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 J. William Johnson, Chairman and Chief Executive Officer, The First National Bank of Long Island, Glen Head, N.Y., whose term as a class A director will expire December 31, 1996.
Mr. Johnson was elected by member banks in Group 3 and his successor will be chosen by this group. Member banks in Groups 1 and 2 will not participate in this election.
The classification of member banks for the purposes of nomination and election of class A and class 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 $1 billion;
Group 2, of banks with capital and surplus of $30 million to $1 billion, inclusive; and
Group 3, of banks with capital and surplus of less than $30 million.
For purposes of this election, a member bank's classification will be determined by its cap-ital 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,¹ each member bank in Group 3 will be permitted to nominate one candidate for class A director.² 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 so as to reach this Bank on or before 3 p.m. on Monday, December 9, 1996. The enclosed printed form shows the appropriate form of resolution; one executed copy of the form should be returned to this Bank in the envelope provided for that purpose.
On December 11, 1996, 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 ballots shall be cast within 15 days after receipt of the list. The polls will open at 10 a.m., December 12, 1996, and will close at 12 noon on Friday, December 27, 1996. 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 this Bank at or before the time thus fixed for the closing of the polls (i.e., at or before 12 noon on Friday, December 27, 1996). The officers heretofore designated 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 this Bank before the polls close. A form for this purpose is enclosed.
Because banks in Groups 1 and 2 will not participate in this election, this circular is sent to them without forms and for their information only.
Election of Class A Director
For Term of Office Ending December 31, 1999
List of the 91 Member Banks in Group 3
(Group 3 consists of member banks with capital and surplus of less than $30,000,000, on November 8, 1996.)
CONNECTICUT
Place Name of Bank or Trust Company Officers Authorized to Cast Vote Stamford Patriot National Bank
NEW JERSEY
Branchville The National Bank of Sussex County President, any Vice President,
or Cashier
Gladstone Peapack-Gladstone Bank President, any Vice President, or Cashier
Hope The First National Bank of Hope President, any Vice President, or Cashier
Maywood Community Bank of Bergen County, N.J. President, any Vice President,
or Cashier
Newark Broad National Bank President, any Vice President, Cashier, or Assistant
Cashier
Newark City National Bank of New Jersey Chairman of the Board, President, or
Cashier
Newark Security National Bank & Trust Chairman of the Board, President, any Vice President,
Company of New Jersey or Cashier
Phillipsburg The Philippsburg National Bank President, or
and Trust Company any Vice President
Saddle Brook Interchange State Bank
Union The Union Center National Bank President, any Vice President, or Cashier
NEW YORK
Alden Alden State Bank President, any Vice President, or Cashier
Alexandria Bay The Redwood National Bank
Angola The Evans National Bank of Angola President, any Vice President, or
Cashier
Avoca Bank of Avoca President, any Vice President, or Cashier
Ballston Spa Ballston Spa National Bank President, any Vice President, or Cashier
Bath Bath National Bank President, any Vice President, or Cashier
Bridgehampton The Bridgehampton National Bank President, any Vice President,
or Cashier
Canajoharie Central National Bank, Canajoharie President, any Vice President, or
Cashier
Canandaigua The Canandaigua National Bank President, any
and Trust Company Vice President, or Cashier
Canisteo First State Bank, Canisteo N.Y. President, any Vice President,
Treasurer, or Secretary
Carmel The Putnam County National President, any
Bank of Carmel Vice President, or Cashier
Cattaraugus Bank of Cattaraugus President, any Vice President, or Cashier
Clifton Springs Ontario National Bank 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, Executive Vice President,
any Vice President or Cashier
Delhi The Delaware National Bank of Delhi President, any Vice President,
or Cashier
Dryden The First National Bank of Dryden President, any Vice President,
or Cashier
Elizabethtown Champlain National Bank President, any Senior Vice President, or
Cashier
Ellenville Ellenville National Bank President, any Vice President, or Cashier
Elmira Chemung Canal Trust Company President
Florida The National Bank of Florida President, any Vice President, or
Cashier
Geneva The National Bank of Geneva President, any Vice President, or
Cashier
Glen Head The First National Bank of Long Island President, any Vice President,
or Cashier
Glens Falls Evergreen Bank, National Association
Glens Falls Glens Falls National Bank and President, any Vice
Trust Company President, or Cashier
Gloversville City National Bank and Trust Company President, any Vice President,
or Cashier
Groton The First National Bank of Groton President, any Vice President,
or Cashier
Hammond The Citizens National Bank of Hammond President, any Vice President,
or Cashier
Jeffersonville The First National Bank of President, any Vice President,
Jeffersonville or Cashier
Kinderhook The National Union Bank of Kinderhook President, any Vice President,
or Cashier
Lisbon The First National Bank of Lisbon President, any Vice President, or
Cashier
Lyons The Lyons 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
Middletown Orange County Trust Company President, any Vice President, or
Secretary
Millbrook Bank of Millbrook President, any Vice President, or Cashier
New York City
Norfolk The First National Bank of Northern New York
North Tarrytown Sleepy Hollow National Bank President, any Vice President,
or Cashier
Oneida The Oneida Valley National Bank Chairman of the
of Oneida Board, President, any Vice President
or Cashier
Oneonta Wilber National Bank Vice Chairman & CEO, President, any Vice
President or Cashier
Pine Plains The Stissing National Bank of President, any Vice President,
of Oneida or Cashier
Poughkeepsie First National Bank of the President, any Vice President,
Hudson Valley or Cashier
Riverhead The Suffolk County National President, any Vice
Bank of Riverhead President, or Cashier
Rochester First National Bank of Rochester President, any Vice President, or
Cashier
Salamanca First Tier Bank & Trust President, any Vice President, or Cashier
Saranac Lake Adirondack Bank, National Association
Saratoga The Adirondack Trust Company President, any Vice President,
Springs or Cashier
Saratoga Saratoga National Bank President, any Vice
Springs and Trust Company President, or Cashier
Savannah Savannah Bank, N.A.
Scotia First National Bank of Scotia President, any Vice President, or Cashier
Smithtown Bank of Smithtown President, any Vice President, or Cashier
Solvay Solvay Bank President, any Vice President, or Cashier
Spencer Tioga State Bank President, any Vice President, Cashier, or Treasurer
Stamford The National Bank of Stamford President, any Vice President,
Comptroller, or Cashier
Tupper Lake The Tupper Lake National Bank President, any Vice President, or
Cashier
Union Springs Cayuga Lake National Bank President, any Vice President, or Cashier
Vernon The National Bank of Vernon President, any Vice President,
or Cashier
Walton National Bank of President, any Vice
Delaware County, Walton President, or Cashier
Bronx New York National Bank Chairman of the Board, President, Senior
Vice President, any Vice President, or Cashier
Manhattan Bank of Bermuda (New York) Limited
Barclays Bank of New York, National Association
Bessemer Trust Company, N.A. President, any Senior Vice President,
any Vice President, or Secretary
BPD International Bank Chairman of the Board or President
Broadway National Bank
Delta National Bank and Trust Company of New York
The Depository Trust Company Chairman of the Board
Eastbank, National Association
Excel Bank, National Association President, any Vice President, or
Cashier
Gotham Bank of New York
Mellon Securities Trust Company
The Merchants Bank of New York President, any Vice President,
Cashier, or Assistant
Cashier
Northern Trust Company of New York
The Park Avenue Bank, National Association
Participants Trust Company President, or any Vice President
State Street Bank and President, any Vice President,
Trust Company, N.A. or Cashier
United Missouri Trust Company of New York
Queens Marathon National Bank of New York
Asia Bank, N.A. Chairman of the Board, President, any Vice
President or Cashier
Great Eastern Bank
National Bank of New York City President, any Vice President, or
Cashier
¹ 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 bank holding company having other subsidiaries in the same voting group cannot be accepted unless there is on file with this Bank evidence that such bank has been so designated. A form for this purpose is enclosed.
² 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."
"Any person who is an officer or director of more than one member bank shall not be eligible for nomination as a class A director except by banks in the same group as the bank having the largest aggregate resources 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 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, to act as members of political party committees, or to serve as officers or directors of political action committees or as members of the governing bodies of such committees. The System's policy is to avoid any situations that might give the appearance of associating the Reserve Banks with political activities.]
