nycirc_1980_08752.pdf

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FEDERAL RESERVE BANK

OF NEW YORK

r Circular No. 8752 ~1

1~ Fe b ru ary 8, 19 8 0

Nomination of Class B Director

For Unexpired Portion of Term Ending December 31, 1981

To the Member Banks of the Second Federal Reserve District:

An election will be held under the provisions of section 4 of the Federal Reserve Act, asamended, to fill the vacancy in the office of class B director of this Bank for the unexpired portionof the term ending December 31, 1981, resulting from the death of J o h n R. M u l h e a r n .

Mr. Mulhearn was elected by member banks in Group 3 and his successor will be chosen bythis group. Member banks in Groups 1 and 2 will not participate in this election.

The classification of member banks for the purpose of nomination and election of class Aand B directors of the Federal Reserve Bank of New York is as follows:

Group 1 consists of banks with capital and surplus of more than $185,000,000;

Group 2, of banks with capital and surplus of $5,000,000 to $185,000,000, inclusive; and

Group 3, of banks with capital and surplus of less than $5,000,000.

For the purposes of this election, a member bank’s classification will be determined by its capitaland surplus as of the date of this circular, even though its capital and surplus may change before

the polls close. The list of banks comprising Group 3 begins on page 3.

Except in the case of any member banks that are subsidiaries of the same bank holdingcompany,0 each member bank in Group 3 will be permitted to nominate a candidate for class B

* 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 thesame bank holding company within the meaning of the Bank Holding Company Act of 1956, participationin any such nomination or election by such member banks, including such bank holding company if it isalso a member bank, shall be confined to one of such banks, which may be designated for the purpose bysuch 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 affected by the foregoing provision of the law are requested to take prompt 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 hoMing companies.

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director, f The nominations should be made by resolutions of the boards of directors of the nominat-ing banks (or by resolutions of the banks’ executive committees, if such committees are empoweredto take such action), and certified copies of such resolutions should be sent to me so as to reachme on or before February 28, 1980. The enclosed printed form shows the appropriate form ofresolution, and one executed copy of the form should be returned to me.

On February 29, 1980, copies of the list of candidates (indicating by whom nominated)and preferential ballots will be mailed to the banks in Group 3. The law provides that the ballotshall be cast within 15 days after receipt of this list. The polls will be open at 10 a.m., March 3,1980, and will close at 12 noon on Tuesday, March 18, 1980. Upon the closing of the polls, the

ballot box will be opened in the board room of this Bank, the votes counted and checked by tellers,and the results of the election announced. The candidates may, if they so desire, be present orrepresented on that occasion.

In order to be counted as valid, the ballot must be executed by an officer authorized to castthe vote and must be received by me at or before the time thus fixed for the closing of the polls(i.e., at or before 12 noon on Tuesday, March 18, 1980). The officers heretofore designated forthis purpose by each bank are shown on the list tha t begins on page 3. Any bank that desires tochange its authorization should do so by resolution of its board of directors; a certified copy of such

’resolution must reach me before the polls close. A form for this purpose will be furnished uponrequest.

Because banks in Groups 1 and 2 will not participate in this election, this circular is sent to

them without forms and for their information only.

R o b e r t H . K n i g h t ,

Chairman of the Board.

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

“Class B shall consist of three members, who shall represent the public and shall be elected withoutdiscrimination on the basis of race, creed, color, sex, or national origin, and with due but not exclusiveconsideration to the interests of agriculture, commerce, industry, services, labor, and consumers. . . . Nodirector 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 isthat of officer of an insurance company or of a savings and loan association is not eligible for election as a class Bdirector of a Federal Reserve Bank.]

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

[The Board of Governors of the Federal Reserve System has expressed the opinion that it is inappropriate, as ageneral rule, for directors of Federal Reserve Banks to held partisan political or public office in the service of the UnitedStates, or of any State, Territory, county, district, political subdivision, or municipality thereof, or to act as members of

poli tical party committees.]

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Special Election of a Class B Director


List of 151 Member Banks in Group 3( Group 3 consists of me mbe r banks with capital and surplus o f less than $ 5,0 00 ,00 0,

on Febru ary 8 , 1 9 8 0 . )

Place

Fairfield

Westport

CONNECTICUT

Name of Bank or Tru st Company Officers Authorized to Cast Vote

Citizen’s National Bank of F ai rf ie ld ...............................President, any Vice President, or Cashier

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

NEW JEKS EY

Annandale Hunterdon County Trust Company .

Bayonne

Belleville

Belvidere

Blairstown

Bloomsbury

Branchville

Colonia

Cranbury

DenvilleTownship

Elizabeth

The Broadway National Bank of Bayonne .

Peoples Bank, N.A...............................................

The First National Bank of Belvidere .

The Fi rst National Bank of Blairstown .

Citizens’ Bank, National Association .

The National Bank of Sussex County .

Fi rs t Bank of C o lo n ia .....................................

Midlantic National Bank/Cranbury

Peoples National Bank of North Jersey .

City Trust Services, National Association

Englewood Cliffs The Edgew ater Nationa l B a n k ...........................................

Flemington The Flemington National Bank and Trus t Company .

Fort Lee First National Bank in Fort L e e .....................................

Fra nk lin Lakes U rban N ational Bank . . . .

Gladstone Peapack-Gladstone B a n k .......................................................

Hazlet Township United Jersey Bank/Mid State, National AssociationHillsborough The Hillsborough National B a n k .....................................

Hillsdale Liberty National B a n k .......................................................

Hope The Firs t National Bank of H o p e .....................................

Kearny The Fir st National Bank and Trust Company of Kearny

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

Manville The Manville National B a n k ...........................................

President, any Vice President, Treasurer,or Assistant Treasurer

President, any Vice President, or Cashier






President, any Vice President, or Secretary



Chairman of the Board, President, anyVice President, or Cashier






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




President, any Vice Presiden t, or Cashier


3

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GROUP 3

NEW JEESEY (Continued)

Place

Maplewood

Maywood

MontgomeryTownship

Morristown

Newark

Newark

Newark

Newton

North Bergen

Passaic

Perth Amboy

Phillipsburg

Piscataway

Earitan

Union City

Wood Eidge

Nam e of Bank or Trus t Company

The Maplewood Bank and Trust Company .

Community Bank of Bergen County, N. J. .

The Montgomery N ati on al Ban k . . . .

Officers Authorized to Cast Vote

President, any Vice President, Cashier,

Treasurer, or SecretaryPresident, any Vice President, or Cashier


Fidelity Union Trust Company, National Association

Broad Nation al Bank, N ew ark ...........................................

City National Bank of New J e rs e y ..............................

Security Nationa l Bank of New Je r s e y .........................

Midlantic National Ban k/Sussex & Merchants .

Meadowlands National B a n k ...........................................

Jefferson National B a n k .......................................................

Perth Amboy National B a n k ...........................................

The Phillipsburg National Bank and Trust Company

The Peoples National Bank of Central Jersey

Stat e Bank of Ea ritan V a ll e y ...........................................

Pan American National B a n k ...........................................

The Wood E idge Nation al B a n k .....................................

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

President, any Vice President, Cashier, orAssistant Cashier

Chairman of the Board, President, or Cashier


Presiden t, any Vice Presid ent, or Cashier




President, any Vice Presiden t, or Cashier

President, any Vice President, Cashier, orSecretary


Presiden t, any Vice President, or Cashier

NE W YOEK

Addison

Albany

Alden

Amenia

Angola

Arcade

Atlanta

Avoca

Ballston Spa

Bath

Beacon

Bridgehampton

Callicoon

Canajoharie

Community National Bank .

Union National Bank . . . .

Alden State B a n k ...............................

The First National Bank of Amenia

The Evans National Bank of Angola

The Citizens Central Bank .

A tlanta National Bank . . . .

Bank of A vo ca...............................

Ballston Spa National Bank .

The Bath National Bank .

The Fishkill National Bank .

The Bridgehampton National Bank

United National Bank . . . .

Central National Bank, Canajoharie






President, an y Vice President, or Cashier









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GROUP 3

NEW YORK (Continued)

Place

Canandaigua

Canisteo

Canton

Carmel

Cattaraugus

Chester

Clifton Springs

Clinton

Cortland

Coxsackie

DelhiDownsville

Dryden

Dundee

East Hampton

East Islip

Ellenville

Fleischmanns

Florida

Geneva

Glen Head

Gloversville

Gloversville

Greene

Groton

Hammond

Hancock

Hempstead

Hermon

Highland

Holland

Homer

Jeffersonville

Name of Bank or Trus t Company

The Canandaigua National Bank and Trust Company .

First State Bank, Canisteo, N. Y........................................

The St. Lawrence Nationa l B a n k .....................................

The Putnam County National Bank of Carmel .

Bank of C a tta ra ugus.............................................................

Key Bank of Southeastern New York, N.A .......................

The Ontario National Bank of Clifton Springs .

Hayes National B a n k .......................................................

Fi rst National Bank of C o rt la n d .....................................

The National Bank of Coxsackie.....................................

The Delaware National Bank of D el h i..............................

The First National Bank of Downsville ........................

The First National Bank of D ry d en ..............................

Dundee Sta te B a n k .............................................................

First National Bank of East H am p to n ........................

The Firs t N ational Bank of E ast I s li p ...............................

lEllenville National B a n k .................................................

Deak N ational B a n k .............................................................

The National Bank of Florida ...........................................

The Nation al Bank of G en ev a...........................................

The First National Bank of Long Island ........................

City National Bank and Trust Company of Gloversville

The Fulton County National Bank and Trust Company

Fir st National Bank in G re en e...............................,

The Fi rst N ational Bank of G ro to n ...............................

The Citizens National Bank of Hammond ........................

The F irst National Bank of H an co ck ...............................

Vanguard National B a n k ...................................................

The Fir st National Bank of H er m on ...............................

The First National Bank of Hig hl an d ..............................

Bank of H o ll a n d ...................................................................

The Homer National B a n k .................................................

The First National Bank of Jeffersonville .











President, or any Vice President

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


President, or Cashier









Cashier











5

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GROUP 3

Place

Keeseville

Kinderhook

Kingston

La Fargeville

Liberty

Lisbon

Lyons

Lyons Falls

Mahopac

Malone

Malone

Middletown

Millbrook

Moravia

New York City

New burgh

Nichols

Norfolk

No rthTarrytown

Odessa

Oneida

Oneonta

Ovid

Owego

Oxford

Pawling

Pine Plains

Poughkeepsie

Ramapo

Red Hook Redwood

Rhinebeck

Riverhead

Rochester

Roxbury



The Keeseville National Bank .

The National Union Bank of Kinderhook

The Rondout National Bank.

Jefferson Nationa l B a n k .........................

The Sullivan County National Bank of Li

The First National Bank of Lisbon

The Lyons National Bank .

The Lyons Falls National Bank .

The Mahopac National Bank .

berty

The Citizens National Bank of Malone

Farmers National Bank of Malone .

Orange County Trust Company .

Bank of M il lb ro o k ...............................

The First National Bank of Moravia .

(see page 7)

The Columbus Trust Company .

The Nichols N ational Bank . . . .

The First National Bank of Norfolk .

The First National Bank of North Tarrytown .

Finger Lakes National B a n k ..............................

The Oneida Valley National Bank of Oneida .

Wilber Nation al B a n k ...........................................

The First National Bank of O v id ........................

The Owego Na tiona l B a n k .....................................

The N ational Bank of O x fo rd ...............................

The National Bank of Pa w ling ..............................

The Stissing National Bank of Pine Plains .

Dutchess Bank & Trust Co m pan y ........................

Peoples National Bank of Rockland County .

The Firs t National Bank of Red Hook .The Redwood N ational B a n k ...............................

The First National Bank of Rhinebeck .

The Suffolk County National Bank of Riverhead

First National Bank of Rochester ........................

The Nation al Bank of R ox bu ry ...............................






























President, any Vice President, or CashierPresident, any Vice President, or Cashier


President



6

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Place

Salamanca

SaratogaSprings

Savannah

Scotia

Smithtown

Solvay

Spencer

Stamford

Tupper Lake

Union Springs

Vernon

Walden

Walton

Waterloo

Watertown

Wayland

Wellsville

Willsboro

Yonkers

GROUP 3



Salamanca Trust Company .

The Adirondack Trust Company

The National Bank of Savannah

First National Bank of Scotia

Bank of Smithtown

Solvay Bank

Tioga State Bank

The National Bank of Stamford

The Tupper Lake National Bank

Cayuga Lake National Bank .

The National Bank of Vernon .

The Valley Nationa l Bank, Wallkill, N. Y. .

The National Bank of Delaware County, Walton .

Fi rst Na tional Bank of W ate rl o o .........................

Seaway Nationa l B a n k ...........................................

The F ir st N atio nal Bank of W ayland . . . .

The Citizens National Bank and Trust Company .

Essex County-Champlain National Bank, Willsboro

Hudson Valley Nation al B a n k ...............................


President, any Vice President, Cashier, orSecretary-Treasurer

President, any Vice President, or Treasurer



President, any Vice Presid ent, or Cashier















NE W YORK CITY

Ma n h a t t a n

Qu e e n s

Bessemer Trust Company, N.A ...........................................President, any Senior Vice President,any Vice President, or Secretary

Capital Nation al Bank of New Y o rk ...............................Chairman of the Board, President,any Vice President, or Cashier

Century National Bank and Trust Company . . . . President, any Vice President, or Cashier

The Depository Trust Company...........................................Chairman of the Board

Freedom Nation al Bank of New Y o rk ...............................President, any Vice President, or Cashier

Golden Pacific N ation al B a n k ...........................................Chairman of the Board , Pre siden t,any Vice President, or Cashier

Hartford Trust Company of New York (A Limited Purpose Trus t C om pa ny ).................................................President, any Vice Presid ent, Treasure r,or Secretary

The Merchants Bank of New Y o rk .....................................Presid ent, any Vice Presiden t, Cashier, or Assistant Cashier

Northw estern Trus t Company (A Limited Purpose TrustC o m p a n y ) ......................................................................... President, any Vice President, Treasurer,

or Cashier

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

—

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Mr . Ro b e r t H. Kn i g h t ,

Chairman, Board o f D ir ecto rs,

Federal Reserve Bank of New York,

Federal Reserve P. 0. Station,

New York, N. Y. 10045Room 1120

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Nomination for Class B Director

of Federal Reserve Bank of New York


D i s t r i c t N o . 2 G r o u p N o . 3

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

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

duly called and held on the ....................... day of ....................................................... 1980,

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 for the unexpired portion of the term ending December 31, 1981,

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 theBoard 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)

(Title)

To MR. ROBERT H. KNIGHT,Ch a i r m a n o f t h e Bo a r d o f D i r e c t o r s ,

Fe d e r a l Re s e r v e Ba n k o f Ne w Yo r k .

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COMMITTEE ON RECOMMENDATION OF CANDIDATES FOR

DIRECTORS OF THE FEDERAL RESERVE BANK OF NEW YORK

February 8, 1980

Recommendation of Candidate in Election ofClass B Director of the Federal Reserve Bank of New York

To All Member Banks in the

Second Federal Reserve District:

The Federal Reserve Bank of New York will hold an election to fill the vacancy in the office ofClass B director on its Board of Directors for the unexpired portion of the term ending December 31,1981, resulting from thedeath ofJohn R. Mulhearn. Memberbanks in Group 3— that is, memberbankswith capital and surplus of less than $5,000,000— will participate in this election.

The undersigned committee, appointed by the bankers associations of New York, New Jersey, andConnecticut to make recommendations to member banks of candidates for directors of the FederalReserve Bank of New York, and to inform member banks of the qualifications of these candidates,

recommends for nomination by Group 3 banks the following individual, who has consented to serveif elected:

EDWARD L. HENNESSY, JR.

Chairman of the Board and President

AlliedChemicalCorporation,Morristown,N.J.

Edward L.Hennessy, Jr., wasborn in Boston,Mass., on March 22, 1928. He received a B.S. degreefrom Fairleigh Dickinson University in 1955 and has attended NewYork University Law School.

Mr. Hennessy’s varied career in business and finance has included service as controller withTextron, Inc., LearSiegler, Inc.,and International Telephone&Telegraph Corporation, director offinancefor the European, Middle East, and African operations of the Colgate-Palmolive Company, and senior

vice president in charge of administration and finance for Heublein, Inc. In 1972, he became a seniorvice president and director of United Technologies Corporation and was promoted to executive vicepresident and chief financial officer in 1977.

Mr. Hennessy joined Allied Chemical Corporation as its president and chief executive officer inMay 1979. Hewasalso named Chairman of the Board in December of that year.

Among his many civic and professional activities, Mr. Hennessy is a director of Automatic DataProcessing, Inc., Travelers Insurance Co., and the Coast Guard Academy Foundation, Inc. He is alsoa trustee of Fairleigh Dickinson University, and a regent of St. Joseph College.

LEWIST.PRESTON,CommitteeChairman

President,MorganGuarantyTrustCompanyNewYork,NewYork

ALEXANDERHAWLEYChairman,ConnecticutNationalBankBridgeport,Connecticut

JOSEPHF.LORD,JR.President,AmericanNational Bank&TrustofNewJersey

Morristown,NewJersey

FRANKH.ODELL

President,StateBankofAlbanyAlbany,NewYork

CARLULMERPresident,TheEvansNationalBankAngola,NewYork

ROBERT VAN BURENChairman,Midlantic NationalBankNewark,NewJersey

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