David W. Lindstrom Elected Vice Chairman
to the Board of the Federal Home Loan Bank of New York
Contact: Eric Amig - 212 441-6807 |
April 7 , 2005 |
New York, New York -- David W. Lindstrom, President and Chief Executive Officer of Franklin Savings Bank, SLA, Pilesgrove, New Jersey, was elected by the Board of Directors to the post of Vice Chairman of the Board of the Federal Home Loan Bank of New York (FHLB-NY). Mr. Lindstrom also serves as Chairman of the Board's Executive Committee and Chairman of the Board's Corporate Governance Committee. Mr. Lindstrom has served on the Board since 2003.
Franklin Savings Bank, S.L.A., is a $245 million savings bank. Franklin Savings is headquartered in Pilesgrove, New Jersey, and operates full service branch offices in Salem, Gloucester, and Cape May Counties in New Jersey.
"Dave Lindstrom is an outstanding member of the Board of Directors," said George L. Engelke, Jr., Chairman of the FHLB-NY Board and Chairman, President, and CEO of Astoria Federal Savings, Lake Success, New York. "His quick rise to the Vice Chairmanship of the $83 billion FHLB-NY is a testament to his knowledge of finance and community banking as well as his leadership skills."
"I am delighted to serve as Vice Chairman and to help direct the activities of the FHLB-NY as we meet our public mission to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets in New Jersey and the surrounding area," said Mr. Lindstrom.
Mr. Lindstrom began his career in community banking at 1st Pennsylvania Bank and Trust Company in Philadelphia. He held numerous positions at this institution before moving to Western Savings Bank in Philadelphia where he held several positions including his last position as Vice President. In February 1981, Mr. Lindstrom joined Franklin Savings Bank, S.L.A., where he served as Vice President and Executive Vice President. In March 1985, Mr. Lindstrom was named President/CEO and Director.
Mr. Lindstrom has been an active member of the New Jersey League of Community Bankers, and he served on the Board of Governors from 1985 through 1998 and also served as the Chairman of the Board of Governors from May 1990 through May 1991.
Mr. Lindstrom is active in his banking community. He has served as an officer of the Salem Rotary Club; officer of the Greater Salem Chamber of Commerce; Chairman, American Cancer Society in Salem County; Director and Chairman of the Habitat for Humanity in Salem County; Treasurer, Vice President and President of Gloucester, Cumberland, Salem Savings League; Chairman of the Philadelphia Federal Reserve Thrift Council; Co-Chairman of the Regional Lending Consortium; and as a member of the New Jersey League CRA Task Force.
The FHLB-NY's Board of Directors is comprised of a diversified mix of Directors. Approximately one-third of the Directors are appointed as public interest directors by the Federal Housing Finance Board and two thirds are elected by the FHLB-NY's financial institution stockholders. The Chair and Vice Chair are elected by the members of the Board. Mr. Lindstrom was elected to the Board by New Jersey member lenders in 2002.
The FHLB-NY is one of the largest providers of private sector affordable housing grant dollars in New Jersey. Since 1990, the FHLB-NY has provided a total of $63 million to fund 282 projects creating 10,196 new affordable housing units.
The FHLB-NY is an $83 billion, Aaa rated, congressionally chartered, wholesale bank. It is part of the FHLBank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB-NY serves 304 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLB-NY is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.