No. 2213

WEDNESDAY, JANUARY 5, 2000

APPOINTMENTS TO N.Y. FED BOARD

NEW YORK -- Peter G. Peterson has been designated chairman of the board of directors of the Federal Reserve Bank of New York for 2000 by the Board of Governors of the Federal Reserve System, the New York Fed announced today. 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.

The Board of Governors has designated Charles A. Heimbold, Jr. deputy chairman for the year 2000. In July 1999, Mr. Heimbold was appointed class C director for the unexpired portion of a three-year term ending December 31, 2000. As a class C director, Mr. Heimbold, who is chairman and chief executive officer of Bristol-Myers Squibb Company, New York, N.Y., replaced Thomas W. Jones, who had resigned from the bank’s board.

The Board of Governors also has appointed Albert J. Simone a class C director of the bank for a three-year term beginning January 2000. Mr. Simone is president of the Rochester Institute of Technology, Rochester, N.Y. As a member of this bank’s board, he succeeds John C. Whitehead, formerly chairman of Goldman Sachs & Co., Inc., New York, N.Y., who has been serving as a class C director since September 1995 and as chairman since January 1996.

The board of directors of the Federal Reserve Bank of New York consists of nine members, three of whom are appointed by the Board of Governors of the Federal Reserve System as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District. Class A directors are drawn from among the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.

The voting member banks of the Second Federal Reserve District (those with capital and surplus of less than $30 million) in this election have made the following selections:

George W. Hamlin, IV has been re-elected a class A director of the bank for a three-year term beginning January 2000. Mr. Hamlin, who is president and chief executive officer of The Canandaigua National Bank and Trust Company, Canandaigua, N.Y., has been serving as a class A director since January 1997. Prior to that, Mr. Hamlin served as a director of the Buffalo Branch of the bank, from January 1993 through December 1996.

Ann M. Fudge has been re-elected a class B director of the bank for a three-year term beginning January 2000. Ms. Fudge, who is executive vice president, Kraft Foods, Inc., and President of its Coffee & Cereals Division, Tarrytown, N.Y., has been serving as a class B director since October 1996.

The Board of Governors of the Federal Reserve Board also has re-appointed Patrick P. Lee a director of the Buffalo Branch of the Federal Reserve Bank of New York for a three-year term beginning January 2000. Mr. Lee, who is Chairman and Chief Executive Officer of International Motion Control, Inc., Buffalo, N.Y., has been serving as a branch director since January 1997.

The board of directors of the Federal Reserve Bank of New York has re-designated Bal Dixit chairman of the board of the Buffalo Branch for the year 2000. Mr. Dixit, who is president and chief executive officer of Newtex Industries, Inc., Victor, N.Y., has been a director of the Branch board since January 1996 and chairman of the Branch board since January 1997.

The board of the NY Fed also has appointed Geraldine Ochocinska a branch director for a three-year term beginning January 2000. Ms. Ochocinska is regional director, Region 9, United Auto Workers, Buffalo, N.Y. On the Branch board, she succeeds Louise Woerner, chairman and chief executive officer of HCR, Rochester, N.Y., who has been serving as a director of the Buffalo Branch since January 1994.

At the same time, the board of the NY Fed appointed Maureen Torrey Marshall Branch director for the unexpired portion of a three-year term ending December 31, 2000. Mrs. Marshall is co-owner of Torrey Farms, Inc., Elba, N.Y. She replaced Mark Adams, operator of Adams Poultry Farms, who had resigned from the Branch board.

In August 1999, the Board of Governors appointed John E. Friedlander a director of the Buffalo Branch for the unexpired portion of a three-year term ending December 31, 2000. Mr. Friedlander is president and chief executive officer of Kaleida Health, Buffalo, N.Y. On the Branch board, he replaced Louis J. Thomas, director, District 4, United Steelworkers of America, Cheektowaga, N.Y., who had resigned from the Branch board.