November 17, 2011
2011 Director Election Report
The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce that both candidates participating in the FHLBNY’s 2011 election of Independent Directors to the Board of Directors (“Board”) – Mr. Joseph Melone and Rev. DeForest B. Soaries, Jr. – were elected by the FHLBNY’s eligible members on November 14, 2011 to serve on the FHLBNY’s Board for terms of office that begin on January 1, 2012 and which will both run for four years, expiring on December 31, 2015. Mr. Melone and Rev. Soaries currently serve on the FHLBNY’s Board; their terms expire on December 31, 2011.
336 FHLBNY members were eligible to vote in this election. Of this number, 185 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 Independent Directorships was 10,564,195. 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:
- Mr. Melone received 5,819,291 votes, representing 55% of the total number of eligible votes.
- Rev. Soaries received 5,212,281 votes, representing 49 % of the total number of eligible votes.
In addition, the FHLBNY is pleased to announce that Mr. John R. Buran, President and CEO, Flushing Savings Bank, Lake Success, NY, and Mr. Thomas L. Hoy, Chairman & CEO, Glens Falls National Bank & Trust Company, Glens Falls, NY, were elected by the FHLBNY’s New York State members on November 14, 2011 to serve on the FHLBNY’s Board as Member Directors representing New York for terms of office commencing on January 1, 2012. The terms will both run for four years, through December 31, 2015. Mr. Buran currently serves on the FHLBNY’s Board; his term expires on December 31, 2011.
201 FHLBNY members in New York State were eligible to vote in this election. Of this number, 116 members voted, representing 58% of total eligible voting participants. The total number of eligible votes that could be cast for each of the two open Member Directorships was 5,441,028. Mr. Buran received 2,046,652 votes, and Mr. Hoy received 1,969,739 votes.
In addition to Messrs. Buran and Hoy, three other candidates for the two open Member Director seats in New York were on the ballot:
- Thomas W. Schneider, President & CEO, Pathfinder Bank, Oswego, NY, who received 908,517 votes;
- David J. Nasca, President & CEO, Evans Bank, N.A., Hamburg, NY, who received 407,576 votes; and
- John M. Tolomer, President & CEO, The Westchester Bank, Yonkers, NY, who received 333,132 votes.
No Member Director seats representing New Jersey and Puerto Rico & U.S. Virgin Islands members were up for election.
Biographical information provided by each of the four Directors elected in 2011 to serve on the Board commencing on January 1, 2012 can be viewed here.
Thank you for participating in this year's director election process. Your contribution helps ensure sound and diverse representation on our Board of Directors for the mutual benefit of the FHLBNY and all the stockholders the FHLBNY serves.
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 on 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.