Press Release

Buffalo Branch Directors Reappointed and New Director Named

December 20, 2004

BUFFALO – The Board of Governors has reappointed Marguerite Hambleton to the branch board of directors for a three-year term beginning in January 2005 and the New York Fed has designated Dr. Hambleton chairman of the branch board for 2005.

The New York Fed announced that the Board of Governors of the Federal Reserve System has appointed Alphonso O’Neil-White a director of the Buffalo Branch.

The New York board also has reappointed Emerson Brumback director of the Buffalo Branch for a three-year term beginning January 2005. He has served as branch director since January 2002.

Ms. Hambleton is president and chief executive officer of AAA Western and Central New York, Buffalo, New York. She has been a director of the Buffalo Branch since January 2002 and previously served as chairman of its board in 2003.

Mr. O'Neil-White will be filling the unexpired term of Katherine Keough ending in December of 2006. He is president and chief executive officer of HealthNow New York Inc., Buffalo, New York, which does business as BlueCross BlueShield of Western New York and BlueShield of Northeastern New York. He is active in a number of business, community and cultural organizations, including the BlueCross BlueShield Association, the College Council of Buffalo State College, the National Conference for Community and Justice (Western New York Region), and the Albright-Knox Art Gallery. He also serves on the steering committee of the Buffalo Niagara Enterprise and the Board of the Buffalo Niagara Partnership.

Mr. O'Neil-White received a BA from Hampden-Sydney College in 1972 and a Juris Doctorate from the Brandeis School of Law in 1978.

Four of the seven Buffalo branch directors are appointed by the board of the New York Fed; three are named by the Board of Governors of the Federal Reserve System. The Buffalo board chair is selected annually by the New York Fed head office directors from the pool of Board of Governors appointees.

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