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FED ER A L RESERVE BANK OF N EW YORK r Circular No. 8 2 8 2 "I L February 23, 1978 J Nomination of Class A Director For Unexpired Portion of Term Ending December 31, 1978 T o A l l M e m b e r B a n lc s, a n d O th e r s C o n c e r n e d , in th e S e c o n d F e d e r a l R e s e r v e D i s t r i c t : An election will be held under the provisions of section 4 of the Federal Reserve Act, as amended, to fill the vacancy in the office of class A director of this Bank for the unexpired portion of the term ending December 31, 1978, from which H a r r y J. T a w , President of the First National Bank of Cortland, Cortland, N. Y., has resigned. Mr. Taw ivas elected a class A director by member banks in Group 3 and his successor will be chosen by this g ro u p . Member banks in Groups 1 and 2 will not participate in this election. Fhe 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: 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 3 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 3 is permitted to nominate a condidatc for class A * Section 4 of the Federal Reserve A ct, as amehded, 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. ’ ’ P ursuant to the foregoing provision, a nomination by any bank th at is a subsidiary of a m ultibank holding company cannot be accepted unless there is on file w ith this Bank evidence th at such bank has been so designated. Accordingly, banks in Group 3 affected by the foregoing provision of the law are requested to take prom pt action to have the appropriate bank holding com pany designate, if it has n ot already designated, one of such banks to participate in this nom ination and election. If such bank holding com pany does not have on file with this Bank an appropriate resolution either perm anently designating one of such banks to participate in nom inations or elections of this Bank’s directors or setting forth the authority under which such designations will be made from tim e to time, such bank holding com pany may wish to file such resolution w ith this Bank. A form of resolution authorizing officers of a bank holding com pany to make such designations is enclosed for such bank holding companies. director.! The nominations should be made by resolutions of the boards of directors of the nominating banks (or by resolutions of the banks’ executive committees, if such committees are empowered to take such action), and certified copies of such resolutions should be sent to me so as to reach me on or before Friday, March 31, 1978. The enclosed printed form shows the appropriate form of resolution, and one executed copy of the form should be returned to me. On April 3, 1978, copies of the list of candidates (indicating by whom nominated) and preferential ballots will be mailed to the banks in Group 3. 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., April 4, 1978, and will close at 12 noon on Wednesday, April 19, 1978. 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 12 noon on Wednesday, April 19, 1978). The officers heretofore desig nated for this purpose by each bank in Group 3 are shown on the list beginning on page 3. Any Group 3 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 2 will not participate in this election, this circular to them ivithout forms and for their information only. is s e n t H. K n ig h t , Chairman of the Board. R obert f Section 4 of the Federal Reserve Act, as amended, reads in part as follows: “ Class A shall consist of three members, without discrimination on the basis of race, creed, color, sex, or national origin, 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.” “ 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 Reseve Banks.” ] 2 M r . R o b e r t H . K n ig h t , , Chairman Board of Directors , Federal Reserve Bank of New York, Federal Reserve P. 0. Station, New York, N. Y. 10045 Nomination for Class A Director of Federal Reserve Bank of New York For Unexpired Portion of Term Ending December 31, 1978 D istrict No. 2 Group N o. 3 A t a meeting of the Board of Directors of the ................................................................. (Name of Bank) of ................................................................... (or of the Executive Committee of such Board) (City or Town and State) duly called and held on the .................. day o f ............................................................. 1977, on motion duly made and seconded, it was “ RESOLVED, That ............................................................................................................... . of ..................................................................................................................... , whose occupation is be, and is hereby, nominated by this bank as a candidate for class A director of the Federal Reserve Bank of New York for the unexpired portion of the term ending Decem ber 31, 1978, 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 hank, or of its Executive Committee, duly adopted on the date specified. I also certify that if the foregoing resolution was adopted by the Executive Committee of this bank’s Board of Directors, such Executive Committee is empowered to so act. (S eal of B ank ) (Official signature) (Title) To MR. ROBERT H. KNIGHT, Chairman of the B oard of D irectors, F ederal R eserve B ank of New Y ork. Authorization for Officers o f Bank Holding Company To Designate Subsidiary Member Bank to Participate in Elections o f Directors o f Federal Reserve Bank o f New York D istrict N o. 2 At a meeting of the Board of Directors (or of its Executive Committee) of the (Name and Location of Bank Holding Company) duly called and held on the ................... day o f ......................................, 19..........., on motion duly made and seconded, it was “ RESOLVED, that t h e .............................................................................................................. ( Title (s) of designated officer (s)) of this bank holding company be and (any one of them) is hereby authorized to designate on behalf of the company from time to time one subsidiary bank to participate in the nomination and election of directors of the Federal Reserve Bank of New York; Provided, That such subsidiary bank is a member of the Federal Reserve System and is not otherwise disqualified from participating in such elections. “ RESOLVED FU RTH ER, That the authority hereby granted shall continue in force until revoked by the Board of Directors of this bank holding company and that such authority heretofore conferred on any officer of this bank holding company is hereby revoked. ’’ I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank holding company, or of its Executive Committee, duly adopted on the date specified. I also certify that if the foregoing resolution was adopted by the Executive Committee of this company’s Board of Directors, such Executive Committee is empowered to so act. Dated the day o f ............................................... 19 (Official signature) (S eal of B ank H olding Company ) (Title) To Chairman of the B oard of D irectors, F ederal R eserve B ank of New Y ork. COMMITTEE ON RECOMMENDATION OF CANDIDATES FOR DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW YORK February 23, 1978 Recommendation of Candidate in Special Election of Class A Director of the Federal Reserve Bank of New York T o A ll M e m b e r B a n k s in t h e S e c o n d F e d e r a l R e s e r v e D is tr ic t: The Federal Reserve Bank of New York will hold an election to fill the vacancy on its Board of Directors caused by the resignation of Harry J. Taw as a Class A director. Mr. Taw’s successor will serve as a Class A director for the unexpired portion of his three-year term, ending December 31, 1978, and will be chosen by the member banks in Group 3, as classified by the Board of Governors of the Federal Reserve System, that is, those banks with capital and surplus of less than $3,000,000. The undersigned committee, appointed by the bankers associations of New York, New Jersey, and Connecticut to make recommendations to member banks of candidates for directors of the Federal Reserve Bank of New York, and to inform member banks of the qualifications of these candidates, recommends for nomination by Group 3 banks the following individual, who has consented to serve if elected: JAMES WHELDEN P residen t Ballston Spa National Bank, Ballston Spa, New York J ames W helden was born January 9, 1927, in Saratoga Springs, N. Y. He was graduated from Bentley College, Waltham, Massachusetts, in 1949. He has also attended the Independent Bankers Association of America’s Senior Executive Management School at Harvard University, and the New York State Bankers Association’s Executive Management School at West Point, New York. Mr. Whelden joined the Ballston Spa National Bank in 1950 as a bookkeeper. He was appointed assistant cashier of the bank in 1953 and was named assistant vice president in 1958. In 1965 he was promoted to vice president. He assumed his present position as president of the bank in 1971. Among his many civic and professional activities, Mr. Whelden is a director of the Independent Bankers Association of America, a member of the Long Range Planning Committee and the Ad Hoc Advertising Committee of the New York State Bankers Association, and a member of the Loan Committee of the New York State Business Development Corporation. In addition, he has served as president of the New York Independent Bankers Association, the Schenectady Chapter of the American Institute of Banking, and the Saratoga-Warren Washington County Bankers Association. He is also a past director of the Financial Computer Center of Eastern New York, Inc. E lliott Averett, Committee Chairman Chairman The Bank of New York New York, New York E verett A. G ilmour Chairman The National Bank & Trust Company of Norwich Norwich, New York Peter C artmell President Fidelity Union Trust Company Newark, New Jersey F rank C. H arding Vice Chairman Manufacturers & Traders Trust Company Buffalo, New York J oseph F. F ahey, J r. Chairman The State National Bank of Connecticut Bridgeport, Connecticut T homas J. Stanton, J r . Chairman The First Jersey National Bank Jersey City, New Jersey Special Election of a Class A Director For Unexpired Portion of Term Ending December 31, 1978 List of 144 Member Banks in Group 3 ( G ro u p 3 co n sists o f m e m b e r ba n k s w ith c a p ita l a n d su rp lu s o f less th a n $ 3 ,0 0 0 ,0 0 0 , on F e b ru a ry 23, 1 9 7 8 ) CONNECTICUT Place Officers Authorized to Cast Vote Name of Bank or Trust Company Fairfield Citizen’s National Bank of Fairfield . . . . President, any Vice President, or Cashier Norwalk The Connecticut Bank and Trust Company, N.A. President, any Vice President, or Cashier Stamford Liberty National B a n k ........................................... President, any Vice President, or Cashier Westport Westport National B a n k ........................................... President, any Vice President, or Cashier NEW JERSEY Annandale Hunterdon County Trust Company..................................... President, any Vice President, Treasurer, or Assistant Treasurer Bayonne The Broadway National Bank of Bayonne . . President, any Vice President, or Cashier Belleville Peoples Bank, N.A................................................................. President, any Vice President, or Cashier Belvidere The First National Bank of B elvidere............................... President, any Vice President, or Cashier Blairstown The First National Bank of B lairstow n ........................ Bloomsbury Citizens’ Bank, National A ssociation ............................... President, any Vice President, or Cashier Branchville The National Bank of Sussex C oun ty............................... President, any Vice President, or Cashier Colonia First Bank of C o lo n ia ....................................................... Cranbury Midlantic National B a n k /C ra n b u ry ............................... President, any Vice President, or Cashier Denville Township Peoples National Bank of North J e r s e y ........................ Edison Midlantic National Bank/Raritan V a lle y ......................... President, any Vice President, or Cashier Elizabeth City Trust Services, National Association . . . . . President, any Vice President, or Cashier President, any Vice President, or Secretary President, any Vice President, or Cashier . Englewood Cliffs The Edgewater National B a n k ........................................... Flemington The Flemington National Bank and Trust Company . Fort Lee First National Bank in Fort L e e ..................................... 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 Cashier Franklin Lakes Urban National B a n k ........................................... Gladstone Peapack-Gladstone B a n k ....................................................... President, any Vice President, or Cashier Hillsborough The Hillsborough National B a n k ..................................... President, any Vice President, or Cashier Hillsdale Liberty National B a n k ....................................................... President, any Vice President, or Cashier President, any Vice President, or Cashier Hope The First National Bank of H o p e ..................................... Kearny The First National Bank and Trust Company of Kearny Chairman of the Board, President, any Vice President, or Cashier Manville The Manville National B a n k ........................................... 3 President, any Vice President, or Cashier GROUP 3 NEW JERSEY (Continued) Place Name of Bank or Trust Company Officers Authorized to Cast Vote Maywood Community Bank of Bergen County, N. J ...................... President, any Vice President, or Cashier Montgomery Township The Montgomery National B a n k .....................................President, any Vice President, or Cashier Morristown Fidelity Union Trust Company, National Association ....................................................................... Newark Broad National Bank, N ew a rk ...........................................President, any Vice President, Cashier, or Assistant Cashier Newark City National Bank of New J e r s e y ...............................Chairman of the Board, President, or Cashier Newark Security National Bank of New J e r s e y .........................Chairman of the Board, President, any Vice President, or Cashier North Bergen Meadowlands National B a n k ........................................... President, any Vice President, or Cashier Passaic Jefferson National B a n k ................................................................................................................................... Perth Amboy Perth Amboy National B a n k ........................................... President, any Vice President, or Cashier Phillipsburg The Phillipsburg National Bank and Trust Company President, any Vice President, or Cashier Raritan State Bank of Raritan V a lle y ...........................................President, any Vice President, Cashier, or Secretary Secaucus Arcadia National B a n k ....................................................... Chairman of the Executive Committee, President, any Vice President, or Cashier Union City Pan American National B a n k ........................................... President, any Vice President, or Cashier NEW YORK Addison Community National B a n k ............................... President, any Vice President, or Cashier Alden Alden State B a n k ................................................. President, any Vice President, or Cashier Amenia The First National Bank of Amenia . President, any Vice President, or Cashier Angola The Evans National Bank of Angola . President, any Vice President, or Cashier Atlanta Atlanta National B a n k ..................................... President, any Vice President, or Cashier Auburn The National Bank of A uburn......................... President, any Vice President, or Cashier Avoca Bank of A v o c a ................................................. President, any Vice President, or Cashier Ballston Spa Ballston Spa National B a n k ........................ President, any Vice President, or Cashier Bath The Bath National B a n k ............................... President, any Vice President, or Cashier Beacon The Fishkill National B a n k ............................... President, any Vice President, or Cashier Belmont The State Bank of Belmont, N. Y...................... President, any Vice President, or Cashier Binghamton Chemical Bank of Bingham ton........................ Bridgehampton The Bridgehampton National Bank Buffalo Chemical Bank ■— B u f f a l o ............................... President, any Vice President, or Cashier Callicoon United National B a n k ..................................... President, any Vice President, or Cashier Canisteo First State Bank, Canisteo, N. Y...................... President, any Vice President, Cashier, or Assistant Cashier Carmel The Putnam County National Bank of Carmel President, any Vice President, or Cashier Cattaraugus Bank of Cattaraugus........................................... President, any Vice President, or Cashier President, any Vice President, or Cashier 4 GROUP 3 NEW YORK ( Continued) Place Chester Name of Bank or Trust Company Officers Authorized to Cast Vote The Chester National B a n k ............................... President, any Vice President, or Cashier Clifton Springs The Ontario National Bank of Clifton Springs President, any Vice President, or Cashier Clinton Hayes National B a n k ..................................... President, any Vice President, or Cashier Cortland First National Bank of Cortland . . . . Chairman of the Board, President, any Vice President, or Cashier Coxsackie The National Bank of Coxsackie . President, or any Vice President Delhi The Delaware National Bank of Delhi . President, any Vice President, or Cashier Downsville The First National Bank of Downsville President, any Vice President, or Cashier Dryden The First National Bank of Dryden . President, any Vice President, or Cashier Dundee Dundee State B a n k ............................... President, or Cashier East Hampton First National Bank of East Hampton President, or Cashier East Islip The First National Bank of East Islip . President, or Cashier Ellenville ^Ellenville National Bank . . . . President, any Vice President, or Cashier Pleischmanns Deak National B a n k ............................... President, any Vice President, or Cashier Florida The National Bank of Florida . President, any Vice President, or Cashier Geneseo Genesee Valley National Bank and Trust Comp any of Geneseo ....................................................... President, any Vice President, Cashier, or Executive Officer Geneva The National Bank of Geneva Gloversville The Fulton County National Bank and Trust Company Cashier Greene First National Bank in G reene........................................... President, any Vice President, or Cashier Greenwich Chemical Bank Eastern, N. A.............................................. President, any Vice President, or Cashier Groton The First National Bank of G ro to n ............................... President, any Vice President, or Cashier Hammond The Citizens National Bank of Hammond........................ President, any Vice President, or Cashier Hancock The First National Bank of H ancock............................... President, any Vice President, or Cashier Hempstead Vanguard National B a n k ................................................... Chairman of the Board, President, any Vice President, or Cashier Hermon The First National Bank of H erm on............................... President, any Vice President, or Cashier Highland The First National Bank of H ighland............................... President, any Vice President, or Cashier Holland Bank of H o lla n d ................................................................... President, any Vice President, or Cashier Homer The Homer National B a n k ................................................. President, any Vice President, or Cashier Itlia c a First National Bank and Trust Company of Ithaca . President, any Vice President, or Cashier Jeffersonville The First National Bank of Jeffersonville . . . . President, any Vice President, or Cashier Keeseville The Keeseville National B a n k ........................................... President, any Vice President, Cashier, or Assistant Cashier Kinderhook The National Union Bank of Kinderhook........................ President, any Vice President, or Cashier Kingston The Rondout National Bank................................................. President, any Vice President, or Cashier La Fargeville Jefferson National B a n k ....................................................... President, any Vice President, or Cashier Lisbon The First National Bank of L is b o n ............................... President, any Vice President, or Cashier President t O GROUP 3 NEW YOEK ( Continued) Place Officers Authorized to Cast Vote Name of Bank or Trust Company Little Falls The Little Falls National Bank . President, any Vice President, or Cashier Lyons The Lyons National B a n k ......................... President, any Vice President, or Cashier Lyons Falls The Lyons Falls National Bank . . . . President, any Vice President, or Cashier Mahopac The Mahopac National Bank . . . . Chairman of the Board, President, any Vice President, or Cashier Malone The Citizens National Bank of Malone . President, any Vice President, or Cashier Malone Farmers National Bank of Malone . President, any Vice President, or Cashier Middletown Orange County Trust Company . . . . President, any Vice President, or Secretary Millbrook Bank of M illb r o o k ..................................... President, any Vice President, or Cashier Monticello The National Union Bank of Monticello . President, any Vice President, or Cashier Moravia The First National Bank of Moravia . President, or any Vice President Newburgh The Columbus Trust Company . . . . President, or any Vice President New York City (S e e p a g e 7 ) Nichols The Nichols National B a n k ......................... President, any Vice President, or Cashier Norfolk The First National Bank of Norfolk . President, any Vice President, or Cashier North Tarrytown The First National Bank of North Tarrytown . President, or Cashier Odessa Finger Lakes National B a n k ......................... . President, any Vice President, or Cashier Oneida The Oneida Valley National Bank of Oneida . . President, any Vice President, or Cashier Ovid The First National Bank of Ovid . . . . . President, any Vice President, or Cashier Owego The Owego National B a n k ............................... . President, any Vice President, or Cashier Oxford The National Bank of O xfo rd ......................... . President, any Vice President, or Cashier Pawling The National Bank of P a w lin g ......................... . President, any Vice President, Cashier, or Assistant Cashier Pine Plains The Stissing National Bank of Pine Plains . . President, any Vice President, or Cashier Eamapo Peoples National Bank of Eockland County . . President, any Vice President, or Cashier Eed Hook The First National Bank of Eed Hook . . President, any Vice President, or Cashier Eedwood The Eedwood National B a n k ......................... . President, any Vice President, or Cashier Ehinebeck The First National Bank of Ehinebeck . . President, any Vice President, or Cashier Eochester First National Bank of Eochester . . . . . President, any Vice President, or Cashier Eoxbury The National Bank of Eoxbury......................... . President, any Vice President, or Cashier Salamanca Salamanca Trust C om pany............................... . President, any Vice President, Cashier, or Secretary-Treasurer Savannah The National Bank of Savannah . . . . . . President, any Vice President, or Cashier Seneca Falls The State Bank of Seneca Falls, N. Y. . . . President Sidney First National Bank in S id n ey ......................... . . President, any Vice President, or Cashier Solvay Solvay B a n k ....................................................... . . President, any Vice President, or Cashier 6 GROUP 3 NEW YORK (Continued) Place Name of Bank or Trust Company Officers Authorized to Cast Yote Spencer Tioga State B a n k ................................................. . President, any Vice President, Cashier, or Assistant Cashier Stamford The National Bank of S tam fo rd ........................ . President, any Vice President, or Cashier Syracuse Chemical Bank of S yracu se..................................... . President, or any Vice President Tupper Lake The Tupper Lake National B a n k ........................ . President, any Vice President, or Cashier TJnion Springs Cayuga Lake National B a n k ............................... . President, any Viee President, or Cashier Yernon The National Bank of Y ern on ............................... . President, any Vice President, or Cashier Walden The Yalley National Bank, Wallkill, N. Y. . . President, any Vice President, or Cashier Walton The National Bank of Delaware County, Walton . , President, any Vice President, or Cashier Waterloo First National Bank of W aterloo......................... . President, any Vice President, or Cashier Watertown Seaway National B a n k ........................................... . President, any Vice President, or Cashier Watkins Glen Glen National Bank and Trust Company . . President, any Vice President, or Cashier Wayland The First National Bank of Wayland . . . . . President, any Vice President, or Cashier Willsboro Essex County-Champlain National Bank, Willsboro Yonkers Hudson Yalley National B a n k ............................... President, any Vice President, or Cashier . President, any Vice President, or Cashier NEW YORK CITY M anh atta n Bessemer Trust Company, National Association . . . President, any Senior Vice President, any Vice President, or Secretary Capital National Bank of New Y o r k ...............................Chairman of the Board, President, any Vice President, or Cashier The Depository Trust Company...........................................Chairman of the Board Golden Pacific National B a n k ......................................................................................................................... Hartford Trust Company of New Y o r k .........................President, any Vice President, Treasurer, or Secretary Northwestern Trust Company (A Limited Purpose Trust C o m p a n y ) ......................................................................... President, any Vice President, Treasurer, or Cashier Q ueens Flushing National B a n k ........................................... President, any Vice President, or Cashier
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