To the Member Banks of the Second Federal Reserve District:
Directors of this Bank
Member banks in Group 1 have elected Walter V. Shipley a class A director of this Bank for a three-year term beginning January 1998. Mr. Shipley is Chairman and Chief Executive Officer of The Chase Manhattan Bank, New York, N.Y. On this Bank's board, he succeeds J. Carter Bacot, Chairman and Chief Executive Officer of The Bank of New York, New York, N.Y., who has been serving as a class A director since January 1995.
Member banks in Group 1 have reelected Eugene R. McGrath a class B director of this Bank for a three-year term beginning January 1998. Mr. McGrath, who is Chairman, President, and Chief Executive Officer of Consolidated Edison Company of New York, Inc., New York, N.Y., has been serving as a class B director since January 1995.
The Board of Governors of the Federal Reserve System has redesignated John C. Whitehead Chairman of the Board and Federal Reserve Agent for the year 1998. Mr. Whitehead, who is Chairman of AEA Investors Inc., New York, N.Y., has been serving as a class C director since September 1995 and as Chairman of the Board and Federal Reserve Agent since January 1996.
The Board of Governors has also reappointed Thomas W. Jones a class C director of this Bank for a three-year term beginning January 1998, and has redesignated him Deputy Chairman for the year 1998. Mr. Jones, who is Vice Chairman of Travelers Group Inc. and Chairman and Chief Executive Officer of Smith Barney Asset Management, New York, N.Y., has been serving as a class C director and as Deputy Chairman since January 1996.
Buffalo Branch directors
The Board of Directors of this Bank has redesignated Bal Dixit Chairman of the Board of the Buffalo Branch for the year 1998. Mr. Dixit, who is Chairman and Chief Executive Officer of Newtex Industries, Inc., Victor, N.Y., has been serving as a director of the Branch since January 1996, and as Chairman of the Branch Board since January 1997.
The Board of this Bank has reappointed Mark W. Adams a director of the Branch for a three-year term beginning January 1998. Mr. Adams, who is the operator of Adams Poultry Farm, Naples, N.Y., has been a director of the Buffalo Branch since January 1995.
The Board of this Bank has also reappointed William E. Swan a director of the Branch for a three-year term beginning January 1998. Mr. Swan, who is President and Chief Executive Officer of Lockport Savings Bank, Lockport, N.Y., has been serving as a Branch director since January 1995.
The Board of Governors has reappointed Lewis J. Thomas a director of the Branch for a three-year term beginning January 1998. Mr. Thomas, who is Director, District 4, United Steelworkers of America, Buffalo, N.Y., has been a director of the Branch since January 1996.
