the Board. f Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “ Class A shall consist o f three mem bers, w ho shall be chosen b y and be representative o f the stock h olding banks. . . . N o officer or d irector o f a m em ber bank shall be eligible to serve as a class A d irector unless nom inated and elected by banks which are m em bers o f the same grou p as the m em ber bank o f w hich he is an officer or director. “ A n y person who is an officer o r d ire cto r o f more than one m em ber bank shall not be eligible for n om ination as a class A d ire cto r excep t by banks in the same g rou p as the bank having the largest aggregate resources o f a n y o f those o f wrhich such person is an officer or d ire c to r .” “ Class B shall consist o f three mem bers, who at the tim e o f th eir election shall be actively engaged in th eir d istrict in com m erce, a gricu lture or some other industrial pursuit. . . . N o d irector o f class B shall be an officer, director, or em ployee o f an y bank. [U nder interpretations o f the Board o f Governors o f the Federal Reserve System, a person whose sole occupation is that o f officer o f an insurance com pany or o f a savings and loan association is not eligible fo r election as a class B director o f a Federal Reserve Bank.] “ N o Senator or R epresentative in Congress shall be a m em ber o f the B oa rd o f G overnors o f the F ed eral R eserve System or an officer or a d irector o f a F ederal reserve b a n k .” [In a resolution adopted Decem ber 23, 1915, the Board o f Governors o f the Federal Reserve System expressed the opinion ‘ ‘ that persons holding political or public office in the service o f the United States, or o f any State, Territory, county, district, political subdivision, or m unicipality thereof, or acting as members o f political party committees, cannot consistently with the spirit and underlying principles o f the Federal Reserve A ct, serve as directors or officers o f Federal Reserve B an ks.” ] 2 1974 Election of Directors List of 119 Member Banks in Group 2 ( G rou p 2 consists o f m e m b er banks with capital and surplus o f $ 3 ,0 0 0 ,0 0 0 to $ 6 5 ,0 0 0 ,0 0 0 , inclusive, on O cto b er 2 9 , 1 9 7 4 ) CO N N E C T IC U T Name o f Bank or Trust Company Place Officers Authorized to Cast V ote B ridgeport The City N ational Bank o f C o n n e c tic u t........................... . Chairman o f the Board, the V ice Chairman, President, any V ice President, or Secretary B ridgeport The Connecticut National B a n k ........................................ . President, any V ice President, or Cashier B ridgeport The State National Bank o f Connecticut . . President, any V ice President, or Cashier President, any V ice President, or Cashier . . . . N E W JE R SE Y Basking R idge Somerset Hills & County National Bank . . . . . Clifton New Jersey Bank (N ational A ssociation) . . . . . Dover The D over Trust C o m p a n y ............................................... President, any V ice President, Treasurer, or Assistant Treasurer Elizabeth The N ational State Bank, Elizabeth, N . J ......................... President, any V ice President, or Cashier Elizabeth United Counties Trust C o m p a n y ........................................ Chairman o f the Board, Chairman o f the Executive Committee, President, or any V ice President Hackensack Garden State N ational B a n k ............................................... • Chairman o f the Board, President, any Vice President, or Secretary Hackensack Peoples Trust o f New Jersey . . . . . . . . President, any V ice President, or Cashier Chairman or V ice Chairman o f the B oard, or any V ice President H azlet Township United Jersey B a n k /M id State, N ational Association . Jersey City Commercial Trust Company o f New Jersey . Jersey City The First Jersey National B a n k ........................................ • President, any V ice President, Cashier, or Secretary Jersey City The Trust Company o f New Jersey . . President, any V ice President, or Treasurer . . . . . . . . President, any V ice President, or Treasurer Madison Township Am boy-M adison National B a n k ............................................. The M aplewood Bank and Trust Company . . . . Maplewood . President, any V ice President, or Cashier . President, any V ice President, Cashier, Treasurer, or Secretary M onroe Township F irst Charter National B a n k ................................. • President, any V ice President, or Cashier M ontclair Am erican National Bank & Trust o f New Jersey . M orristown H eritage Bank, National Association — Iron Neptune Newark F irst Merchants N ational Bank . Newark . . . Chairman o f the Board, President, Executive Vice President, any V ice President, or Secretary . . President, any V ice President, or Cashier . . . President, any V ice President, or Cashier F idelity Union Trust C o m p a n y ........................................ . President, or any V ice President F irst National State Bank o f New Jersey . . Chairman o f the Board, President, any V ice President, or Cashier . . . Newark M idlantic National B a n k ...................................................... New Brunswick The N ational Bank o f New J e r s e y .................................. Newton Passaic M idlantic National B an k/S u ssex & Merchants . Bank o f Passaic and Clifton, National Association . Piscataw ay The Peoples National Bank o f Central Jersey . Plainfield United N ational B a n k ............................................................ The Hunterdon County N ational Bank o f Flem ington . Raritan Township Red Bank Colonial First National B a n k ............................................... Ridgewood Citizens First National Bank o f New Jersey . . . . National Community Bank o f Rutherford . . . . Rutherford 3 . President, any V ice President, or Cashier President, any V ice President, or Cashier President, any V ice President, or Cashier . President, any V ice President, or Treasurer President, any V ice President, or Cashier . President, any V ice President, or Cashier President, any V ice President, or Cashier President, any V ice President, or Cashier . President, any V ice President, or Cashier Chairman o f the Board, Chairman o f 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 V ote Somerville F irst N ational Bank o f Central Jersey . . . . . South Plainfield The Edison Bank, N ational Association . . . . ..................................................................... Spring Lake Succasunna Tenafly First N ational State Bank o f the Jersey Coast . Tenafly Totow a Union W ayne W oodbridge F irst N ational State Bank o f Northwest Jersey . County Trust Company o f N orth Jersey, N .A . . M idlantic National Bank /C itiz e n s ................................. First N ational Bank o f New J e r s e y ........................... The Union Center National B a n k .................................. The Prospect Park N ational B a n k ........................... M id-Jersey N ational B a n k ............................................... . President, any V ice President, any Assistant V ice President, or Cashier President, any V ice President, or Cashier Cashier President, any V ice President, or Cashier President, any V ice President, or Cashier Chairman o f the Board, President, any Vice President, Cashier, or any Assistant Cashier President, any V ice President, or Cashier President, any V ice President, or Cashier President, any V ice President, or Cashier NEW YORK Albany Albany Albany Albany Albany Arcade Bay Shore Binghamton Buffalo Buffalo Buffalo Canajoharie Canton Cedarhurst East Setauket Elmira Elmira Endicott Garden City Glen Cove Glens Falls Glens Falls Gloversville Hempstead Hicksville Ithaca Jamestown Jamestown Jamestown Kingston Liberty Middletown Nanuet Newburgh New York City Norwich Oneonta Patchogue The Bank of New York, A lb a n y ...........................................President, any Vice President, or Cashier Bankers Trust Company of Albany, National Association President, or any Vice President National Commercial Bank and Trust Company . . . President, any Vice President, or Cashier State Bank of A lb a n y .............................................................President, any Vice President, or Cashier Union National B a n k .............................................................President, any Vice President, or Cashier The Citizens Central B a n k .......................................................President, any Vice President, or Cashier Manufacturers Hanover Trust Cpmpany/Suffolk, National A ssociation...............................................................................President, any Vice President, or Cashier First-City National Bank of Binghamton, N. Y. . . . President, any Vice President, or Cashier Liberty National Bank and Trust C om pany........................ President, any Vice President, or Cashier Manufacturers and Traders Trust Company . . . . President, any Vice President, or Secretary Niagara Frontier Bank of New Y o r k .....................................President, any Vice President, or Treasurer Central National Bank, C a n ajo h arie.................................... President, any Vice President, or Cashier The St. Lawrence National B a n k ...........................................President, any Vice President, or Cashier Peninsula National B a n k .............................. ...........................Chairman of the Board, President, any Vice President, or Cashier Marine Midland Tinker National B a n k .............................. President, any Vice President, or Cashier Chemung Canal Trust Company . . ........................ President, any Vice President, Cashier, Secretary, or Treasurer Marine Midland Bank — S o u t h e r n .....................................Chairman of the Board, President, or any Vice President Endicott Trust Company .......................................................President, any Vice President, or Treasurer Long Island Trust Company . . .....................................President, or any Vice President Nassau Trust Com pany.............................. ..............................President, any Vice President, Cashier, or Secretary The First National Bank of Glens F a l l s .............................. President, any Vice President, or Cashier Glens Falls National Bank and Trust Company . . . . President, any Vice President, or Cashier City National Bank and Trust Company of Gloversville . President, any Vice President, or Cashier Hempstead B a n k ....................................................................... President, any Vice President, or Cashier Long Island National B a n k ................................................ President, any Vice President, or Cashier Tompkins County Trust C om pany...........................................President, any Vice President, or Cashier Bankers Trust Company of Western New York . . . . President, any Vice President, or Cashier The F irst National Bank of Jam esto w n .............................. President, any Vice President, or Cashier Marine Midland Bank — Chautauqua, National Association President, any Vice President, or Cashier Kingston Trust C om p an y ......................................................... President, any Vice President, or Treasurer The Sullivan County National Bank of Liberty . . . . President, any Vice President, or Cashier Empire National B a n k .............................................................Chairman of the Board, President, any Vice President, or Cashier Nanuet National B a n k .............................................................President, any Vice President, or Cashier Highland National Bank of N ew b u rg h .............................. President, any Vice President, or Cashier ( See page 5) The National Bank and Trust Company of Norwich . . Chairman of President, Wilber National B a n k .............................................................President, any Bankers Trust of Suffolk, National Association . . . . Chairman of President, 4 the Board, President, any Vice or Cashier Vice President, or Cashier the Board, President, any Vice or Cashier GROUP 2 NEW TO EK ( Continued) Name of Bank or Trust Company Place Patchogue Poughkeepsie Poughkeepsie Poughkeepsie Riverliead Rochester Rochester Rochester Rochester Sayville Scarsdale Schenectady Schenectady Smithtown Spring V alley Stony Brook Syracuse Syracuse Syracuse Syracuse T roy U tica Valley Stream W atertown W atertown W ellsville W hite Plains W hite Plains Officers Authorized to Cast Vote Island State B a n k ...................................................................President Bankers Trust Hudson Valley, National Association . . President, any Vice President, or Cashier Dutchess Bank & Trust C om pany.......................................... President, any Vice President, or Secretary Marine Midland Bank of Southeastern New York, N. A. . President, any Vice President, or Cashier The Suffolk County National Bank of Riverhead . President Bankers Trust Company of Rochester.................................... President, or any Vice President Central Trust Company Rochester N. Y..................................President, any Vice President, or Secretary Lincoln First Bank of R ochester...........................................Chairman of the Board, President, Senior Executive Vice President, any Executive Vice President, or any Senior Vice President Security Trust Company of Rochester . . . . . . President, any Vice President, or Secretary The Oystermen’s Bank and Trust Com pany........................ Chairman of the Board, President, any Vice President, or Secretary Scarsdale National Bank and Trust Company . . . . President The Mohawk National Bank of Schenectady........................ President, any Vice President, or Cashier The Schenectady Trust C om pany.............................. ...... Chairman of the Board, President, any Vice President, or Treasurer Bank of S m ithtow n...................................................................President, any Vice President, or Cashier Bankers Trust of Rockland C o u n ty .................................... President, Executive Vice President, any Vice President, or Secretary Bank of Suffolk C o u n ty .......................................................President, any Vice President, or Cashier F irst Trust & Deposit C om pany.......................................... President, any Vice President, or Secretary Lincoln F irst Bank — Central, National Association . . President, any Vice President, or Cashier Marine Midland Bank — C e n tra l...........................................Chairman of the Board, President, Executive Vice President, any Vice President, or Cashier The Merchants National Bank & Trust Company of Syracuse ............................................................................... President, any Vice President, or Cashier Marine Midland Bank — Eastern, National Association . President, any Vice President, or Cashier The Oneida National Bank and Trust Company of Central New Y o r k ...............................................................................President, any Vice President, or Cashier Valley Bank of New Y o rk .......................................................President, any Vice President, or Secretary Marine Midland Bank — N o r t h e r n .................................... Chairman of the Board, President, any Vice President, or Secretary The National Bank of Northern New Y o r k ........................ President, any Vice President, or Cashier The Citizens National Bank and Trust Company . . . President, any Vice President, or Cashier The County Trust C om pany.................................................President, or any Vice President National Bank of W e stc h e ste r.......................................... President, any Vice President, or Cashier NEW YORK CITY B rooklyn M anhattan R ic h m o n d Republic National Bank of New Y o r k .............................. Chairman of the Board, President, any Vice President, or Cashier The Amalgamated Bank of New Y o r k .............................. President, any Vice President, or Cashier American Bank & Trust C o m p an y .................................... President, or any Vice President Barclays Bank of New Y o r k .................................................President, any Vice President, or Cashier Century National Bank and Trust Com pany........................ President, any Vice President, or Cashier Chelsea National B a n k ..................................................................................................................................................... The Merchants Bank of New Y o r k .................................... President, any Vice President, Cashier, or Assistant Cashier .................................... President, any Vice President, or Secretary Schroder Trust Company . . . Sterling National Bank & Trust Company of New York President, any Vice President, or Cashier United States Trust Company of New Y o rk ........................ President, or any Vice President Community National Bank and Trust Company of New Y o r k .....................................................................................President, any Vice President, or Cashier V IR G IN IS L A N D S St. T hom as Charlotte Am alie V irgin Islands N ational B a n k ......................................................President 5
@FedFRASER