By Katy Burne 

The Federal Reserve Bank of New York said a board committee is recommending Gerald Lipkin for another three-year term as a class A director and David Cote for another term as a class B director.

Current class A directors of the New York Fed are James Gormon, chairman and chief executive of Morgan Stanley, whose term expires in 2018; Mr. Lipkin, the chairman, president and chief executive of Valley National Bank, whose terms expires at the end of the year; and Paul Mello, president and CEO of Solvay Bank, whose term expires 2017.

The existing class B directors are Glenn Hutchins, co-founder of private equity firm Silver Lake; Mr. Cote, chairman and CEO of Honeywell International Inc.; and Terry Lundgren, chairman and CEO of Macy's Inc.

Mr. Lipkin and Mr. Cote are being nominated to serve again, the New York Fed's committee for recommending directors said.

The bank said it wants to receive feedback by Nov. 25, and elect the directors before Jan. 1. Their new terms would end Dec. 31, 2019.

The firms who are selecting the new directors are a list of 30 member banks pulled from across Connecticut, New Jersey, New York and Puerto Rico, with capital and surplus ranging from $40 million to $2 billion as of Oct. 19.

On Nov. 28, the candidates' names will be sent around to voting banks and the polls will open Nov. 29, closing at noon on Dec. 14, said Emily Rafferty, who chairs the bank's board.

Write to Katy Burne at katy.burne@wsj.com

(END) Dow Jones Newswires

October 26, 2016 18:07 ET (22:07 GMT)