Press Releases

December 28, 2009

Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877

FHLBNY Announces Board of Directors Election Results

Michael M. Horn reelected Board Chair for 2010-2011;
José Ramon González elected to Board for new four-year term

New York, NY — The Federal Home Loan Bank of New York (“FHLBNY”) announced today that its Board of Directors elected Michael M. Horn, the current Board Chair, to serve again as Board Chair for a two-year term commencing on January 1, 2010.  Director Horn’s current term as Board Chair began in May of 2008.  Earlier this year, Mr. Horn was elected by the FHLBNY’s membership to serve again on the Board as an Independent Director for a four-year term commencing on January 1, 2010 and ending on December 31, 2013.

In addition, the FHLBNY announced that its Board elected José Ramon González, the Board’s current Vice Chair, to serve on the Board as a Member Director for a new four-year term commencing on January 1, 2010 and ending on December 31, 2013.  Director González’ current term on the Board began in January of 2007 and ends on December 31, 2009.  Mr. González’ current term as Vice Chair began in June of 2008 and ends on December 31, 2010.

“As Directors, Mike and José bring a broad range of experience to our Board and we are delighted to have them return,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “Mike and José represent the strength of our Board: a combination of member directors, who are the leaders in the community banking industry, and independent directors, who bring an extraordinary range of professional experience and vast expertise relevant to our mission and operations.  As we have seen throughout the recent market turmoil, it is vital for companies to have strong, qualified directors.  The Federal Home Loan Bank of New York is proud of the breadth and depth of our Board.”

Mr. Horn has been a partner in the law firm of McCarter & English, LLP since 1990.  He has served as the Commissioner of Banking for the State of New Jersey and as the New Jersey State Treasurer.  He was also a member of the New Jersey State Assembly and served a member of the Assembly Banking Committee.  In addition, Mr. Horn served on New Jersey’s Executive Commission on Ethical Standards as both as its Vice Chair and Chairman, was appointed as a State Advisory Member of the Federal Financial Institutions Examination Council, and was a member of the Municipal Securities Rulemaking Board.  Mr. Horn is counsel to the New Jersey Bankers Association, and chairman of the Bank Regulatory Committee of the Banking Law Section of the New Jersey State Bar Association.  He was previously appointed to serve on the FHLBNY’s Board by the Bank’s federal regulator in 2002 and in 2007.  He previously served on the Board of Directors of the FHLBNY from 1988 to 1999.

Mr. González was President and Chief Executive Officer of Santander BanCorp and Banco Santander Puerto Rico from October 2002 until August 2008.  Since 2000, he has served as a Director of Santander BanCorp and he has served as a Director of Banco Santander Puerto Rico since 2002.  Mr. González joined the Santander Group in August 1996 as President and Chief Executive Officer of Santander Securities Corporation.  He later served as Executive Vice President and Chief Financial Officer of Santander BanCorp and in April 2002 was named President and Chief Operating Officer.  Mr. González is a past President of the Puerto Rico Bankers Association and a past president of the Securities Industry Association of Puerto Rico.  Mr. González was at Credit Suisse First Boston from 1983 to 1986 as Vice President of Investment Banking, and from 1989 to 1995 as President and Chief Executive Officer of the firm’s Puerto Rico subsidiary.  From 1986 to 1989, Mr. González was President and Chief Executive Officer of the Government Development Bank for Puerto Rico.  From 1980 to 1983, he was in the private practice of law in San Juan, Puerto Rico with the law firm of O’Neill & Borges.  Mr. Gonzalez has served on the FHLBNY’s Board since January, 2004.

The Federal Home Loan Bank of New York is a Congressionally chartered, $110 billion, wholesale Bank.  It is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks.  The Federal Home Loan Bank of New York serves 330 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.  The mission of the Home Loan Bank is to advance housing opportunity and local community development by maximizing the capacity of community-based member-lenders to serve their markets.

About the 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. As of June 30, 2018, the FHLB of New York serves 326 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.


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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.

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