The Federal Reserve Bank of New York named Walter V. Shipley to a three-year term as a Class A director beginning in January.

Mr. Shipley, 62, chairman and chief executive officer of Chase Manhattan Corp., succeeds J. Carter Bacot, 64, chairman of Bank of New York Co., who is expected to retire in 1998.

Two other bankers currently are Class A directors at the New York Fed: Robert G. Wilmers, chairman of First Empire State Corp., Buffalo, and George W. Hamlin 4th, chairman of Canandaigua (N.Y.) National Corp.

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