Circular Letters

Circular Letter 5684

November 29, 2006

To: All Member Banks in the Third Federal Reserve District

Attention: Chief Executive Officer

Subject: Nomination and Election of Reserve Bank Directors

Summary:

In accordance with the provisions of Section 4 of the Federal Reserve Act and Circular Letter 5682, dated October 23, 2006, an election is being conducted to determine successors for the following directors:

Garry L. Maddox, President & CEO, A. Pomerantz & Co., Philadelphia, PA, is completing his term as a Class B, Group 1 director. He is eligible for re-election and is willing to continue service if elected. Group 1 banks will elect the director to fill this position, which will begin a thee-year term on January 1, 2007.

Eugene W. Rogers, CEO, Newfield National Bank, Newfield, NJ, is completing his term as a Class A, Group 3 director. He is not eligible for re-election. Group 3 banks will elect his successor to serve a three-year term beginning January 1, 2007.

In addition, there will be an election to fill an unexpired portion of a three-year term for a Class B, Group 3 director that began on January 1, 2006. Group 3 banks will elect a director to fill this position, for which the term will begin on January 1, 2007.

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 3. The ballot and white voting envelope must be executed by an officer of your bank who has been authorized to vote. A list of the officers so designated is included. While banks in Group 2 will not participate in this election, this circular is sent to them for their information, without forms.

Action Required to Vote:

Mark the preferential ballot.
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.
Place the colored “ballot” envelope in the white voting envelope. Fill out the front of the white voting envelope and seal it.
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 December 1, 2006, and close at noon on December 15, 2006. For your vote to count it must be received here at the Bank by the time the polls close.

At noon on December 15, 2006, the ballot box will be opened at the Federal Reserve Bank of Philadelphia, 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.