FHLBNY Commences 2016 Board of Directors Election Process
-FHLBNY soliciting nominations for five Director seats-
New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) is now soliciting nominations for candidates to serve on its Board of Directors (“Board”) for terms commencing on January 1, 2017, the FHLBNY announced in a letter sent to its members on Friday, June 24, 2016. In total, five Directorships will be up for election in 2016.
“The Federal Home Loan Bank of New York benefits from our Board, comprised of knowledgeable and community-focused Member and Independent Directors” said José R. González, president and CEO of the FHLBNY. “An active and involved Board strengthens our entire cooperative and, as a result, I encourage all of our members to be involved in the election process.”
In total, three Member Directorships – one seat representing the FHLBNY’s New Jersey members and two seats representing the FHLBNY’s New York members - are up for election in 2016. In addition, two Independent Directorships representing the whole District are also up for election.
The FHLBNY’s official Certificate of Nomination was included in materials sent to members on June 24, 2016. Eligible New Jersey and New York stockholders may, using the Certificate, nominate one person for each of their state’s open Member Directorships. Separately, those individuals interested in being nominated for the two open Independent Directorships must first submit an Independent Director Application Form to the FHLBNY. A copy of the Application Form can be found at http://fhlbny.com/about-us/corporate-governance.aspx in the section entitled “About the FHLBNY’s 2016 Director Election”. All Certificates of Nomination and Independent Director Application Forms are due at the FHLBNY by 5:00 p.m. on Tuesday, July 26, 2016.
The FHLBNY’s Board of Directors consists of a talented group of dedicated individuals that benefits from, among other things, demographic (including gender and racial) diversity, and we expect that this will continue in the future. As you consider potential nominations for Member Directorships and give thought to persons who might be interested in Independent Directorships, please keep diversity in mind.
Questions on the 2016 Director election process should be directed to Paul Friend, the FHLBNY’s general counsel, at firstname.lastname@example.org.
Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. The FHLB of New York currently serves 329 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The Federal Home Loan Banks support the efforts of local members to help provide financing for America’s homebuyers.
# # #
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.