Press Release
Immelt and Wait Reelected New York Fed Directors
December 30, 2008

New York —Jeffrey R. Immelt, chairman of the board and chief executive officer of General Electric Company, has been reelected a Class B director of the Federal Reserve Bank of New York. He has been serving as a Class B director since January 2006.

Charles V. Wait, president, chief executive officer and chairman of the board of The Adirondack Trust Company, has been reelected a Class A director of the New York Fed for a three-year term beginning January 2009. He has been serving as a Class A director since January 2003.

Mr. Immelt has been chairman of the board of directors of GE since September 2001 and chief executive officer and president of General Electric since November 2000. Mr. Immelt was president and chief executive officer of GE Medical Systems from 1997 to 2000.

Mr. Immelt serves as a member of The Business Council. He has been named one of the “World’s Best CEOs” three times by Barron’s and named the Financial Times “Man Of The Year” for 2003.

Mr. Immelt received his B.A. degree from Dartmouth College and an MBA from Harvard University.

Mr. Wait has been president of The Adirondack Trust Company since 1984 and chief executive officer and chairman since 1989. In the past, Mr. Wait has held positions on the boards of Skidmore College, Empire State College Foundation and the Adirondack Chapter of the American Red Cross. He is the past chairman of the Greater Saratoga Chamber of Commerce and the Saratoga Springs City Center convention facility.

Mr. Wait currently serves as a director of the New York Bankers Association and as a member of the Saratoga County Water Authority. His awards include the Commitment to Community Award from the New York State Business Council, Outstanding New Yorker from the New York State Jaycees, a Private Sector Initiative Award from President Ronald Reagan, the Liberty Bell Award from the Saratoga County Bar Association, the Capital District Business Review Executive of the Year in 1999, the Distinguished Economic Development Leadership Award from the Saratoga Economic Development Corporation, the Community Recognition Award from the Saratoga County EOC and two awards from Skidmore College, the Denis B. Kemball Cook Award and the Lucy Skidmore Scribner Award.

Mr. Wait received his B.A. degree from Cornell University.

The board of directors of the Federal Reserve Bank of New York consists of nine members, three of whom are appointed by the Board of Governors of the Federal Reserve System as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District. Class A directors are drawn from the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.

Contact:
Andrew Williams
(212) 720-6143
(646) 720-6143
andrew.williams@ny.frb.org