No. 2195

JANUARY 12, 1999

NEW YORK FED NAMES FIRST VP

NEW YORK -- Jamie B. Stewart, Jr. has been appointed first vice president of the Federal Reserve Bank of New York beginning February 1, it was announced today.

The appointment, made by the board of directors of the New York Fed, was approved today by the Board of Governors of the Federal Reserve System in Washington.

Mr. Stewart, 54, will become the bank’s eighth first vice president, following the resignation last summer of Ernest T. Patrikis.

New York Fed President William J. McDonough said, "Jamie Stewart has a distinguished 27-year career in banking. He brings us senior managerial experience and strong knowledge of banking operations. I very much look forward to working with him."

Mr. Stewart resigned as vice chairman of the Mellon Bank Corporation and Mellon Bank, N.A., Pittsburgh, PA., on January 4. He was responsible for Mellon Bank’s overall wholesale banking and cash management activities. He began his career at Mellon Bank in 1988 as executive vice president in the Corporate Finance Group.

Prior to joining Mellon, Mr. Stewart worked as a senior vice president of the Bank of America and before that as executive vice president of Crocker National Bank, San Francisco.

He worked at the Bank of Boston from 1972 –1985, rising to executive director of the Corporate Finance Division.

From 1966-1970, Mr. Stewart served as a surface line officer in the United States Navy.

Mr. Stewart has served on the board of directors of the U.S. Chamber of Commerce in Washington since February 1998. He also has served as treasurer and board member of the Pittsburgh Opera Company since March, 1993.

Mr. Stewart graduated from Dartmouth College with a B.A. degree in 1966. He earned an M.B.A. degree from Harvard Business School in 1972 and a J.D. degree from Suffolk Law School in Boston, MA. in 1980.

Mr. Stewart and his wife, Deborah, have two children and one grandchild. Their children both reside in New York City.