Circular
Election and Appointment of Directors
December 27, 1996
Circular No. 10902

To the Member Banks of the Second Federal Reserve District:

Directors of this Bank

Member banks in Group 3 have elected George W. Hamlin, IV a class A director of this Bank for a three-year term beginning January 1997. Mr. Hamlin is President and Chief Executive Officer of The Canandaigua National Bank and Trust Company, Canandaigua, N.Y. In addition, until this election he was also a director of this Bank's Buffalo Branch, but has resigned from that position. On this Bank's Board, Mr. Hamlin succeeds J. William Johnson, Chairman and Chief Executive Officer of The First National Bank of Long Island, Glen Head, N.Y., who has been serving as a class A director since January 1994.

The Board of Governors of the Federal Reserve System has reappointed John C. Whitehead a class C director of this Bank for a three-year term beginning January 1997 and has redesignated him Chairman of the Board and Federal Reserve Agent for the year 1997. Mr. Whitehead, who is Chairman of AEA Investors Inc., New York, N.Y., has been serving as a class C director since September 1995 and as Chairman and Federal Reserve Agent since January 1996.

The Board of Governors has also redesignated Thomas W. Jones Deputy Chairman for the year 1997. Mr. Jones, who is Vice Chairman, President, and Chief Operating Officer of Teachers Insurance and Annuity Association-College Retirement Equities Fund, New York, N.Y., has been serving as a class C director and as Deputy Chairman since January 1996.

Buffalo Branch directors

The Board of Governors has appointed Patrick P. Lee a director of the Buffalo Branch for a three-year term beginning January 1997. Mr. Lee is Chairman and Chief Executive Officer of International Motion Control, Inc., Orchard Park, N.Y. On the Branch Board, he succeeds Joseph J. Castiglia, formerly President and Chief Executive Officer of Pratt & Lambert United, Inc., Buffalo, N.Y., who has been a director of the Branch since January 1991 and Chairman of the Branch Board since June 1993.

The Board of Directors of this Bank has appointed Kathleen R. Whelehan a director of the Buffalo Branch for the unexpired portion of Mr. Hamlin's term, ending December 31, 1998. Ms. Whelehan is Regional President, Rochester/Southern Region, Marine Midland Bank, Buffalo, N.Y. Mr. Hamlin has been a director of the Branch since January 1993.

The Board of this Bank has also reappointed Louise Woerner a Branch director for a three-year term beginning January 1997. Ms. Woerner, who is Chairman and Chief Executive Officer of HCR, Rochester, N.Y., has been a Branch director since January 1994.

In addition, the Board of this Bank has designated Bal Dixit Chairman of the Board of the Buffalo Branch for the year 1997. Mr. Dixit, who is President and Chief Executive Officer of Newtex Industries, Inc., Victor, N.Y., has been a director of the Branch since January 1996.