No. 2232

JANUARY 26, 2001

APPOINTMENTS TO THE BOARDS OF NEW YORK FED
AND ITS BUFFALO BRANCH

NEW YORK - The Board of Governors of the Federal Reserve System has re-designated Peter G. Peterson chairman of the board of directors of the Federal Reserve Bank of New York for 2001. Mr. Peterson, who is chairman of The Blackstone Group, New York, N.Y., has been serving as a class C director since January 1996, deputy chairman of the board since November 1998 and chairman since January 2000.

The Board of Governors also has reappointed Charles A. Heimbold, Jr. a class C director for a three-year term beginning January 2001, and redesignated him deputy chairman of the board for 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.

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 among 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.

The board of directors of the Federal Reserve Bank of New York has re-designated Bal Dixit chairman of the Board of the Buffalo Branch for 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 Governors of the Federal Reserve System has reappointed John E. Friedlander a director of the Buffalo Branch of the Federal Reserve Bank of New York 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 the New York Fed has 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 the New York Fed also has appointed Peter G. Humphrey 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.

The board of directors of the Buffalo Branch consists of seven members, four of whom are appointed by the Federal Reserve Bank of New York and three by the Board of Governors of the Federal Reserve System.