President's Report

August 27, 2009

Directors Fulmer and Liseno Re-Elected to the Board of Directors

Dear Stockholder:

I am writing to provide you with the results of the Federal Home Loan Bank of New York’s (“FHLBNY”) 2009 director election process pertaining to the filling of three Member Directorships on the FHLBNY’s Board of Directors (“Board”) which have terms that commence on January 1, 2010.

1. New Jersey and New York Results

During the course of the recent call for nominations, the FHLBNY received 17 valid nomination certificates for one open Member Director seat representing New Jersey members; all of the nomination certificates nominated the same person.  In addition, the FHLBNY received 22 valid nomination certificates for one open Member Director seat representing New York members; as was the case in New Jersey, all of the nomination certificates nominated the same person.

The Federal Housing Finance Agency’s (“FHFA”) interim final director election regulations currently in effect provide that if, for any voting state, the number of nominees for the Member Directorships for that state is equal to the number of such directorships to be filled in that year’s election, the Federal Home Loan Bank (“FHLBank”) shall deliver a notice to the members in the affected voting state, in lieu of providing a ballot, indicating that such nominees shall be deemed elected without further action, due to a lack of nominees.

Therefore, the FHLBNY is pleased to report that the following nominees, having formally accepted their nominations, are hereby declared elected to the Board of the FHLBNY for terms of office that begin on January 1, 2010 and end on December 31, 2013:

Representing New Jersey members of the FHLBNY: Katherine J. Liseno, President and CEO, Metuchen Savings Bank, Metuchen, New Jersey.

Representing New York members of the FHLBNY: James W. Fulmer, Chairman, President and CEO, The Bank of Castile, Batavia, New York.

Both Ms. Liseno and Mr. Fulmer currently serve as Member Directors on the FHLBNY’s Board.  Their current terms of service expire on December 31, 2009.

2. Puerto Rico and U.S. Virgin Islands Results

During the course of the recent call for nominations, the FHLBNY did not receive any nomination certificates for the one open Member Director seat representing Puerto Rico and U.S. Virgin Islands members.

The FHFA’s interim final director election regulations currently in effect provide that any Member Directorship that is not filled due to a lack of nominees shall be deemed vacant as of January 1st of the following year and shall be filled by the FHLBank’s Board of Directors.

Therefore, in early 2010, the FHLBNY’s Board will fill the open Puerto Rico/U.S. Virgin Islands Member Directorship.

3. Independent Directorships

Separate from the foregoing, please note that ballots in connection with the election for two open Independent Director seats which have terms commencing on January 1, 2010 will be distributed to eligible members on or about October 1st.

Please do not hesitate to contact Corporate Secretary Barbara Sperrazza at 212-441-6819 if you have any questions about the 2009 Director Election process.

 

Sincerely,
Alfred A. DelliBovi
President & CEO


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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations of these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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