Circular
Election and Appointment of Directors
December 18, 1998
Circular No. 11120

To the Member Banks of the Second Federal Reserve District:

Directors of this Bank

Member banks in Group 2 have elected Richard L. Carrion a class A director of this Bank for a three-year term beginning January 1999. Mr. Carrion is Chairman, President and Chief Executive Officer of Popular, Inc., San Juan, Puerto Rico. On this Bank's board, he succeeds Robert G. Wilmers, Chairman and Chief Executive Officer of Manufacturers and Traders Trust Company, Buffalo, N.Y., who has been serving as a class A director since January 1993. Prior to that, Mr. Wilmers served as a director of the Buffalo Branch of this Bank, from 1989 through 1991.

Member banks in Group 2 have re-elected Ronay Menschel a class B director of this Bank for a three-year term beginning January 1999. Ms. Menschel, who is President of Phipps Houses, New York, N.Y., has been serving as a class B director since March 1998.

The Board of Governors of the Federal Reserve System has redesignated John C. Whitehead Chairman of the Board and Federal Reserve Agent of this Bank for the year 1999. Mr. Whitehead, formerly Chairman of Goldman, Sachs & Co., 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 reappointed Peter G. Peterson a class C director of this Bank for a three-year term beginning January 1999 and has redesignated him Deputy Chairman for the year 1999. Mr. Peterson, who is Chairman of The Blackstone Group, New York, N.Y., has been serving as a class C director since January 1996 and as Deputy Chairman since November 1998. As Deputy Chairman, he succeeded Thomas W. Jones, who had resigned from this Bank's Board.

Buffalo Branch directors

The Board of Governors has reappointed Bal Dixit a director of the Buffalo Branch for a three-year term beginning January 1999, and the Board of Directors of this Bank has redesignated him Chairman of the Board of the Buffalo Branch for the year 1999. Mr. Dixit is President and Chief Executive Officer of Newtex Industries, Inc., Victor, N.Y. He has been a director of the Buffalo Branch since January 1996 and Chairman of the Branch Board since January 1997.

The Board of this Bank has reappointed Kathleen R. Whelehan a director of the Branch for a three-year term beginning January 1999. Ms. Whelehan, who is Regional President, Rochester/Southern Region, Marine Midland Bank, Rochester, N.Y., has been serving as a Branch director since December 1996.