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FEDERAL RESERVE BANK OF NEW YORK NAMES DIRECTORS

 NEW YORK, Dec. 16 /PRNewswire/ -- Robert G. Wilmers, chairman of Manufacturers and Traders Trust Company, Buffalo, N.Y., and William C. Steere Jr., chairman of Pfizer Inc, New York, have been elected directors of the Federal Reserve Bank of New York.
 Mr. Wilmers and Mr. Steere will join the New York Fed's board on Jan. 1 and their terms will run through Dec. 31, 1995. They were chosen by the medium-sized banks in the Second Federal Reserve District, those with capital and surplus of between $30 million and $1 billion. Both ran unopposed in the election.
 Mr. Wilmers, chosen to succeed Victor J. Riley Jr., chairman and president of KeyCorp, Albany, will serve as one of the board's three Class A directors.
 Mr. Steere, chosen to succeed John A. Georges, chairman of International Paper, Purchase, N.Y., will serve as one of the three Class B directors.
 In other New York Fed board action, current directors Ellen V. Futter and Maurice R. Greenberg were renamed chairman and deputy chairman, respectively, for 1993. Ms. Futter, president of Barnard College, New York, will be serving in the final year of her second three-year term on the board. Mr. Greenberg, chairman of American International Group, Inc., New York, will be in the second year of his second term on the board. Both are Class C directors.
 Three Class A and three Class B directors of the New York Fed are elected by the District's member banks. Class A directors are drawn specifically from the banking community, while Class B directors represent the general public. The three Class C directors are appointed by the Board of Governors of the Federal Reserve System. Class C directors can be from any field other than banking and also represent the general public. The Board of Governors designates the chairman and vice chairman of the New York Fed board from among the Class C directors.
 Mr. Wilmers, who served as a director of the New York Fed's Buffalo branch from 1989 through 1991, has been head of Manufacturers and Traders Trust and its parent holding company, First Empire State Corporation, since 1983. Prior to that, he had formed his own investment and financial counseling firm after serving as a vice president at Morgan Guaranty Trust Co., where he was in charge of the bank's offices in Belgium from 1973 to 1977. He served as New York City's First Deputy Finance Administrator and then as Acting Finance Administrator from 1966 to 1970.
 Mr. Wilmers received a B.A. degree from Harvard College in 1956 and also attended the Harvard Graduate School of Business Administration. He is active in a number of civic organizations in the Buffalo area, a member of the Council on Foreign Relations, and serves on the John F. Kennedy School of Government Visiting Committee at Harvard University.
 Mr. Steere, named president and chief executive officer of Pfizer in 1991 and then chairman and chief executive officer in March 1992, began his career with Pfizer in 1959 as a medical service representative. After moving through sales management and domestic product management he became director of marketing for Pfizer Latin America in 1969. He was named vice president-general manager of Roerig, a division of Pfizer Pharmaceuticals, in 1972, then was promoted to vice president and general manager for Pfizer Laboratories in 1980. In 1983, he became a corporate vice president of Pfizer Inc and was named president of Pfizer Pharmaceutical Group in 1986.
 A graduate of Stanford University in 1959 with a B.S. in biology, Mr. Steere is chairman-elect of the Pharmaceutical Manufacturers Association. Among his other civic and professional activities, he is a director of Texaco Inc., the New York Botanical Garden, WNET-Thirteen, the Business Council, The Business Roundtable and the New York Academy of Science.
 -0- 12/16/92
 /CONTACT: Bart Sotnick at The New York Fed, 212-720-6143/


CO: Federal Reserve Bank of New York ST: New York IN: FIN SU: PER

WB -- NY081 -- 7883 12/16/92 16:39 EST
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