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Circular Letters

Circular Letter 5691

November 27, 2007

To: All Member Banks in the Third Federal Reserve District

Attention: Chief Executive Officer

Subject: NOMINATION AND ELECTION OF RESERVE BANK DIRECTORS

In accordance with the provisions of Section 4 of the Federal Reserve Act and Circular Letter 5689, dated November 5, 2007, an election is being conducted to determine successors for the following directors:

Wayne R. Weidner, Chairman, National Penn Bancshares, Inc., Boyertown, PA, is completing his term as a Class A, Group 1 director. He is not eligible for re-election. Group 1 banks will elect his successor to serve a three-year term beginning January 1, 2008.

P. Coleman Townsend, Jr., Chairman & CEO, Townsends, Inc., Wilmington, DE, is completing his term as a Class B, Group 2 director. He is not eligible for re-election. Group 2 banks will elect his successor to serve a three-year term beginning January 1, 2008.

The names of the candidates nominated and the banks that made the nominations are listed herein. A brief biographical sketch of each candidate is also provided. A ballot and two envelopes to use in the voting are enclosed for each bank in Groups 1 and 2. The ballot and white voting envelope must be executed by an officer of your bank who has been authorized to vote. While banks in Group 3 will not participate in this election, this circular is sent to them for their information, without forms.

A list of banks in each group and the officers authorized to vote is included herein. PDF Icon (32 KB, 4 pages) The group in which a member bank is entitled to vote is determined by its classification using the most recent quarterly data available, even though its capital and surplus may change before the polls close. When two or more banks are subsidiaries of the same holding company, only one of them may vote in this election.

Action required to vote:

  1. Mark the preferential ballot.
  2. Place it in the colored “ballot” envelope and seal. To keep the ballot confidential, the name of neither the bank nor the voting officer should be written on the ballot.
  3. Place the colored “ballot” envelope in the white voting envelope. Fill out the front of the white voting envelope and seal it.
  4. Return the white voting envelope containing the colored “ballot” envelope to this Bank. For your convenience, a self-addressed envelope is enclosed.

The Federal Reserve Act allows 15 days for balloting. The polls will open on November 28, 2007, and close at noon on December 12, 2007. For your vote to count it must be received here at the Bank by the time the polls close.

At noon on December 12, 2007, the ballot box will be opened and the envelopes containing the ballots will be opened. The votes will be counted, and the results of the election announced. The candidates are invited to be present or represented on that occasion.

Additional information:

Inquiries concerning this circular letter should be directed to Herbert E. Taylor, Vice President and Secretary, at (215) 574-6439 or herb.taylor@phil.frb.org.

Candidate for Class A Director Electoral Group 1

Mr. Ted T. Cecala
Chairman & CEO
Wilmington Trust
Wilmington, DE

Mr. Cecala became Chairman and Chief Executive Officer of Wilmington Trust Corporation and Wilmington Trust Company in 1996. Mr. Cecala joined Wilmington Trust, a full service retail and commercial bank specializing in asset protection and trust management, in 1979. During his tenure as CEO, he has focused the company on three core businesses: Regional Banking, Wealth Advisory Services, and Corporate Client Services, and he has diversified the company’s sources of revenue. Under his leadership, Wilmington Trust has expanded significantly by opening new offices in California, Florida, Georgia, Maryland, Nevada, New York, Pennsylvania, South Carolina, and Vermont; establishing an international presence with offices in London, Dublin, the Channel Islands, and the Cayman Islands; and completing acquisitions that enhance the company’s investment management capabilities and other services for clients.

Mr. Cecala currently serves on the Federal Advisory Council, representing the Federal Reserve Bank of Philadelphia. He is a member of the Board of Directors of the United Way of Delaware. He also serves as a member of the Board of Managers of Cramer Rosenthal McGlynn, LLC, and Roxbury Capital Management, LLC.

Nominated by the following banks:

  • AmeriServ Financial Bank
  • Chase Bank USA, NA
  • Conestoga Bank
  • Eagle National Bank
  • Harleysville National Bank
  • National Penn Bank
  • Orrstown Bank
  • Sun National Bank
  • Univest National Bank and Trust Co.
  • Wilmington Trust of Pennsylvania

Candidate for Class B Director Electoral Group 2

Mr. Keith S. Campbell
Chairman
Mannington Mills
Salem, NJ

Mr. Campbell was named Chairman of Mannington Mills, Inc., in 1995. He has served in several senior and management positions at the company since 1977. Established by John Boston Campbell in 1915, Mannington Mills is now owned by the fourth generation of the Campbell family. Mannington Mills manufactures and sells residential and commercial flooring, including carpet, laminate, porcelain tile, resilient sheet, vinyl composition tile (VCT), and wood products. Mannington Mills has manufacturing facilities in Alabama, Georgia, New Jersey, and North Carolina, and its products are sold through specialty flooring retailers in the U.S. and Canada, and online.

Mr. Campbell serves as a director for the Chamber of Commerce Southern New Jersey, the Floor Covering Consumer Credit Association, and the World Floor Covering Association. He is also a director for South Jersey Industries and Skytop Lodge Corp. He is a trustee for the John B. Campbell Center, formerly the Salem Community Center, and a member of the fundraising committee for Muskingum College. He also serves as chairman of the board for Stand Up for Salem and the Memorial Hospital of Salem County.

Nominated by the following banks:

  • 1st Colonial National Bank
  • American Home Bank
  • Atlantic Central Bankers Bank
  • Bank of Landisburg
  • United Bank of Philadelphia