November 26, 2014
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
FHLBNY Announces Results of 2014 Board of Director Elections
New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) announced today the results of the 2014 election for five positions on the FHLBNY’s Board of Directors whose terms will each commence on January 1, 2015. All five terms will run for four years, expiring on December 31, 2018.
“Our Board is comprised of industry and community development leaders, and their guidance helps the Federal Home Loan Bank of New York to be a reliable partner for our members and the communities we all serve,” said José R. González, president and CEO of the FHLBNY. “I thank our outgoing Directors, Joseph Ficalora and Kevin Lynch, for their remarkable service, and look forward to working with our new Directors to further strengthen our cooperative.”
- Kevin Cummings was re-elected and Christopher Martin was elected by the FHLBNY’s New Jersey members to serve as Member Directors representing New Jersey. Mr. Cummings is president and chief executive officer of Investors Bank, and currently serves on the FHLBNY’s Board; his current term expires on December 31, 2014. Mr. Martin is president and chief executive officer of The Provident Bank.
- David J. Nasca was elected by the FHLBNY’s New York members to serve as a Member Director representing New York. Mr. Nasca is president and chief executive officer of Evans Bank, N. A.
- Anne Evans Estabrook and Richard S. Mroz were both re-elected by the FHLBNY’s eligible members to serve as Independent Directors. Ms. Estabrook and Mr. Mroz both currently serve on the FHLBNY’s Board; their current terms expire on December 31, 2014. Ms. Estabrook is owner and chief executive officer of Elberon Development Co. Mr. Mroz is president of the New Jersey Board of Public Utilities. Ms. Estabrook will continue to serve as a Public Interest Independent Director, part of a subset of Independent Directors.
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 12 regional, stockholder-owned banks. The FHLB of New York currently serves more than 330 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America’s homebuyers.
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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.