federal reserve bank of new york circulars/nycirc_1978_08466.pdfcourses at schools of the american...

F E D E R A L R E S E R V E B A N K O F N E W Y O R K

f* Circular No. 8 4 6 6 *1 L December 4, 1978 J

Election of Directors(By member banks classified in Group 3 on November 6, 1978, that is, member banks with

capital and surplus of less than $5,000,000 on that date)To the Member Banks of the Second Federal Referee District.-

In accordance with the provisions of section 4 of the Federal Reserve Act, as amended, and Circular No. 8448, dated Novem ber 6, 1978, on the nomination of directors of this Bank for terms of ofBce from January 1, 1979 to December 31, 1981, to succeed JAMES WHELDEN, class A director, and JOHN R. M urH EARN , class B director, whose terms expire December 31, 1978, there are shown on pages 2 through 4 the names of the candidates nominated for such offices, and by whom nominated.

To each member bank classified in Group 3 on November 6, 1978, except those member banks that are subsidiaries of multibank holding companies and have not been designated to participate in this election,* the following are being sent with this circular:

(a ) Ballot for use in voting for candidates for class A director and class B director.

(b ) Pink ballot envelope in which the ballot is to be sealed.

(c ) Certificate envelope bearing on its face the certificate in regard to the vote.

(d ) Addressed envelope in which all of the foregoing should be returned to me.

The ballot and the certificate on the certificate envelope must be executed by an officer who has been authorized to cast the vote. A list of the officers designated for this purpose by the member banks in Group 3 was contained in the above-mentioned circular dated November 6, 1978, and a similar list revised to date is contained herein. In order that the ballot may be secret, the name of the bank and the name and title of the voting officer should not be written on the ballot, but should be written only on the certificate envelope.

(1 ) The ballot should be marked.

(2 ) The marked ballot should be placed in the pink ballot envelope and that envelope sealed.

(3 ) Then the sealed pink ballot envelope should be placed within the certificate envelope, and the certificate envelope.should be sealed and the certificate thereon executed.

(4 ) Then the certihcate envelope containing the sealed pink ballot envelope should be returned to me in the enclosed addressed envelope.

The law provides that the ballot shall be cast within 15 days after receipt of the list of candidates transmitted herewith. The polls will open at 10 a.m., December 5, 1978, and will close at 12 noon on W ednesday, December 20, 1978, and in order to be counted as valid the ballot must be received by me at or before the latter time. Upon the closing of the polls the ballot box will be opened in the board room of this Bank, the sealed envelopes containing the ballots will be opened, the votes counted and checked by tellers, and the results of the election announced. The candidates may, if they so desire, be present or represented on this occasion.

Because hanks in Groups J and 2 tcid not uofe in this auction, Jorms and /or their in/ormation onh/.

this circuiar is sent to them toitho-ut

ROBERT H . KNIGHT,Chairman o / the Board.

* As indicated in Circular No. 8448, dated November 6, 1978, section 4 of the Federal Reserve Act, as amended, provides 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 the nomination or election of directors of Federal Reserve Banks 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. Consequently, the ballot of any Group 3 bank that is a subsidiary of a multibank holding company cannot be counted as valid unless there is on file with me evidence that such bank has been so designated.

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

Candidates for Class A Director (NICHOLAS L. DEAK

President

Deak National Bank, Fleischmanns, N ew York

NICHOLAS L. DEAK was born in Hungary on October 8, 1905. H e graduated with a doctorate in economics and Rnance from the University of Neuchatel, Switzerland, in 1929.

Mr. Deak is presently an Adjunct Professor at the New York Law School, teaching International Banking. H e is past Chairman of the International Commercial Lending Committee of the American Bankers Association, and past Chairman of the Board of Trustees of the Perkiomen College Preparatory School in Pennsburg, Pennsylvania, and presently a Trustee of the School. H e was an instructor of various courses at schools of the American Bankers Association in Commercial Lending.

Mr. Deak came to the United States for the first time in 1937, and he settled down in 1939. He joined the U.S. Army during W orld W ar II and served with the Office of Strategic Services (O S S ), and subsequently with the State Department until 1946, at which time he was discharged with the rank of Major. H e is immediate past president of the Veterans of OSS.

H e assumed the presidency of the Deak National Bank in 1958, and has been president of the bank since.

Mr. Deak is also the head of the Deak-Perera Group of foreign exchange firms, with 60 offices in the United States, Canada, Europe, and the Far East.

Mr. Deak has published numerous studies and articles in the field of monetary policies and international hnance.

Nominated by the following member banks in Group 3

N E W YO R K

Fleischmanns

Place Name of Bank or Trust Company

Deak National Bank

2


Candidates for Class A Director (Continued)

JAMES WHELDEN

President

Ballston Spa National Bank, Ballston Spa, New York

JAMES WHELDEN was born January 9, 1927, in Saratoga Springs, N. Y. He was graduated from Bentley College, W altham , Massachusetts, in 1949. He has also attended the Independent Bankers Association of America's Senior Executive Management School at Harvard University, and the New York State Bankers Association s Executive Management School at W est Point, New York.

Mr. W helden joined the Ballston Spa National Bank in 1950 as a bookkeeper. He was appointed assistant cashier of the bank in 1953 and was named assistant vice president in 1958. In 1965 he was promoted to vice president. He assumed his present position as president of the bank in 1971.

Among his many civic and professional activities, Mr. W helden is a member of the Long Range Planning Committee and the A d H oc Advertising Committee of the New York State Bankers Association, and a member of the Loan Committee of the New York State Business Development Corporation. In addition, he has served as president of the New York Independent Bankers Association, the Schenectady Chapter of the American Institute of Banking, and the Saratoga-Warren-Washington County Bankers Association. He is also a past director of the Financial Computer Center of Eastern New York, Inc.

H e is now a class A director of the Federal Reserve Bank of New York, having been elected in April 1978 for the unexpired portion of the term ending December 31, 1978.


N E W JERSEY


Livingston Livingston National BankMorristown Fidelity Union Trust Company, National AssociationPhillipsburg The Phillipsburg National Bank and Trust Company

N E W YOR K

Addison Community National BankBallston Spa Ballston Spa National BankBeacon The Fisbkill National BankCallicoon United National BankUanajoharie Central National Bank, CanajoharieCortland First National Bank of CortlandHermon The First National Bank of HermonKinderhook The National Union Bank of KinderhookMiddletown Orange County Trust CompanyMonticello The National Union Bank of MonticelloOneida The Oneida Valley National Bank of OneidaOneonta Wilber National BankRiverhead The Suffolk County National Bank of RiverheadTupper Lake The Tupper Lake National BankWalden The Valley National Bank, Wallkill, N. Y.Wayland The First National Bank of WaylandWillsboro Essex County-Champlain National Bank, WillsboroYonkers Hudson Valley* National Bank

3


President

N ew York Telephone Company, New York, N. Y.

JOHN R. MuLHEARN was born in Jersey City, New Jersey, on April 16, 1924. H e was graduated from Manhattan College with a Bachelor of Electrical Engineering degree in 1948, and from Stevens Institute of Technology with a Master of Science degree in 1951.

Mr. Mulhearn joined N ew York Telephone in 1948. Following various assignments at New York Telephone and other Bell System companies, he was appointed vice president-personnel in 1963. He became a director and vice president-administration in April 1970 and was named executive vice president in 1971. In Decem ber 1973 he joined the parent company, American Telephone and Telegraph Company, as vice president and directed the Bell System Corporate Policy Seminar. Mr. Mulhearn's next assignment as a vice president of AT&T was that of preparing material in connection with the Justice Departm ents antitrust suit against the Bell System. In April 1976 he returned to the New York Telephone Com pany as its president.

Mr. Mulhearn is chairman of the board of trustees of Manhattan College and a director of Alleghany Airlines, the American Republic Life Insurance Company of New York, the Carrier Corporation, and the Municipal Art Society. He is also on the executive board of The American Red Cross in Greater New York, is N ew York State chairman for the 1980 United States Olym pic Committee, and is chairman of "I Love a Clean N ew York."

H e is now a class B director of the Federal Reserve Bank of New York, having been elected in April 1977 for the unexpired portion of the term ending December 31, 1978.

Candidate for Class B Director

JOHN R. MULHEARN


N E W JERSEY


Livingston Livingston National BankMorristown Fidelity Union Trust Company, National AssociationPhillipsburg The Phillipsburg National Bank and Trust Company

N E W YO R K

Addison Community National BankBeacon The Fishkill National BankCallicoon United National BankCanajoharie Central National Bank, CanajoharieCortland First National Bank of CortlandHermon The First National Bank of HermonKinderhook The National Union Bank of KinderhookMiddletown Orange County Trust CompanyMonticello The National Union Bank of MonticelloOneida The Oneida Valley National Bank of OneidaOneonta Wilber National BankRiverhead The Suffolk County National Bank of RiverheadTupper Lake The Tupper Lake National BankWalden The Valley National Bank, Wallkill, N. Y.Wayland The First National Bank of WaylandWillsboro Essex County-Champlain National Bank, WillsboroYonkers Hudson Valley National Bank

4


1978 Election of Class A and Class B DirectorsFor Terms of Office Ending December 31, 1981

List of 164 Member Banks in Group 3

CroMp 3 constsfs o/ member captfa% surplus o / f/tart ^5,000,000,

o n /Vot^em&er 6 ,

CONNECTICUT

Place Name of Bank or Trust Company Of&eers Authorized to Cast Vote

FairReld

Stamford

"Westport

Citizen's National Bank of

Liberty National Bank .

Westport National Bank .

F airh eld ........................... President, any Vice President, or Cashier

. President, any Vice President, or Cashier

. President, any Vice President, or Cashier

N EW JERSEY

Annandale Hunterdon County Trust Company

Bayonne

Belleville

Belvidere

Blairstown

Bloomsbury

Branehville

Colonia

Cranbury

DenvilleTownship

Edison

Elizabeth

The Broadway National Bank of Bayonne .

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

The First National Bank of Belvidere .

The First National Bank of Blairstown .

Citizens' Bank, National Association .

The National Bank of Sussex County .

First Bank of C olon ia .........................................

Midlantie National Bank/Cranbury

Peoples National Bank of North Jersey .

Midlantie National Bank/Raritan Valley .

City Trust Services, National Association

Englewood Cliffs The Edgewater National B a n k ...............................................

Flemington The Flemington National Bank and Trust Company .

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

Franklin Lakes Urban National Bank . . . .

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

Hazlet Township United Jersey Bank/Mid State, National Association

Hillsborough The Hillsborough National B a n k .........................................

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

Hope The First National Bank of H o p e ..........................................

Kearny The First 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, any Vice President, or Cashier













5


GROUP 3

Place

Maplewood

Maywood

MontgomeryTownship

Morristown

Newark

Newark

Newark

Newton

North Bergen

Passaic

Perth Amboy

Phillipsburg

Piscataway

Raritan

Secaucus

Union City

Wood Ridge

NEW JERSEY (Continued;

Name of Bank or Trust Company

The Maplewood Bank and Trust Company

Community Bank of Bergen County, N. J.

The Montgomery National Bank .

Officers Authorized to Cast Vote

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




President, any Vice President, Cashier, or Assistant Cashier

Chairman of the Board, President, or Cashier







President, any Vice President, Cashier, or Secretary

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



Fidelity Union Trust Company, National Association

Broad National Bank, Newark . . ..................................

City National Bank of New J e r se y ..................................

Security National Bank of New J e rse y ...........................

Midlantic National Bank/Sussex & Merchants .

Mcadowlands 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

State Bank of Raritan V a lle y ...............................................

Arcadia National B a n k .............................................................

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

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

N EW YORK

Addison

Albany

Alden

Amcnia

Angola

Arcade

Atlanta

Auburn

Avoca

Ballston Spa

Bath

Beacon

Belmont

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 .

Atlanta National Bank . . . .

The National Bank of Auburn .

Bank of A v o c a ..................................

Ballston Spa National Bank . .

The Bath National Bank .

The Fislikill National Bank .

The State Bank of Belmont, N. Y . .

The Bridgehampton National Bank

United National Bank . . . .

Central National Bank, Canajoharie

















6


GROUP 3

nnr mi mimuHHmi

N EW YO RE fConf Muted)

Place

Canandaigua

Canisteo

Canton

Carmel

Cattaraugus

Chester

Clifton Springs

Clinton

Cortland

Coxsackie

Delhi

Downsville

Dry den

Dundee

East Hampton

East Islip

Ellenville

Fleisehmanns

Florida

Geneseo

Geneva

Glen Head

Gloversville

Gloversville

Greene

Groton

Hammond

Hancock

Hempstead

Hermon

Highland

Holland

Homer

Ithaca

Jamestown

Jeffersonville

Name of Bank or Trust Company Officers Authorized to Cast Vote

The Canandaigua National Bank and Trust Company .

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

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

The Putnam County National Bank of Carmel .

Bank of Cattaraugus....................................................................

The Chester National B a n k .................................. . .

The Ontario National Bank of Clifton Springs .

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

First National Bank of Cortland.........................................

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

The Delaware National Bank of D elh i..................................

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

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

Dundee State B a n k ....................................................................

First National Bank of East H am p ton ...........................

The First National Bank of East I s l ip ..................................

Ellenville National B a n k ..................................................... j

Deak National B a n k ....................................................................

The National Bank of F lo rid a ................................................

Genesee Valley National Bank and Trust Company ofGeneseo ........................................................................................

The National Bank of G eneva........................................

The First National Bank of Long Isla n d ...........................

City National Bank and Trust Company of Gloversville

The Fulton County National Bank and Trust Company

First National Bank in Greene......................................... .

The First National Bank of G ro to n ..................................

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

The First National Bank of H ancock..................................

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

The First National Bank of H erm on..................................

The First National Bank of H ighland..................................

Bank of H ollan d ..........................................................................

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

First National Bank and Trust Company of Ithaca .

The First National Bank of Jamestown...........................

The First National Bank of Jeffersonville . . . .










President, or any Vice President




President, or Cashier






President, any Vice President, Cashier, or Executive Officer


President, any Viee President, or Cashier


Cashier



President, any Viee President, or Cashier










7


GROUP 3

NEW YORK f Continued)

Place

Keeseville


The Keeseville National Bank . . . .

Kinderhook

Kingston

La Fargeville

Liberty

Lisbon

Little Falls

Lyons

Lyons Falls

Mahopac

The National Union Bank of Kinderhook .

The Rondout National Bank.........................................

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

The Sullivan County National Bank of Liberty .

The First National Bank of Lisbon . . . .

The Little Falls National B a n k ...........................

The Lyons National B a n k .........................................

The Lyons Falls National B a n k ..................................

The Mahopac National B a n k ..................................

Malone

Malone

Middletown

Millbrook

Monticello

Moravia

New York City

N ewburgh

Nichols

Norfolk

NorthTarrytown

Odessa

Oneida

The Citizens National Bank of Malone .

Farmers National Bank of Malone . . . .

Orange County Trust Company..................................

Bank of M illb r o o k ......................................................

The National Union Bank of Monticello .

The First National Bank of Moravia . . . .

fgee pa^e 9)

The Columbus Trust' Com pany..................................

The Nichols National B a n k .........................................

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 .

Oneonta

Ovid

Owego

Oxford

Pawling

Wilber National Bank . . . .

The First National Bank of Ovid .

The Owego National Bank .

The National Bank of Oxford .

The National Bank of Pawling .

Pine Plains

Poughkeepsie

Ramapo

Red Hook

Redwood

Rhinebeck

Riverhead

Rochester

Roxburv

The Stissing National Bank of Pine Plains .

Dutchess Bank & Trust Com pany...........................

Peoples National Bank of Rockland County .

The First National Bank of Red Hook .

The Redwood National B a n k ..................................

The First National Bank of Rhinebeck .

The Suffolk County National Bank of Riverhead

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

The National Bank of Roxbury..................................

Officers Authorized to Cast Vote


































President



8


GROUP 3

Place

Salamanca

SaratogaSprings

Savannah

Scotia

Sidney

Smithtown

Solvay

Spencer

Stamford

Tupper Lake

Union Springs

Vernon

Walden

Walton

Waterloo

Watertown

Watkins Glen

Wayland

Wellsville

Willsboro

Yonkers

NEW YORK f Continued)


Salamanca Trust Company .

The Adirondack Trust Company

The National Bank of Savannah

First National Bank of Scotia

First National Bank in Sidney

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 National Bank, Wallkill, N. Y . . .

The National Bank of Delaware County, Walton .

First National Bank of Waterloo

Seaway National Bank

Glen National Bank and Trust Company .

The First National Bank of Wayland . . . .

The Citizens National Bank and Trust Company .

Essex County-Champlain National Bank, Willsboro

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

Officers Authorized to Cast V ote

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

President, any Vice President, or Treasurer




















N EW YORK CITY

MANHATTAN

QUEENS

RICHMOND

Bessemer Trust Company, N .A ..........................

Capital National Bank of New York .

Century National Bank and Trust Company .

The Depository Trust Company...........................

Freedom National Bank of New York .

Golden Pacific National B a n k ...........................

President, any Senior Vice President, any Vice President, or Secretary



Chairman of the Board



Hartford Trust Company of New York (A LimitedPurpose Trust Com pany)......................................................President, any Vice President, Treasurer,

or Secretary

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

Northwestern Trust Company (A Limited Purpose Trust C 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

Community National Bank and Trust Company of New Y o r k ...............................................................................................President, any Vice President, or Cashier

9


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