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Minutes of actions taken by the Board of Governors of the 4deral Reserve System on Wednesday, August 29, 19)1. PRESENT: Mr. Martin, Chairman Mr. Evans Mr. Carpenter, Secretary Mr. Kenyon, Assistant Secretary Letter to Board of Directors, Lincoln Rochester Trust Company, ilcchester, New York, reading as follows: "Pursuant to the request contained in Mr. Remington's submitted through the Federal Reletter of August 3, 19j1, serve Bank of New York, the Board of Governors approves the establishment and operation of a branch by your Trust Company in Hammondsport, New York, and hereby gives its written consent under the provisions of Section 18 (c) of the Federal DePosit insurance Act to the absorption of The Bank of Ham111°ndsport, Hammondsport, New York, without increasing the capital and surplus of your company to amounts which will equal the aggregate capital and surplus respectively of the two banks involved in the proposal. The foregoing is conditioned upon your obtaining prior formal approval from the appropriate State authorities and completion of the absorption substantially in accordance with the terms outlined in a letter proposal addressed to The Bank of Hammondsport forwarded to the Reserve Bank with your letter of August 3, 1951." Approved unanimously, for transmittal through the Federal Reserve Bank of New York.
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