To: All Member Banks and Others Concerned 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, 2019.
William Aichele, Chairman, Univest Corporation, Souderton, PA, is completing his second 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, 2020.
Anthony Ibargüen, President and Chief Executive Officer, AquaVenture Holdings, Inc. and Quench USA, Inc., King of Prussia, PA, is completing his first term as a Class B, Group 2 director. Mr. Ibargüen will not stand for re-election as a Class B director. Group 2 banks will elect the director to fill this position, which will begin a three-year term on January 1, 2020.
ACTION REQUIRED TO NOMINATE:
Each bank in Group 1 can nominate one candidate for Class A director and each bank in Group 2 can nominate one candidate for Class B director. The nomination must be made by an authorized officer and entered into the Electronic Election Tool on or before October 30, 2019.
For a nomination 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 $25,000,000. Group 2 consists of banks having capital and surplus of $5,000,000 but less than $25,000,000. Group 3 consists of banks having capital and surplus less than $5,000,000. 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 October 1, 2019 the Electronic Election Tool opens for nominations. Please log on to the Electronic Election Tool to submit nominees. The voting polls will open on November 1, 2019, and will close at 12:00 noon on November 15, 2019.
Inquiries concerning this circular letter should be directed to Marla Chazin, Office of the Secretary, at (215) 574-6389.