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FEDERAL RESERVE BA1MGC OF M E W YORiC [ Circular No. 9 9 3 7 1 October 22, 1985 J Nomination off Class A Director For Term off Office Ending Becesmtoeir 319 19$$ To the Member Banks of the Second Federal Reserve District: An election of a class A 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 A l f r e d B r i t t a i n III, Chairman of the Board, Bankers Trust Company, New York, N.Y., whose term as a class A director will expire December 31, 1985. Mr. Brittain was elected by member banks in Group 1 and his successor will be chosen by this group. Member banks in Groups 2 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 $400,000,000; Group 2, of banks with capital and surplus of $6,500,000 to $400,000,000, inclusive; and Group 3, of banks with capital and surplus of less than $6,500,000. 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 1 appears on page 3. Except in the case of any member banks that are subsidiaries of the same bank holding company* each member bank in Group 1 is permitted to nominate a candidate for class A * 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.” 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 off 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 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, November 29, 1985. The enclosed printed form shows the appro priate form of resolution, and one executed copy of the form should be returned to me. On December 2, 1985, copies of the list of candidates (indicating by whom nominated) and preferential ballots will be mailed to the banks in Group 1. 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, 1985, and will close at 12 noon on Wednesday, December 18, 1985. 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 repre sented 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 18,1985). The officers heretofore designated for this purpose by each bank in Group 1 are shown on the list on page 3. Any Group 1 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 2 and 3 will not participate in this election, this circular is sent to them without forms and for their information only. Jo h n B r adem as, Chairman of the Board. f Section 4 ofthe 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.” “Any person who is an officer or director of more than one member bank shall not be eligible for nomi nation as a class A director except by banks in the same group as the bank having the largest aggregate re sources of any of those of which such person 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.” [The Board of Governors of the Federal Reserve System has expressed the opinion that it is inappropriate, as a general rule, for directors of Federal Reserve Banks to hold partisan political or public office in the service of the United States, or of any State, Territory, county, district, political subdivision, or municipality thereof, or to act as members of political party committees or political fund-raising committees. The System’s policy is to avoid any situations that might give the appearance o f associating the Reserve Banks with political activities.] 2 Election of Class A Director For Term of Office Ending December 319 198$ List off 9 Member Banks in Group 1 (Group 1 consists o f member banks with capital and surplus o f more than $400,000,000, on October 22, 1985.) NEW YORK Place Name of Bank or Trust Company Officers Authorized to Cast Vote Buffalo Marine Midland Bank, N. A .................................................................... Chairman of the Board, President, or any Senior Vice President New York City Bankers Trust C om p any........................................................................ . President, or any Vice President The Chase Manhattan Bank (National A ssociation )......................... Chairman of the Board, President, Vice Chairman o f the Board, any Vice President, or Secretary Chemical B a n k ........................................................................................ . Chairman of the Board, President, any Executive Vice President, or Secretary Citibank, N .A ............................................................................................ Chairman o f the Board, Chairman o f the Executive Committee, any Vice Chairman, President, any Execu tive Vice President, any Senior Vice President, any Vice President, or Cashier Irving Trust Com pany............................................................................... Chairman of the Board, President, any Executive Vice President, or any Vice President Manufacturers Hanover Trust Com pany............................................... Chairman of the Board, President, or any Vice President Morgan Guaranty Trust Company o f New Y ork .................................. Chairman of the Board, a Vice Chairman, President, any Vice President, Cashier, or Secretary Republic National Bank of New Y ork.................................................... Chairman of the Board, President, any Vice President, or Cashier 3 DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW YORK Elected by Banks in Group Alfred Brittain III Chairman of the Board Bankers Trust Company New York, N.Y. A 1985 2 T. Joseph Semrod Chairman of the Board United Jersey Bank Hackensack, N.J. A 1986 3 Robert W. Moyer President and Chief Executive Officer Wilber National Bank Oneonta, N.Y. A 1987 1 William S. Cook President and Chief Executive Officer Union Pacific Corporation New York, N.Y. B 1985 2 John R. Opel Chairman of the Board International Business Machines Corporation Armonk, N.Y. B 1986 3 John F. Welch, Jr. Chairman of the Board General Electric Company Fairfield, Ct. B 1987 John Brademas (Chairman) President New York University New York, N.Y. C 1985 Clifton R. Wharton, Jr. (Deputy Chairman) Chancellor State University of New York System Albany, N.Y. C 1986 Virginia A. Dwyer Senior Vice President-Finance American Telephone and Telegraph Company New York, N.Y. c 1987 ° 73 T3 ft 'O <U a J* £ £ ■5 * J oo >» o <u X) t/5„ s-< T3 ft <D > 8 ■S Class 1 <4-1 <73 O Name and Occupation Term Expires Dec. 31 S S fe a o <* 4 Nomination for Class A Director of Federal Reserve Bank of New York For Three-Year Term Ending December 31, 1988 D istrict No. 2 Group No. 1 At a meeting of the Board of Directors of the (N am e o f Bank) o f...............................................................................(or of the Executive Committee of such Board) (City or T ow n and State) duly called and held on the..............day o f ............................................................................. 1985, on motion duly made and seconded, it was “RESOLVED, That , whose occupation is of 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 three-year term ending December 31, 1988, and the secretary 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 Direc tors 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. (S eal of B ank ) (O fficial signature) (Title) To MR. JOHN BRADEMAS, Chairman of the B oard of D irectors, Federal Reserve B ank of N ew Y ork. COMMITTEE QW RECOIVliiENOATSON OF CANDIDATES FOR DIRECTORS OF THE FEDERAL RESERVE BANK OF MEW YORK October 22, 1985 Recommendation of Candidates in the 1985 Election of Class A 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 end ing December 31,1988, to Alfred Brittain III, a class A director. Member banks in Group 1 — that is, member banks with capital and surplus of more than $400,000,000 — 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 1 banks the following individual, who has consented to serve if elected: For Class A Director LEWIS T. PRESTON Chairman of the Board Morgan Guaranty Trust Company of New York New York, N.Y. Lewis T. Preston was born in New York City on August 5,1926. He graduated from Harvard University in 1951. Mr. Preston has been with Morgan Guaranty since 1951. He became Vice Chairman of the Board in 1976, and President in 1978. He has been Chairman of the Board since 1980. Among his many civic and professional activities, Mr. Preston is a director of the General Electric Company, the Association of Reserve City Bankers, and the Council on Foreign Relations, a member of The Business Council and The Business Roundtable, a member of the board of the International Monetary Conference, a trustee of New York University, and co-chairman of the New York City Employment Committee. In addition, he is a member, during 1985, of the Federal Advisory Council. RICHARD K. LeBLOND II, Committee Chairman Vice Chairman, Chemical Bank New York, New York HERMAN H. SVENHOLZ President, First Jersey National Bank Jersey City, New Jersey ALBERT J. JULIANO President, Orange County Trust Company Middletown, New York ROBERT VAN BUREN Chairman, Midlantic Banks Inc. Edison, New Jersey EUGENE T. MANN President and Chief Executive Officer, Liberty Norstar Bank, N.A. Buffalo, New York ROBERT WINSTANLEY President, Citizens National Bank of Fairfield Fairfield, Connecticut
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