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 j" Circular No. 8 9 6 5 u December 4, 1980 ~1 J Nomination of Class B Director For Term of Office Ending December 31, 1983 To the Member Banks of the Second Federal Reserve District: An election of a class B director of this Bank will be held under the provisions of section 4 of the Federal Reserve Act, as amended, to choose a successor, to serve for a three-year term, to W i l l i a m S. S n e a t h , Chairman of the Board, Union Carbide Corporation, New York, N. Y., whose term as a class B director will expire December 31,1980. Mr. Sneath was elected by member banks in Group 2 and his successor will be chosen by this group. M e m b e r banks in G rou ps 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: Group 1 consists of banks with capital and surplus of more than $185,000,000; Group 2, of banks with capital and surplus of $5,000,000 to $185,000,000, inclusive; and Group 3, of banks with capital and surplus of less than $5,000,000. 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 com pany,0 each member bank in Group 2 will be 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 tor the purpose by such holding company.” Pursuant to the foregoing provision, a nomination by any bank that is a subsidiary of a multibank holding company cannot be accepted unless there is on file with this Bank evidence that such bank has been so designated. Accordingly,, banks 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. If such bank holding company does not have on file with this Bank an appropriate resolution either permanently designating one of such banks to participate in nominations or elections of this Bank’s directors or setting forth the authority under which such designations will be made from time to time, such bank holding company may wish to file such resolution with this Bank. A form of resolution authorizing officers of a bank holding company to make such designations is enclosed for such bank holding companies. director.! The nominations should be made by resolution of the boards of directors of nominating banks (or by resolution of the banks’ executive committees, if such committees empowered to take such action), and certified copies of such resolutions should be sent to so as to reach me on or before December 26, 1980. The enclosed printed form shows appropriate form of resolution, and one executed copy of the form should be returned to me. the are me the On December 29, 1980, 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 30, 1980, and will close at 12 noon on Wednesday, January 14, 1981. 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, January 14, 1981). 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 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. R o b e r t H . K n ig h t , Chairman of the Board. f S e c t io n 4 o f t h e F e d e r a l R e s e r v e A c t , as a m e n d e d , r e a d s in p a r t as f o l l o w s : “Class B shall consist of th ree m em bers, w ho shall represen t th e pu blic and shall be elected w ithout discrim ination on th e basis of race, creed, color, sex, or national origin, and w ith due b u t not exclusive consideration to th e interests of agriculture, com m erce, industry, services, labor, and consum ers...................No director of class B shall be an officer, director, or em ployee of any bank.” [U n d e r th a t o f in te r p r e ta tio n s o ffic e r o f a n o f th e in s u ra n c e B oard com p an y o f G overn ors o f th e o r o f a s a v in g s and F ed eral R eserve lo a n a s s o c ia tio n S y s te m , a p erson w h ose is n o t e l i g i b l e f o r e l e c t i o n s o le o c c u p a tio n is as a c la s s B d ir e c t o r o f a F e d e r a l R e s e r v e B a n k .] “No S enator or R ep resen tative in Congress shall b e a m em ber of the B oard of G overnors of the F ed eral R eserve System or an officer or a director of a F ed eral reserve ban k.” [T h e B oard of G overn ors of th e F ed era l g e n e r a l t u le , fo r d ir e c to r s o f F e d e r a l R e s e r v e S ta te s, o r o f any S ta te , T e r r it o r y , c o u n t y , R eserve B anks d is tr ic t, S y ste m to h o ld expressed p o lit ic a l p o lit ic a l s u b d iv is io n , p o lit ic a l p a r ty c o m m it t e e s .] has p a r t is a n 2 or th e or o p in io n p u b lic m u n ic ip a lit y th a t o ffic e in th e r e o f, it th e or is in a p p r o p r ia te , s e r v ic e to act of as th e as a U n ite d m em b ers of 1980 Election of Class B Director For Term of Office Ending December 31, 1983 List of 71 Member Banks in Group 2 ( Group 2 consists o f member banks with capital and surplus o f $5,000.000 to $185,000,000, inclusive, on December 4, 1980) CONNECTICUT Place Name o f Bank or Tfust Company Officers Authorized to Cast Vote Bridgeport The Connecticut National B a n k ..............................................President, any Vice President, or Cashier Bridgeport The State National Bank of Connecticut.................................President, any Vice President, or Cashier NEW JE RSEY Bridgewater Township First National Bank o f Central J e r s e y ......................... President, any Vice President, any Assistant Vice President, or Cashier Clifton New Jersey Bank (National Association) President, any Vice President, or Cashier Elizabeth The National State Bank, Elizabeth, N. J ...................... President, any Vice President, or Cashier Elizabeth United Counties Trust C o m p a n y ...................................... Chairman of the Board, Chairman of the Executive Committee, President, or any Vice President Hackensack United Jersey B a n k ............................................................... Chairman or Vice Chairman of the Board, or any Vice President 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 Morristown American National Bank & Trust o f New Jersey . Chairman of the Board, President, Executive Vice President, any Vice President, or Secretary Neptune Township Midlantic National B ank/M erchants............................... 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 of New Jersey . Chairman of the Board, President, any Vice President, or Cashier Newark Midlantic National B a n k .................................................. President, any Vice President, or Cashier Old Bridge Township Amboy-Madison National B a n k ...................................... President, any Vice President, cr Cashier Paramus Garden State National B a n k ............................................ Chairman o f the Board, President, any Vice President, or Secretary Passaic Valley National B a n k ......................................................... President, any Vice President, or Treasurer Piscataway The National Bank o f New J e r s e y ................................ President, any Vice President, or Cashier Plainfield . . . . United National B a n k ......................................................... President, any Vice President, or Cashier Raritan Township The Hunterdon County National Bank of Flemington . President, any Vice President, or Cashier Red Bank Colonial First National B a n k ............................................ President, any Vice President, or Cashier Ridgewood Citizens First National Bank o f New Jersey President, any Vice President, or Cashier 3 GROUP 2 NEW JE RSEY ( C on tin u ed ) Officers Authorized to Cast Vote Name of Bank or Trust Company Place Rutherford National Community Bank o f New Jersey . Chairman of the Board, Chairman o f the Executive Committee, President, any Vice President, or Cashier South Plainfield First National State Bank — Edison . President, any Vice President, or Cashier Succasunna First National State Bank o f Northwest Jersey . Cashier Tenafly First National State Bank — County . President, any Vice President, or Cashier Tenafly Midlantic National B a n k /C itizen s......................... President, any Vice President, or Cashier Totowa First National Bank o f New Jersey . Chairman of the Board, President, any Vice President, Cashier, or any Assistant Cashier Union The Union Center National B a n k ......................... President, any Vice President, or Cashier Wayne Prospect Park National B a n k ......................... President, any Vice President, or Cashier N EW YORK Albany Bankers Trust Company o f Albany, National Association . President, or any Vice President Albany Key Bank, N .A ...............................................................................President, any Vice President, or Cashier Albany State Bank of A l b a n y ................................................................... President, any Vice President, or Cashier Buffalo Liberty National Bank and Trust Company . . . . President, any Vice President, or Cashier . . . . President, any Vice President, or Secretary Buffalo Manufacturers and Traders Trust Company Canajoharie Central National B a n k ............................................................... President, any Vice President, or Cashier Cedarhurst Peninsula National B a n k .........................................................Chairman o f the Board, President, any Vice President, or Cashier Chester Key Bank of Southeastern New York, N .A ................................ President, any Vice President, or Cashier Elmira Chemung Canal Trust C o m p a n y ................................................ President, any Vice President, Cashier, Secretary, or Treasurer 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 Glens Falls The First National Bank o f Glens F a l ls ....................................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 Jamestown Bankers Trust Company of Western New York . . . President, any Vice President, or Cashier Nanuet Nanuet 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 York City (See page 5) Norwich The National Bank and Trust Company o f Norwich Olean Manufacturers Hanover Trust Company/Western, National President, any Vice President, or Cashier A s s o c i a t i o n ............................................................................ Ontario Manufacturers Hanover Trust Company/Central New York President, or any Vice President Patehogue Island State B a n k ......................................................................... President Poughkeepsie Bankers Trust Company of Hudson Valley, National A s s o c i a t i o n ................................................................................ President, any Vice President, or Cashier Riverhead The Suffolk County National Bank o f Riverhead . Chairman of the Board, President, any Vice President, or Cashier . . President Rochester Central Trust Company Rochester N. Y .......................................President, any Vice President, or Secretary Rochester Lincoln First Bank, N .A ................................................................ President, any Vice President, or Cashier 4 GROUP 2 N EW Y O R K ( C on tinu ed ) Officers Authorized to Cast Vote Name of Bank or Trust Company Place Rochester Security Trust Company of Rochester 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 Company . Chairman o f the Board, President, any Vice President, or Treasurer Syracuse The Merchants National Bank & Trust Company o f Syracuse . ............................................................................ President, any Vice President, or Cashier Utica The Oneida National Bank and Trust Company o f Central New Y o r k .................................................................................. President, any Vice President, or Cashier Watertown Key Bank o f Northern New York, N .A .................................. President, any Vice President, or Cashier . . . N EW Y O R K CITY Manhattan Richmond Queens Barclays Bank o f New Y o r k ................................................... President, any Vice President, or Cashier Bradford Trust C o m p a n y ......................................................... Chairman o f the Board, President, any Vice President, or Cashier J. Henry Schroder Bank & Trust C om p a n y ......................... President, any Vice President, or Secretary Sterling National Bank & Trust Company o f New York . President, any Vice President, or Cashier U B AF Arab American B a n k ................................................... Chairman of the Board, Deputy Chairman, President, or any Executive Vice President Union Chelsea National B a n k ................................................... President, any Vice President, or Cashier United States Trust Company o f New York . President, or any Vice President . . . Community National Bank and Trust Company o f New Y o r k ......................................................................................... President, any Vice President, or Cashier National Bank o f North A m e r i c a ...................................... Chairman, or any Vice Chairman of the Board, President, any Vice President, or Cashier 5 December 4, 1980 To the Addressee: The enclosed circular and nomination form relate to an election, by Group 2 banks, of a class B (nonbanker) director of this Bank, which will be held on January 14, 1981. The nomination period in this election ends on December 26, 1980. You have already received the circular and nomination form relating to the separate election, also by Group 2 banks, of a class A (banker) director of this Bank, which will be held on December 30, 1980. The nomination period in that election ends on December 11, 1980. Circulars Division FEDERAL RESERVE BANK OF NEW YORK Nomination for Class B Director of Federal Reserve Bank of New York For Three-Year Term Ending December 31, 1983 G r o u p N o .2 D istrict N o . 2 At a meeting of the Board of Directors of t h e ..................................................................... (Name of Bank) o f ............................................................... (or of the Executive Committee of such Board) (City or Town and State) duly called and held on t h e ....................... day o f ........................................................ 1980, 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 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 York.” I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank, 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. (Se a l o f B a n k ) ( Official signature) (Title) To MR. ROBERT H. KNIGHT, C h a ir m a n of the B oard of F e d e r a l R e se r v e B a n k D ir e c t o r s , of N e w York. COMMITTEE ON RECOMMENDATION OF CANDIDATES FOR DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW YORK December 4,1980 Recommendation of Candidate in Election of Class B Director of the Federal Reserve Bank of New York To All Member Banks in the Second Federal Reserve District: The Federal Reserve Bank of New York will hold an election to choose a successor, for the three-year term ending December 31, 1983, to William S. Sneath, a class B director. Member banks in Group 2 — that is, member banks with capital and surplus of $5,000,000 to $185,000,000, inclusive — will participate in this election. 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 2 banks the following individual, who has consented to serve if elected: JOHN R. OPEL President International Business Machines Corporation Armonk, New York John R. Opel was born in Kansas City, Missouri, on January 5, 1925. He received an A.B. degree from Westminster College in 1948 and an M.B.A. degree from the University of Chicago in 1949. Mr. Opel began his career with IBM as a salesman in 1949. In 1966 he was elected corporate vice president. He was named group executive of the data processing product group in 1972 and was elected to the board of directors that same year. He has been president of the corporation since 1974, and in March 1980 he was elected chief executive officer of IBM, effective January 1,1981. Among his many civic and professional activities, Mr. Opel is a director of Pfizer, Inc., a trustee of Westminster College and the Institute for Advanced Study, and a member of the board of governors of United Way of America and the Wilson Council. Mr. Opel is also a director of the Bank of New York, but will resign from that position if elected. EDWARD W. DUFFY, Committee Chairman Chairman, Marine Midland Bank, N.A. Buffalo, New York FRANK H. ODELL President, State Bank of Albany Albany, New York THOMAS L. GRAY, JR. Executive Vice President, Peoples National Bank of North Jersey Denville, New Jersey CARL ULMER President, The Evans National Bank of Angola Angola, New York ALEXANDER HAWLEY Chairman, The Connecticut National Bank Bridgeport, Connecticut ROBERT VANBUREN Chairman, Midlantic National Bank Newark, New Jersey
@FedFRASER