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Press Release

New York Fed Names Five Assistant Vice Presidents and Ten Officers

July 1, 2005

NEW YORK – The Federal Reserve Bank of New York announced that its board of directors has approved the promotion of five officers to assistant vice president rank and named ten new officers at the bank.

The following people have been promoted to assistant vice president:

In the bank supervision group:

Nicholas Farco of Holbrook, NY

Coryann S. Stefansson of Lincroft, NJ

In the corporate group:

Richard L. Prisco of Old Bridge, NJ

Thomas P. Reilly of White Plains, NY

In the research and statistics group:

Simon Potter of Yardley, PA

The following people have been promoted to bank officer:

In the automation and systems services group:

Peter Morreale of New York, NY

In the bank supervision group:

James M. Mahoney of Cortlandt Manor, NY

Denise B. Schmedes of Middletown, NJ

In the legal group:

Catherine Kung of New York, NY

In the markets group:

Steven M. Friedman of New York, NY

Michael Schetzel of New York, NY

In the research and statistics group:

Richard E. Molloy of Staten Island, NY

Joshua Rosenberg of Ridgewood, NJ

Joao A. Santos of Philadelphia, PA

Til Schuermann of New York, NY

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