nycirc_1977_08201.pdf

F E D E R A L R E S E R V E B ANKO F N E W YO R K

Circular No. 8 2 0 1 ~1 October 18, 1977 -1

Nomination of DirectorsTo All Member Banks, and Others Concerned,

in the Second Federal Beserve District:

An election will be held under the provisions o f section 4 o f the Federal Reserve Act, as amended, to choose successors, to serve for three-year terms, to the following directors of this Bank whose terms will expire December 31, 1977: class A director, R aymond W . Bauer, President, United Counties Trust Company, Elizabeth, N. J., and class B director, W illiam S. S neath, Chairman o f the Board, Union Carbide Corporation, New York, N. Y.

B o th directors w ere elected b y m em ber banks in G roup 2 and their su ccessors will be chosen b y this group. M e m b er banks in G rou ps 1 and 3 will not participate in this election.

The classification of member banks for the purposes o f nomination and election o f class A and B directors o f the Federal Reserve Bank o f New York is as fo llow s:

Group 1 consists of banks with capital and surplus of more than $65,000,000;

Group 2, of banks with capital and surplus of $3,000,000 to $65,000,000, inclusive; and

Group 3, of banks with capital and surplus of less than $3,000,000.

F or the purposes o f this election, a member bank’s classification will be determined by its capital and surplus as o f the date o f this circular, even though its capital and surplus may change before the polls close. The list o f banks comprising Group 2 begins on page 3.

Except in the case o f any member banks that are subsidiaries o f the same bank holding company,* each bank in Group 2 is permitted to nominate a candidate for class A director and

* Section 4 of the Federal Reserve Act, as amended, reads in part as follows:

“ . . . That whenever any member banks within the same Federal Reserve district are subsidiaries of the same bank holding company within the meaning of the Bank Holding Company Act of 1956, participation in any such nomination or election by such member banks, including such bank holding company if it is also a member bank, shall be confined to one of such banks, which may be designated for the purpose by such holding company.”

Pursuant to the foregoing provision, a nomination by any bank that is a subsidiary of a multibank holding company cannot be accepted unless there is on file with this Bank evidence that such bank has been so designated. Accordingly, banks in Group 2 affected by the foregoing provision of the law are requested to take prom pt action to have the appropriate bank holding company designate, if it has not already designated, one of such banks to participate in this nomination and election.

If such bank holding company does not have on file with this Bank an appropriate resolution either permanently designating one of such banks to participate in nominations or elections of this Bank’s directors or setting forth the authority under which such designations will be made from time to time, such bank holding company may wish to file such resolution with this Bank. A form of resolution authorizing officers of a bank holding company to make such designations is enclosed for such bank holding companies.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

a candidate for class B director.! The nominations should be made by resolutions o f the boards o f directors o f the nominating banks (or by resolutions of the banks’ executive committees, if such committees are empowered to take such action), and certified copies o f such resolutions should be sent to me so as to reach me on or before W ednesday, November 23, 1977. The enclosed printed form s show the appropriate form s of resolution, and one executed cop y o f the appropriate form for each nomination should be returned to me.

On November 25, 1977, copies o f the list o f candidates (indicating by whom nominated) and preferential ballots will be mailed to the banks in Group 2. The law provides that the ballot shall be cast within 15 days after receipt o f this list. The polls will open at 10 a.m., November 28, 1977, and will close at 12 noon on Tuesday, December 13,' 1977. Upon the closing o f the polls, the ballot box will be opened in the board room o f this Bank, the votes counted and checked by tellers, and the results o f the election announced. The candidates may, if they so desire, be present or represented on that occasion.

In order to be counted as valid, the ballot must be executed by an officer authorized to cast the vote and must be received by me at or before the time thus fixed for the closing o f the polls (i.e., at or before 12 noon on Tuesday, December 13, 19/7 ). The officers heretofore designated for this purpose by each bank in Group 2 are shown on the list beginning on page 3. Any Group 2 bank that desires to change its authorization should do so by resolution of its board o f d irectors; a certified copy o f such resolution must reach me before the polls close. A form for this purpose will be furnished upon request.

B ecau se banks in G rou ps 1 and 3 will not participate in this election, this circidar is sent to them w ithout fo rm s and fo r their inform ation only.

F r a n k R . M i l l i k e n ,

Chairm an o f the B oard.

t Section 4 of the Federal Reserve Act, as amended, reads in part as follows:

“ Class A shall consist of three members, who shall be chosen by and be representative of the stockholding banks. . . . No officer or director of a member bank shall be eligible to serve as a class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director.

‘ ‘ Class B shall consist of three members, who at the time of their election shall be actively engaged in their district in commerce, agriculture or some other industrial pursuit. . . . No director of class B shall be an officer, director, or employee of any bank. ’ ’

[Under interpretations of the Board of Governors of the Federal Reserve System, a person whose sole occupation is that of officer of an insurance company or of a savings and loan association is not eligible for election as a class B director of a Federal Reserve Bank.]

“ No Senator or Representative in Congress shall be a member of the Board of Governors of the Federal Reserve System or an officer or a director of a Federal reserve bank.”

[In a resolution adopted December 23, 1915, the Board of Governors of the Federal Reserve System expressed th$ opinion “ that persons holding political or public office in the service of the United States, or of any State, Territory, county, district, political subdivision, or municipality thereof, or acting as members of political party committees, cannot consistently with the spirit and underlying principles of the Federal Reserve Act, serve as directors or officers of Federal Reserve Banks.” ]

2


Nomination for Class A Director of Federal Reserve Bank of New York

For Three-Year Term Ending December 31, 1980

D istrict N o. 2 Group N o. 2

At a meeting of the Board of Directors of the (Name of Bank)

of(City or Town and State)

(or of the Executive Committee of such Board)

duly called and held on the .................... day of ............................................................. 1977,on motion duly made and seconded, it was

“ RESOLVED, That

of , whose occupation is

be, and is hereby, nominated by this bank as a candidate for class A director of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered, and directed to send a certified copy of this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New York.”

I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank, or of its Executive Committee, duly adopted on the date specified.

I also certify that if the foregoing resolution was adopted by the Executive Committee of this bank’s Board of Directors, such Executive Committee is empowered to so act.

( S e a l o f B a n k )

(Official signature)

(T itle)

To MR. FRANK R. MILLIKEN,C h a ir m a n of th e B oard of D irectors,

F ederal R eserve B a n k of N e w Y ork .


COMMITTEE ON RECOMMENDATION OF CANDIDATES FOR DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW YORK

October 18,1977

Recommendations of Candidates in the 1977 Election of Directors of the Federal Reserve Bank

of New York by Banks in Group 2

To All Member Banks in theSecond Federal Reserve District:

The directors of the Federal Reserve Bank of New York to be elected in this year’s regular election, for the three-year terms ending December 31, 1980, will be chosen by the member banks in Group 2, as classified by the Board of Governors of the Federal Reserve System, that is, those banks with capital and surplus of $3,000,000 to $65,000,000, inclusive.

The undersigned committee, appointed by the bankers associations of New York, New Jersey, and Connecticut to make recommendations to member banks of candidates for directors of the Federal Reserve Bank of New York, and to inform member banks of the qualifications of these candidates, recommends for nomination by Group 2 banks the following individuals, who have consented to serve if elected:

For Class A Director

RAYMOND W. BAUER

P r e s id e n tUnited Counties Trust Company, Elizabeth, New Jersey

Ra y m o n d W. Bauer was bom in Linden, New Jersey, on August 27, 1915. He was graduated from Dartmouth College in 1937 and also holds a Master of Commercial Science degree from Amos Tuck School of Business Administration at Dartmouth College. In 1942, after receiving a Bachelor of Laws degree from Rutgers University, he was admitted to the New Jersey Bar.

Mr. Bauer began his business career in 1940 with C. H. Winans Company, a construction and investment corporation in Roselle, New Jersey. He has held various positions with the company, currently serving as its president and director.

In 1944 Mr. Bauer was named a director of Linden Trust Company in Linden, New Jersey, and in 1951 he joined the staff of the bank as a vice president. He was appointed executive vice president of the bank in 1956 and president in 1958. In 1961, after the bank merged with Union County Trust Company, Mr. Bauer was named president, chief executive officer, and a director of the bank. Following the merger of Union County with Keansburg-Middletown National Bank in 1972, Mr. Bauer became president, chief executive officer, and director o f United Counties Trust Company, the resultant institution. Presently he serves the bank as chairman, president, and chief executive officer.

Mr. Bauer is a director of the Eastern States Bankcard Association and is past president and current member of the Executive Committee o f the New Jersey Bankers Association. He has also served as a member of the American Bankers Association’s Government Relations and Governing Councils, the New Jersey State Banking Advisory Board, and the Board of Governors of the Mortgage Bankers Association.

Mr. Bauer is now a class A director of the Federal Reserve Bank of New York, having been elected, on April 15, 1977, for the unexpired portion of the term ending December 31, 1977.

( o v e r )


For Class B Director

W ILLIAM S. SNEATH

Chairman of the Board Union Carbide Corporation, New York, N. Y.

W illiam S. Sneath was born March 29, 1926, in Buffalo, N. Y. He received a Bachelor o f Arts degree from Williams College, Williamstown, Mass., in 1947 and an M.B.A. degree from the Harvard Graduate School of Business Administration in 1950.

Mr. Sneath began his career with the general accounting department of Union Carbide Corporation in 1950. Following his transfer to the finance department in 1956, he was appointed assistant secretary and assistant treasurer in May 1961 and later that year became treasurer. In 1965 Mr. Sneath was elected vice president and treasurer, and designated chief financial officer. He became president in April 1971 and was named chairman and chief executive officer on January 1, 1977. He has been a director of the corporation since 1969.

In addition, Mr. Sneath is a member of the management committee of the Metropolitan Variable Account B (a management investment company), a director of the Metropolitan Life Insurance Company, and a trustee of Williams College and of Brunswick School, Greenwich, Conn.

Mr. Sneath is now a class B director of the Federal Reserve Bank of New York. He was elected, on August 15, 1973, for the unexpired portion of the term ending December 31, 1974, and in December 1974 he was elected a class B director for the three-year term ending December 31, 1977.

E lliott Averett, Committee Chairman ChairmanThe Bank of New York New York, New York

Peter Cartmell PresidentFidelity Union Trust Company Newark, New Jersey

Joseph F. Fahey, Jr.ChairmanThe State National Bank of Connecticut Bridgeport, Connecticut

E verett A. Gilmour ChairmanThe National Bank & Trust Company

of Norwich Norwich, New York

Frank C. H arding Vice ChairmanManufacturers & Traders Trust Company Buffalo, New York

Thomas J. Stanton, Jr.ChairmanThe First Jersey National Bank Jersey City, New Jersey


Nomination for Class B Director of Federal Reserve Bank of New York

For Three-Year Term Ending December 31, 1980

D istrict N o. 2 G roup N o. 2

At a meeting of the Board of Directors of the .................................................................(Name of Bank)

o f ................................................................... (or of the Executive Committee of such Board)(City or Town and State)

duly called and held on t h e .................... day o f ............................................................. 1977,on motion duly made and seconded, it was

‘ ‘ RESOLVED, That

of , whose occupation is

be, and is hereby, nominated by this bank as a candidate for class B director of the Federal Reserve Bank of New York, and the cashier or other officer of this bank is hereby authorized, empowered, and directed to send a certified copy of this resolution to the Chairman of the Board of Directors of the Federal Reserve Bank of New York.”

I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank, or of its Executive Committee, duly adopted on the date specified.

I also certify that if the foregoing resolution was adopted by the Executive Committee of this bank’s Board of Directors, such Executive Committee is empowered to so act.

(Seal of Ba n k )

(Official signature)

(T itle)

To MR. FRANK R. MILLIKEN,Chairman of the B oard of D irectors,

F ederal Reserve Ban k of New Y ork.


Authorization for Officers of Bank Holding Company To Designate Subsidiary Member Bank to Participate in

Elections of Directors of Federal Reserve Bank of New York

D istrict N o . 2

At a meeting of the Board of Directors (or of its Executive Committee) of the

(Name and Location of Bank Holding Company)duly called and held on th e ................... day o f ........................................, 19........... , on motionduly made and seconded, it was

“ RESOLVED, that th e ...............................................................................................................(Title (s) of designated officer (s))

of this bank holding company be and (any one of them) is hereby authorized to designate on behalf of the company from time to time one subsidiary bank to participate in the nomination and election of directors of the Federal Reserve Bank of New York; Provided, That such subsidiary bank is a member of the Federal Reserve System and is not otherwise disqualified from participating in such elections.

“ RESOLVED FURTHER, That the authority hereby granted shall continue in force until revoked by the Board of Directors of this bank holding company and that such authority heretofore conferred on any officer of this bank holding company is hereby revoked.”

I hereby certify that the foregoing is a true and correct copy of a resolution of the Board of Directors of this bank holding company, or of its Executive Committee, duly adopted on the date specified.

I also certify that if the foregoing resolution was adopted by the Executive Committee of this company’s Board of Directors, such Executive Committee is empowered to so act.

Dated th e ................. day o f ................................................, 19..................

(Official signature)(S eal of Ban k H olding Com pan y)

(Title)To Chairman of the Board of D irectors,

F ederal Reserve Bank of New Y ork.


1977 Election of Class A and Class B DirectorsFor Terms of Office Ending December 31, 1980

List of 107 Member Banks in Group 2( Group 2 consists of member banks with capital and surplus of $3,000,000 to

$65,000,000, inclusive, on October 18, 1977)

CONNECTICUT

Place

Bridgeport

Bridgeport

Name of Bank or Trust Company Officers Authorized to Cast Vote

The Connecticut National B a n k ...........................................President, any Vice President, or Cashier

The State National Bank of Connecticut...............................President, any Vice President, or Cashier

NEW JERSEY

BridgewaterTownship

Clifton

Dover

Elizabeth

Elizabeth

F irst National Bank of Central Jersey

New Jersey Bank (National Association)

United Jersey Bank/Northwest .

The National State Bank, Elizabeth, N. J.

United Counties Trust Company .

Elizabeth

Hackensack

United Jersey Bank/Central

United Jersey Bank .

Hazlet Township United Jersey Bank/Mid State, National Association

Jersey City

Jersey City

Jersey City

Livingston

Maplewood

Commercial Trust Company of New Jersey .

The F irst Jersey National Bank . . . .

The Trust Company of New Jersey .

Livingston National B a n k ........................

The Maplewood Bank and Trust Company

Monroe Township Heritage Bank — North, National Association .

Montclair American National Bank & Trust of New Jersey

NeptuneTownship

Newark

Newark

Newark

Newton

First Merchants National Bank . . . .

Fidelity Union Trust Company . . . .

F irst National State Bank of New Jersey .

Midlantic National B a n k ...............................

Midlantic National Bank/Sussex & Merchants

President, any Vice President, any Assistant Vice President, or Cashier

President, any Vice President, or Cashier

President, any Vice President, Treasurer, or Assistant Treasurer


Chairman of the Board, Chairman of the Executive Committee, President, or any Vice President

President, any Vice President, or Treasurer

Chairman or Vice Chairman of the Board, or any Vice President


President, any Vice President, Cashier, or Secretary



President, any Vice President, Cashier, Treasurer, or Secretary


Chairman of the Board, President, Executive Vice President, any Vice President, or Secretary


President, or any Vice President

Chairman of the Board, President, any Vice President, or Cashier



3

--- ------

GROUP 2NEW JERSEY (C on tin u ed)

Place

Old Bridge Township

Paramus

Passaic

Piscataway

Piscataway

Plainfield

Raritan Township

Red Bank

Ridgewood

Rutherford

South Plainfield

Succasunna

Tenafly

Tenafly

Totowa

Union

Wayne

Woodbridge

Wood Ridge

Name of Bank or Trust Company

Amboy-Madison National B a n k ..............................

Garden State National B a n k ....................................

Valley National B a n k .................................................

The National Bank of New J e r s e y ........................

The Peoples National Bank of Central Jersey .

United National B a n k .................................................

The Hunterdon County National Bank of Flemington

Colonial F irst National B a n k ....................................

Citizens F irst National Bank of New Jersey .

National Community Bank of New Jersey .

F irst National State Bank — E d iso n ........................

F irst National State Bank of Northwest Jersey .

F irst National State Bank — C ounty........................

Midlantic National Bank/Citizens..............................

F irst National Bank of New J e rs e y ........................

The Union Center National B a n k ..............................

Prospect Park National B a n k ...............................

Mid-Jersey National B a n k ...........................................

The Wood Ridge National B a n k ........................

Officers Authorized to Cast Vote


Chairman of the Board, President, any Vice President, or Secretary








Chairman of the Board, Chairman of the Executive Committee, President, any Vice President, or Cashier

Cashier



Chairman of the Board, President, any Vice President, Cashier, or any Assistant Cashier





Albany

Albany

Albany

Albany

Arcade

Binghamton

Buffalo

CanajoharieCanandaigua

Canton

Cedarhurst

Elmira

Endicott

Garden City

Glen Head

NEW YORK

Bankers Trust Company of Albany, National Association .

National Commercial Bank and Trust Company . . . .

State Bank of A lb a n y .............................................................

Union National B a n k .............................................................

The Citizens Central B a n k .......................................................

First-City National Bank of Binghamton, N. Y.

Liberty National Bank and Trust Company .

Central National Bank, C anajoharie.....................................

The Canandaigua National Bank and Trust Company .

The St. Lawrence National B a n k ...........................................

Peninsula National B a n k .......................................................

Chemung Canal Trust C o m p a n y ..........................................

Endicott Trust C o m p a n y .......................................................

Long Island Trust C om pany.................................................

The F irst National Bank of Glen H e a d ..............................












President, any Vice President, Cashier, Secretary, or Treasurer




4


GROUP 2N E W Y O R K ( Continued)

Place

Glens Falls

Glens Falls

Gloversville

Hempstead

Hicksville

Ithaca

Jamestown

Jamestown

Kingston

Liberty

Middletown

Nanuet

Newburgh

New York City

Norwich


The First National Bank of Glens F a l ls ....................................

Glens Falls National Bank and Trust Company .

City National Bank and Trust Company of Gloversville .

Hempstead B a n k ...............................................................................

Long Island B a n k ...............................................................................

Tompkins County Trust C om pany..................................................

Bankers Trust Company of Western New York .

The First National Bank of J a m e s to w n .............................

Kingston Trust C o m p a n y ................................................................

The Sullivan County National Bank of Liberty .

Empire National B a n k ........................................................................

Nanuet National B a n k ........................................................................

Highland National Bank of N ew b u rg h ....................................

(See page 6)

The National Bank and Trust Company of Norwich
















Olean

Oneonta

Ontario

Patchogue

Poughkeepsie

Poughkeepsie

Riverhead

Rochester

Rochester

Manufacturers Hanover Trust Company/Western, National A s s o c i a t i o n ......................................................................................

Wilber National B a n k .........................................................

Manufacturers Hanover Trust Company/Central New York

Island State B a n k ..............................................................................

Bankers Trust Company of Hudson Valley, National A s s o c i a t i o n ......................................................................................

Dutchess Bank & Trust C om pany..................................................

The Suffolk County National Bank of Riverhead .

Central Trust Company Rochester N . Y .......................................

Lincoln First Bank of R ochester..................................................

Rochester Security Trust Company of Rochester

Saratoga Springs The Adirondack Trust Company .

Sayville The Oystermen’s Bank and Trust Company .

Scarsdale Scarsdale National Bank and Trust Company

Schenectady The Mohawk National Bank of Schenectady

Schenectady The Schenectady Trust Company . . . .

Scotia

Smithtown

Stony Brook

Syracuse

Syracuse

Syracuse

First National Bank of S c o t i a ..................................................

Bank of Sm ith tow n ...............................................................................

Bank of Suffolk C o u n t y ................................................................

First Trust & Deposit C om p an y ..................................................

Lincoln First Bank — Central, National Association .

The Merchants National Bank & Trust Company of Syracuse ..............................................................................................




President


President, any Vice President, or Secretary

President


Chairman of the Board, President, Senior Executive Vice President, any Executive Vice President, or any Senior Vice President



Chairman of the Board, President, any Vice President, or Secretary

President


Chairman of the Board, President, any Vice President, or Treasurer



President, any Vice President, or Cashier President, any Vice President, or Secretary President, any Vice President, or Cashier


5

■

— —

GROUP 2N E W Y O R K ( Continued)

Place

Utica

Watertown

Wells ville

White Plains


The Oneida National Bank and Trust Company of Central New Y o r k .............................................................................................

The National Bank of Northern New Y o r k ............................

The Citizens National Bank and Trust Company .

National Bank of W estchester.........................................................






N E W Y O R K C IT Y

Manhattan

Richmond

Barclays Bank of New Y o r k .........................................................

Bradford Trust C o m p a n y ................................................................

Century National Bank and Trust C om pany............................

Freedom National Bank of New Y o r k ...................................

The Merchants Bank of New Y o r k ...........................................

Schroder Trust C o m p a n y ......................................................... ' .

Sterling National Bank & Trust Company of New York .

U B A F Arab American B a n k .........................................................

Union Chelsea National B a n k .........................................................

United States Trust Company of New York . . . .

Community National Bank and Trust Company of New Y o r k .............................................................................................





President, any Vice President, Cashier, or Assistant Cashier



Chairman of the Board, Deputy Chairman, President, or any Executive Vice President




PU ERTO RICO

Hato Rey Banco De Santander — Puerto Rico, N .A, Chairman of the Board, President, any Vice President, or Cashier


nycirc_1977_08201.pdf

Documents

list o f banks

subsidiaries o f

chairman o f

date o f

case o f

banks directors

b directors o f

election o f class