Press Release
Immelt Appointed New York Fed Director, Wait Re-elected Director
November 29, 2005

NEW YORK—Jeffrey R. Immelt, chairman of the board and chief executive officer of General Electric Company, has been named a Class B director of the Federal Reserve Bank of New York.

Charles V. Wait, president, chief executive officer and chairman of the board of The Adirondack Trust Company, has been re-elected a Class A director of the New York Fed for a three-year term beginning January 2006. He has been serving as a Class A director since January 2003.

Mr. Immelt has been chairman of the board of directors and chief executive office of General Electric Company since 2001 and president of General Electric since November 2000. Mr. Immelt was president and chief executive officer of GE Medical Systems from 1997 to 2000.

Mr. Immelt serves on the board of two nonprofit organizations: Catalyst, devoted to advancing women in business and Robin Hood, focused on addressing poverty in New York City. Mr. Immelt was named the Financial Times “Man of the Year” for 2003.

Mr. Immelt received his B.A. from the Dartmouth College and his M.B.A. from Harvard University.

Mr. Immelt succeeds Marta Tienda, professor of Sociology and Public Affairs at Princeton University, as one of three Class B directors for a three-year term beginning January 2006.

Mr. Wait has been president and chief executive officer of The Adirondack Trust Company since 1989. In the past, Mr. Wait has held positions on the board of Skidmore College, Empire State College Foundation and the Adirondack Chapter of the American Red Cross. He is past chairman of the Greater Saratoga Chamber of Commerce, the Saratoga Performing Arts Center, the New York Bankers Association and the Saratoga Springs City Center convention facility.

Mr. Wait currently serves as a Trustee of the New York Business Development Corporation, Saratoga County YMCA, the New York Racing Association, as well as treasurer of the New York State Bankers Association, chairman of the New Century Fund and secretary-treasurer of the Yaddo Corporation.

The board of directors of the Federal Reserve Bank of New York consists of nine members, three of whom are appointed by the Board of Governors of the Federal Reserve Systems as class C directors. The remaining six (three class A and three class B directors) are elected by member banks in the Second Federal Reserve District. Class A directors are drawn from among the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.

Reappointments of the Board of the New York Fed ››

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