INDEX OF EXHIBITS
Exhibit 4.1 First Empire State Corporation Directors Stock Plan,
effective January 1, 1998, filed herewith.
Exhibit 5 Opinion of Richard A. Lammert with respect to the legality of
the Common Stock being registered, filed herewith.
Exhibit 23.1 Consent of Price Waterhouse LLP, Independent Auditors and
Accountants, filed herewith.
Exhibit 23.2 Consent of Richard A. Lammert, contained in his opinion
filed as Exhibit 5 hereto.
Exhibit 24 Powers of Attorney of certain officers and directors of the
Corporation, filed herewith.
Exhibit 4.1
FIRST EMPIRE STATE CORPORATION DIRECTORS' STOCK PLAN
1. Name:
This plan shall be known as the First Empire State Corporation Directors Stock
Plan (the Plan).
2. Purpose and Intent:
The purpose of the Plan is to enable First Empire State Corporation, a New York
corporation (the "Corporation"), to attract and retain persons of exceptional
ability to serve as directors of the Corporation and its subsidiaries and to
further align the interests of directors and stockholders in enhancing the value
of the Corporation's common stock (the "Common Stock"). The Plan provides for
the payment in Common Stock of a portion of the Annual Compensation paid to each
Non-employee Director. The Plan is effective as of January 1, 1998 (the
"Effective Date"), and shall continue in effect unless and until terminated by
the Board in accordance with Section 10 below.
3. Definitions:
For purposes of the Plan, the following terms shall have the following meanings:
(a) "Annual Compensation" means the total annual compensation payable to a
Non-employee Director under the Corporation's compensation policies for
directors in effect from time to time.
(b) "Board" means the Board of Directors of the Corporation or any subsidiary
thereof.
(c) Compensation Committee means the Compensation Committee of the Board of
Directors of the Corporation.
(d) "Fair Market Value" of a share of Common Stock means the closing price on
the date immediately preceding the Payment Date of a share of Common Stock on
the American Stock Exchange (or such other principal securities exchange on
which the shares of the Common Stock are traded if such shares are no longer
traded on the American Stock Exchange).
(e) "Non-employee Director" means an individual who is a member of the Board,
but who is not a salaried officer of the Corporation or any of its subsidiaries.
(f) "Payment Date of Annual Compensation in any calendar year means the last
business day of a calendar quarter on which the Fair Market Value of shares of
the Common Stock are quoted on the American Stock Exchange (or such other
principal securities exchange on which the shares of the Common Stock are traded
if such shares are no longer traded on the American Stock Exchange).
4. Administration:
The Compensation Committee shall be responsible for administering the Plan. The
Compensation Committee shall have all of the powers necessary to enable it to
properly carry out its duties under the Plan. Not in limitation of the
foregoing, the Compensation Committee shall have the power to construe and
interpret the Plan and to determine all questions that shall arise thereunder.
The Compensation Committee shall have such other and further specified duties,
powers, authority and discretion as are elsewhere in the Plan either expressly
or by necessary implication conferred upon it. The Compensation Committee may
authorize such agents as it may deem necessary for the effective performance of
its duties, and may delegate to such agents such powers and duties as the
Compensation Committee may deem expedient or appropriate that are not
inconsistent with the intent of the Plan. The decision of the Compensation
Committee upon all matters within its scope of authority shall be final and
conclusive on all persons, except to the extent otherwise provided by law.
5. Shares Available:
Shares issued under the Plan shall be issued out of the authorized but unissued
shares of Common Stock or treasury shares, as the Compensation Committee shall
determine.
6. Shares for Annual Compensation:
The Annual Compensation payable to a Non-employee Director on or after the
Effective Date shall be paid fifty percent (50%) in cash and fifty percent (50%)
in shares of Common Stock. The total number of shares of Common Stock to be paid
under this Section to a Non-employee Director with respect to Annual
Compensation shall be determined by dividing the amount of such Annual
Compensation payable in shares of Common Stock by the Fair Market Value of the
Common Stock on the applicable Payment Date. In no event shall the Corporation
be obligated to issue fractional shares under this Section, but instead shall
pay the amount that would constitute a fractional share in cash based on the
Fair Market Value of the Common Stock on the Payment Date.
7. Adjustments in Authorized Shares:
In the event of any change in corporate capitalization, such as a stock split,
or a corporate transaction, such as any merger, consolidation, separation,
including a spin-off, or other distribution of stock or property of the
Corporation, any reorganization (whether or not such reorganization comes within
the definition of such term in Internal Revenue Code Section 368) or any partial
or complete liquidation of the Corporation, such adjustment shall be made in the
number and class of shares which may be paid under the Plan, as may be
determined to be appropriate and equitable by the Compensation Committee in its
sole discretion.
8. Resales of Shares:
The Corporation may impose such restrictions on the sale or other disposition of
shares paid under this Plan as the Compensation Committee deems necessary to
comply with applicable securities laws. Certificates for shares paid under this
Plan may bear such legends as the Corporation deems necessary to give notice of
such restrictions.
9. Compliance with Law and Other Conditions:
No shares shall be paid under this Plan prior to compliance by the Corporation,
to the satisfaction of its counsel, with any applicable laws. The Corporation
shall not be obligated to (but may in its discretion) take any action under
applicable federal or state securities laws (including registration or
qualification of the Plan or the Common Stock) necessary for compliance
therewith in order to permit the payment of shares hereunder, except for actions
(other than registration or qualification) that may be taken by the Corporation
without unreasonable effort or expense and without the incurrence of any
material exposure to liability.
10. Amendment, Modification and Termination of the Plan:
The Board of Directors of the Corporation shall have the right and power at any
time and from time to time to amend the Plan in whole or in part and at any time
to terminate the Plan; provided, however, that the provisions of Section 6 of
the Plan cannot be amended more than once every six (6) months to the extent
such restriction is necessary to insure that awards of Common Stock paid under
the Plan are exempt from the short-swing profit recovery rules of Section 16(b)
of the Securities Exchange Act of 1934.
11. Miscellaneous:
The Plan shall be construed, administered, regulated and governed in all
respects under and by the laws of the United States to the extent applicable,
and to the extent such laws are not applicable, by the laws of the state of New
York. The Plan shall be binding on the Corporation and any successor in interest
of the Corporation.
Exhibit 5
December 23, 1997
First Empire State Corporation
One M&T Plaza
Buffalo, New York 14240
Ladies and Gentlemen:
Reference is made to the Registration Statement on Form S-8
("Registration Statement") of First Empire State Corporation (the "Corporation")
related to the registration of 5,000 shares of the Corporation's common stock,
par value $5.00 per share ("Common Stock"), which are to be offered pursuant to
the First Empire State Corporation Directors' Stock Plan.
I have been requested to furnish an opinion to be included as Exhibit 5
to the Registration Statement. In conjunction with the furnishing of this
opinion, I have examined such corporate documents and have made such
investigation of matters of fact and law as I have deemed necessary to render
this opinion.
Based upon such examination and investigation, and upon the assumption
that there will be no material changes in the documents examined and matters
investigated, I am of the opinion that the 5,000 shares of Common Stock referred
to above have been duly authorized by the Corporation and that, when issued in
accordance with the terms of the Plan, will be legally issued, fully paid and
nonassessable.
I consent to the filing of this opinion as Exhibit 5 to the
Registration Statement.
Very truly yours,
/s/ Richard A. Lammert
-------------------------------------
Richard A. Lammert, Esq.
Senior Vice President
and General Counsel
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
----------------------------------
We hereby consent to the incorporation by reference in this Registration
Statement on Form S-8 relating to the First Empire State Corporation's Directors
Stock Plan of our report dated January 9, 1997 appearing on page 54 of the First
Empire State Corporation Annual Report on Form 10-K for the year ended December
31, 1996. We also consent to the reference to us under the heading "Experts" in
such Registration Statement.
/s/ PRICE WATERHOUSE LLP
Buffalo, New York
December 22, 1997
Exhibit 24.1
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Robert G. Wilmers
---------------------------------
Robert G. Wilmers
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Brent D. Baird
---------------------------------
Brent D. Baird
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ C. Angela Bontempo
---------------------------------
C. Angela Bontempo
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Patrick J. Callan
---------------------------------
Patrick J. Callan
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Michael R. Spychola
---------------------------------
Michael R. Spychola
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Lambros J. Lambros
---------------------------------
Lambros J. Lambros
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Raymond D. Stevens, Jr.
---------------------------------
Raymond D. Stevens, Jr.
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Herbert L. Washington
---------------------------------
Herbert L. Washington
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ John H. Benisch
---------------------------------
John H. Benisch
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Robert T. Brady
---------------------------------
Robert T. Brady
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Richard E. Garman
---------------------------------
Richard E. Garman
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ James V. Glynn
---------------------------------
James V. Glynn
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Roy M. Goodman
---------------------------------
Roy M. Goodman
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Patrick W.E. Hodgson
---------------------------------
Patrick W.E. Hodgson
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Samuel T. Hubbard, Jr.
---------------------------------
Samuel T. Hubbard, Jr.
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Wilfred J. Larson
---------------------------------
Wilfred J. Larson
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ Jorge G. Pereira
---------------------------------
Jorge G. Pereira
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned director and/or
officer of First Empire State Corporation, a corporation organized under the
laws of the State of New York, (the "Corporation"), hereby constitutes and
appoints Richard A. Lammert, Timothy G. McEvoy, Catherine C. McCoy and Steven
Kaplan, and each of them (with full power to each of them to act alone), his or
her true and lawful attorneys-in-fact and agents with full power of substitution
and resubstitution, for him or her and on his or her behalf and in his or her
name, place and stead, in any and all capacities, to sign, execute and file with
the Securities and Exchange Commission (or any other governmental or regulatory
authority) a Registration Statement on Form S-8 (or any other appropriate form),
and any and all amendments (including post-effective amendments) thereto, with
all exhibits and any and all documents required to be filed with respect
thereto, relating to the registration under the Securities Act of 1933, as
amended, of shares of the Corporation's common stock authorized to be issued or
sold pursuant to the Corporation's Deferred Bonus Plan, and of plan interests in
such plan, granting unto said attorneys, and each of them, full power and
authority to do and to perform each and every act and thing requisite and
necessary to be done in order to effectuate the same as fully to all intents and
purposes as he himself or she herself might or could do if personally present,
hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned director and/or officer has
hereunto set his or her hand as of the date specified.
Dated: December 19, 1997
/s/ John L. Wehle, Jr.
---------------------------------
John L. Wehle, Jr.