To: All Member Banks in the Third Federal Reserve District
Attention: Chief Executive Officer
Subject: Nomination and Election of Reserve Bank Directors
As provided by Section 4 of the Federal Reserve Act, an election will be held to choose successors for the directors whose terms expire on December 31, 2014.
Rosemary Turner, President, UPS-Oakland, is completing her first term as Class B, Group 1 director. Due to Ms. Turner's relocation to Oakland, CA, she will not run for reelection. Group 1 banks will elect the director to fill this position, which will begin a three-year term on January 1, 2015.
Patrick Harker, President of University of Delaware, is completing his first term as Class B, Group 3 director. He is eligible for reelection and is willing to continue service if elected. Group 3 banks will elect the director to fill this position, which will begin a three-year term on January 1, 2015.
Frederick "Ted" Peters, III, Chairman, President and CEO, The Bryn Mawr Trust, Bryn Mawr, PA, is completing his second term as a Class A, Group 2 director. He is not eligible for reelection. Group 2 banks will elect the director to fill this position, which will begin a three-year term on January 1, 2015.
Action required to nominate:
Each bank in Group 1 can nominate one candidate for Class B director; each bank in Group 3 can nominate one candidate for Class B director; and each bank in Group 2 can nominate one candidate for Class A director. The nomination must be made by an authorized officer and received on or before November 10, 2104. A form for that purpose is enclosed.
For a nomination or ballot to be counted, it must be executed by an authorized officer. The voting authorizations that have been certified are shown for the banks in Groups 1, 2, and 3 in Attachment II. Any member bank that has not designated an officer or officers, or any bank that desires to change its authorization, should do so by resolution of its Board of Directors.
Eligibility criteria for Class A and Class B directors are summarized in Attachment I.
The banks comprising Groups 1, 2, and 3 are listed in Attachment II. Group 1 consists of banks having capital and surplus greater than $100,000,000. Group 2 consists of banks having capital and surplus of $10,000,000 but less than $100,000,000. Group 3 consists of banks having capital and surplus less than $10,000,000. 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 nominate and vote in this election. See Attachment III for details.
Action required to vote:
On November 14, 2104, a list of the candidates (indicating who nominated them) and a preferential ballot will be mailed to each bank in the voting group. The polls will open on November 17, 2014, and close at noon on December 2, 2014. At that time, the ballot box will be opened at this Bank, the votes counted, and the results of the election announced.
Inquiries concerning this circular letter should be directed to Linda O’Donnell, Assistant to the Corporate Secretary, at (215) 574-6389.