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No. 2201

THURSDAY, MARCH 30, 2000

TURNIPSEED NAMED TO HEAD NEW YORK FED FINANCIAL SERVICES GROUP

NEW YORK – The Federal Reserve Bank of New York announced that its board of directors has approved the promotion of Carl W. Turnipseed to executive vice president, financial services group. He succeeds Kathleen A. O’Neil.

Mr. Turnipseed will become a member of the bank’s management committee immediately.

Ms. O’Neil has been with the Bank for almost 24 years and has decided to pursue private sector opportunities. In the interim, she will continue to serve as an executive vice president reporting to the Bank’s president, as an advisor.

Mr. Turnipseed was senior vice president and manager of the Buffalo Branch since 1994. In 1998, his responsibilities expanded to include the New York Fed’s business development office. Prior to 1994, Mr. Turnipseed served as vice president in charge of personnel.

Mr. Turnipseed began his career with the New York Fed in 1969 as a management trainee. Shortly after joining the bank, he left to serve as a lieutenant in the U.S. Army. He returned in 1971 to the bank in the personnel function and subsequently has held positions in other areas including, accounting, check processing, government bond and automated clearing house payments.

In 1986, he was assigned to the foreign relations area. During his time there

Mr. Turnipseed was selected to represent the Federal Reserve System at the XVI SEANZA (South East Asia, New Zealand, Australia) Central Bank course in Dhaka, Bangladesh.

Mr. Turnipseed is a founding member of the Board of Directors of Classroom, Inc., a program to teach middle and high school students critical thinking skills using personal computer-based simulations. He is chairman of the board of director of INROADS/Western New York and has also been active on the boards of directors of United Way of Buffalo and Erie County, Niagara International Trade Council, The Buffalo Niagara Partnership, and The Greater Niagara Frontier Council Boy Scouts of America.

In addition, Mr. Turnipseed is a member of Sigma Pi Phi Fraternity, and the National Association of Urban Bankers. He is also a life member of the Kappa Alpha Psi Fraternity, Inc., the NAACP, and the Morgan State University Alumni Association.

Mr. Turnipseed has an MBA degree from New York University and a BA degree from Morgan State College in Baltimore, Maryland.