Circular Letters

Circular Letter 5611

November 21, 2003

To: All Member Banks in the Third Federal Reserve District

Attention: Chief Executive Officer

Subject: Election Results and Other Appointments

Summary:

We are pleased to announce the following election results:

Eugene W. Rogers, CEO & Director, Newfield National Bank, Newfield, New Jersey, has been elected a Class A director by member banks in Electoral Group 3.
Mr. Rogers' term will begin January 1, 2004.

We are pleased to announce the following appointments that were made by the Board of Governors of the Federal Reserve System and are effective January 1, 2004:

Ronald J. Naples, Chairman & CEO, Quaker Chemical Corporation, Conshohocken, Pennsylvania, has been appointed Chairman of the Board of Directors.
Doris M. Damm, President & CEO, ACCU Staffing Services, Cherry Hill, New Jersey, has been appointed Deputy Chairman of the Board of Directors.
William F. Hecht, Chairman, President & CEO, PPL Corporation, Allentown, Pennsylvania, has been appointed a Class C director.

Our Board of Directors made the following re-appointment:

Rufus A. Fulton, Jr., Chairman and Chief Executive Officer, Fulton Financial Corporation, Lancaster, Pennsylvania, has been re-appointed by the Board of Directors of this Reserve Bank to represent the Third District on the Federal Advisory Council during 2004.

FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS 2004

Ronald J. Naples, Chairman
Chairman & CEO
Quaker Chemical Corporation
Doris M. Damm, Deputy Chairman
President & CEO
ACCU Staffing Services
Robert E. Chappell
Chairman & CEO
The Penn Mutual Life Insurance Company
Walter E. Daller, Jr.
Chairman, President & CEO
Harleysville National Corporation
William F. Hecht
Chairman, President & CEO
PPL Corporation
Garry L. Maddox
CEO
A. Pomerantz & Company
Eugene W. Rogers
CEO & Director
Newfield National Bank
Kenneth R. Shoemaker
President, CEO & Director
Orrstown Bank
P. Coleman Townsend, Jr.
Chairman & CEO
Townsends, Inc.

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.