President's Report

November 9, 2010

2010 Final Director Election Report

Dear Stockholder:

The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce that both candidates participating in the FHLBNY’s 2010 election of Independent Directors to the Board of Directors (“Board”) – Ms. Anne Evans Estabrook and Mr. Richard S. Mroz – were elected by the FHLBNY’s eligible members on November 4, 2010 to serve on the FHLBNY’s Board for terms of office that begin on January 1, 2011 and which will both run for four years, expiring on December 31, 2014. Ms. Estabrook was also elected to fill a Public Interest Directorship; such directorships are a subset of the Board’s Independent Directorships. Ms. Estabrook and Mr. Mroz both currently serve on the FHLBNY’s Board.

331 FHLBNY members were eligible to vote in this election. Of this number, 145 members voted, representing 44% of total eligible voting participants. The total number of eligible votes that could be cast for each of the two open Independent Directorships was 12,545,150. To be elected as an Independent Director, each candidate needed to receive at least 20 percent of the total number of eligible votes, and this threshold was passed by both candidates:

  • Ms. Estabrook received 6,198,035 votes, representing 49% of the total number of eligible votes.
  • Mr. Mroz received 5,952,047 votes, representing 47% of the total number of eligible votes.

In addition, the FHLBNY is pleased to announce that Mr. Joseph R. Ficalora, Chairman, President & CEO, New York Community Bank, Westbury, New York, and Mr. John R. Buran, President and CEO, Flushing Savings Bank, Lake Success, New York, were elected by the FHLBNY’s New York State members on November 4, 2010 to serve on the FHLBNY’s Board as Member Directors representing New York for terms of office commencing on January 1, 2011. Mr. Ficalora’s term will run for four years, through December 31, 2014. Mr. Buran’s term will run for one year, through December 31, 2011. Mr. Buran was elected to a shorter term in accordance with a directive from the Federal Housing Finance Agency (“FHFA”), the regulator of the Federal Home Loan Banks, that was intended to stagger the terms of the FHLBNY’s directors more evenly. Mr. Ficalora currently serves on the FHLBNY’s Board; his term expires on December 31, 2010.

197 FHLBNY members in New York State were eligible to vote in this election. Of this number, 109 members voted, representing 55 % of total eligible voting participants. The total number of eligible votes that could be cast for each of the two open Member Directorships was 5,987,684. Mr. Ficalora received 2,461,181 votes, and Mr. Buran received 1,517,748 votes.

In addition to Messrs. Ficalora and Buran, five other candidates for the two open Member Director seats in New York were on the ballot:

  • Mr. Thomas L. Hoy, Chairman, President & CEO, Glens Falls National Bank & Trust Company, Glens Falls, New York, who received 1,284, 618 votes.
  • Ms. Marjorie S. Rovereto, President and CEO, Ulster Savings Bank, Kingston, New York, who received 525,721 votes.
  • Mr. Joseph Pistilli, Chairman, President & CEO, First Central Savings Bank, Glen Cove, New York, who received 380,217 votes.
  • Mr. David J. Nasca, President and CEO, Evans Bank, N.A., Hamburg, New York, who received 379, 138 votes.
  • Mr. Jon J. Cooper, President and CEO, Champlain National Bank, Willsboro, New York , who received 62, 123 votes.

As previously reported to you on September 8, 2010, due to a lack of other nominees and in accordance with the FHFA’s director election regulations, the FHLBNY declared current New Jersey Member Directors Mr. Ronald E. Hermance, Chairman, President and CEO, Hudson City Savings Bank, Paramus, New Jersey, and Mr. Kevin J. Lynch, Chairman, President and CEO, Oritani Bank, Washington Township, New Jersey elected to serve as Member Directors representing New Jersey for four-year terms of office commencing on January 1, 2011 and ending on December 31, 2014.

Biographical information provided by each of the six Directors elected in 2010 to serve on the Board commencing on January 1, 2011 can be viewed here.

Thank you for participating in this year's director election process. Your contribution helps ensure sound representation on our Board of Directors for the mutual benefit of the Bank and all the stockholders it serves.

 

Sincerely,
Alfred A. DelliBovi
President & CEO


# # #

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.

Related Links

1Q18 Dividend Announcement

Investor Relations

Member Resource Center

Latest Reports

6/5/2018
A Strong Cooperative

5/24/2018
The FHLBNY Declares a 6.50% Dividend for the...

4/24/2018
On March 19, we unveiled our Homeowner Recovery...

Stay Connected

Sign up to receive rss or email updates from us.

x