No. 2248

JANUARY 23, 2002

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

NEW YORK- The Board of Governors of the Federal Reserve System has reappointed Peter G. Peterson as a class C director of this Bank for a three-year term beginning January 2002 and has redesignated him as chairman of the board and Federal Reserve agent for the Bank for the year 2002. Mr. Peterson, chairman of The Blackstone Group, New York, NY, has been serving as a class C director of the Bank since January 1996 and as chairman since January 2000.

Ronay Menschel has been reelected a class B director of this Bank for a three-year term beginning January 2002. Ms. Menschel has been serving as a class B since March 1998. She is chairman of Phipps Houses, New York, NY.

The board of directors of the Federal Reserve Bank of New York is comprised of nine members, six of whom (three class A and three class B directors) are elected by depository institutions of the Federal Reserve’s Second District. The remaining three (class C directors) are appointed by the Board of Governors of the Federal Reserve System. 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 and industry, agriculture, labor and consumers.

The Board of Governors has appointed Marguerite D. Hambleton a director of the Buffalo Branch for a three-year term beginning January 2002. Ms. Hambleton, president and chief executive officer of AAA Western and Central New York, Buffalo, NY, succeeds Bal Dixit, president and chief executive officer of Newtex Industries, Inc., Victor, NY.

The Board of Governors has also appointed Katherine E. Keough a director of the Buffalo Branch for the unexpired portion of a three-year term ending December 31, 2003. Dr. Keough, president of St. John Fisher College, Rochester, NY, succeeds John E. Friedlander, president and chief executive officer of Kaleida Health, Buffalo, NY.

The board of directors of the New York Fed has designated Patrick P. Lee chairman of the board of the Buffalo Branch for the year 2002. Mr. Lee, chairman and chief executive officer of International Motion Control, Inc., Buffalo, NY, has served as a branch director since January 1997.

The New York Fed’s board of directors has also appointed Emerson L. Brumback a branch director for a three-year term beginning January 2002. Mr. Brumback, executive vice president of M&T Bank Corporation, Buffalo, NY, succeeds Kathleen R. Whelehan, executive vice president, Finance Division, HSBC, Buffalo, NY.

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.