President's Report

December 10, 2012

2012 Director Election Report

Dear Stockholder:

The Federal Home Loan Bank of New York (“FHLBNY”) is pleased to announce that Mr. Jay M. Ford, Mr. Vincent Palagiano, Ms. C. Cathleen Raffaeli and Rev. Edwin C. Reed have been re–elected to serve on the Board of Directors (“Board”) of the FHLBNY. Details follow below.

1. Mr. Ford, President and CEO, Crest Savings Bank, Wildwood, NJ, was elected by the FHLBNY’s New Jersey members on December 6, 2012 to serve on the FHLBNY’s Board as a Member Director representing New Jersey for a term of office commencing on January 1, 2013. The term will run for four years, through and including December 31, 2016. Mr. Ford currently serves on the FHLBNY’s Board; his term expires on December 31, 2012.

126 FHLBNY members in New Jersey were eligible to vote in this election. Of this number, 71 members voted, representing 56% of total eligible voting participants. The total number of eligible votes that could be cast for the open New Jersey Member Directorship was 3,272,602. Mr. Ford received 1,994,953 votes.

In addition to Mr. Ford, Mr. Issa E. Stephan, President & CEO, First Financial Federal Credit Union, Wall, NJ, was on the ballot; he received 17,953 votes.

2. Mr. Palagiano, Chairman and CEO, The Dime Savings Bank of Williamsburgh, Brooklyn, NY, was elected by the FHLBNY’s New York State members on December 6, 2012 to serve on the FHLBNY’s Board as a Member Director representing New York for a term of office commencing on January 1, 2013. The term will run for four years, through and including December 31, 2016. Mr. Palagiano currently serves on the FHLBNY’s Board; his term expires on December 31, 2012.

206 FHLBNY members in New York State were eligible to vote in this election. Of this number, 87 members voted, representing 42% of total eligible voting participants. The total number of eligible votes that could be cast for the open New York Member Directorship was 5,538,722. Mr. Palagiano received 1,650,198 votes.

In addition to Mr. Palagiano, Mr. John M. Tolomer, President & CEO, The Westchester Bank, Yonkers, NY, was on the ballot; he received 783,014 votes.

3. Both candidates participating in the FHLBNY’s 2012 election of Independent Directors to the Board – Ms. Raffaeli and Rev. Reed – were elected by eligible members throughout the FHLBNY’s membership district on December 6, 2012 to serve on the FHLBNY’s Board for terms of office that commence on January 1, 2013 and which will both run for four years, expiring on December 31, 2016. Ms. Raffaeli and Rev. Reed currently serve on the FHLBNY’s Board; their terms expire on December 31, 2012. In his new term, Rev. Reed will continue to serve on the Board as a “Public Interest” Independent Director representing community interests in housing.

340 FHLBNY members were eligible to vote in this election. Of this number, 160 members voted, representing 47% of total eligible voting participants. The total number of eligible votes that could be cast for each of the two open Independent Directorships was 10,249,369. 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. Raffaeli received 4,286,245 votes, representing 42% of the total number of eligible votes.
  • Rev. Reed received 3,886,438 votes, representing 38% of the total number of eligible votes.

Biographical information provided by each of the four Directors elected in 2012 to serve on the Board commencing on January 1, 2013 can be viewed here.

No Member Director seats representing FHLBNY Puerto Rico & U.S. Virgin Islands members were up for election this year.

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.

 

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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