Circular
Election and Appointment of Directors
January 2, 2001
Circular No. 11302

To the Member Banks of the Second Federal Reserve District:

Directors of this Bank

Member banks in Group 1 elected Sanford I. Weill a class A director of this Bank for a three-year term beginning January 2001. Mr. Weill, who is Chairman and Chief Executive Officer of Citigroup Inc., New York, N.Y., succeeds Walter V. Shipley, Retired Chairman of the Board, The Chase Manhattan Corporation, New York, N.Y.

Member banks in Group 1 also elected Jerry I. Speyer a class B director of this Bank for a three-year term beginning January 2001. Mr. Speyer, who is President and Chief Executive Officer of Tishman Speyer Properties, New York, N.Y., succeeds Eugene R. McGrath, Chairman, President, and Chief Executive Officer, Consolidated Edison Company of New York, Inc., New York, N.Y.

The Board of Governors of the Federal Reserve System redesignated Peter G. Peterson Chairman of the Board and Federal Reserve Agent of this Bank for the year 2001. Mr. Peterson, who is Chairman of The Blackstone Group, New York, N.Y., has been serving as a class C director of this Bank since January 1996 and as Chairman since January 2000.

The Board of Governors reappointed Charles A. Heimbold, Jr., a class C director of this Bank for a three-year term beginning January 2001 and redesignated him Deputy Chairman for the year 2001. Mr. Heimbold, who is Chairman and Chief Executive Officer of Bristol-Myers Squibb Company, New York, N.Y., has been serving as a class C director since July 1999 and as Deputy Chairman since January 2000.

Buffalo Branch directors

The Board of Governors reappointed John E. Friedlander a director of the Buffalo Branch of this Bank for a three-year term beginning January 2001. Mr. Friedlander, who is President and Chief Executive Officer of Kaleida Health, Buffalo, N.Y., has been serving as a Branch director since August 1999.

The Board of Directors of this Bank redesignated Bal Dixit Chairman of the Board of the Buffalo Branch for the year 2001. Mr. Dixit, who is President 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 reappointed Maureen Torrey Marshall a Branch director for a three-year term beginning January 2001. Ms. Torrey Marshall, who is Co-Owner, Torrey Farms, Inc., Elba, N.Y., has been serving as a Branch director since December 1999.

The Board of this Bank appointed Peter G. Humphrey a Branch director for a three-year term beginning January 2001. Mr. Humphrey, who is President and Chief Executive Officer of Financial Institutions, Inc., Warsaw, N.Y., succeeds William E. Swan, President and Chief Executive Officer, First Niagara Bank, Lockport, N.Y.