November 18, 2010
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
John R. Buran Elected to Board of Directors of the FHLBNY
New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) announced today that John R. Buran, president and chief executive officer of Flushing Financial Corporation, was elected by the Board of Directors to serve as a Member Director representing the interests of the FHLBNY’s New York membership beginning December 1, 2010. Mr. Buran will be filling the remaining portion of the term of office of the late John M. Scarchilli, the former president and chief executive officer of Pioneer Savings Bank.
Earlier this month, Mr. Buran was elected by the FHLBNY’s New York membership to serve as Member Director for a term on the Board beginning January 1, 2011 and running through December 31, 2011.
“The strength of our Board is one of the things we pride ourselves on,” said Alfred A. DelliBovi, president and chief executive officer of the FHLBNY. “John brings more than 30 years of community banking experience with him, and in his new role he will help the FHLBNY continue its mission of providing a stable source of funding for the local lender.”
Mr. Buran is a director, president and chief executive officer of Flushing Financial Corporation, holding company for FHLBNY member Flushing Savings Bank and FHLBNY member Flushing Commercial Bank. He joined Flushing Savings Bank in 2001 as chief operating officer and became a director of the savings bank and holding company in 2003. In 2005, he was named president and chief executive officer of both the bank and the holding company.
Mr. Buran’s career began with Citibank in 1977, where he held a variety of management positions including business manager of Citibank’s retail distribution in Westchester, Long Island and Manhattan and vice president in charge of Citibank’s Investment Sales Division.
Mr. Buran left Citibank to become senior vice president, division head for Retail Services of NatWest Bank, and later executive vice president of Fleet Bank’s (now Bank of America) retail branch system in New York City, Long Island, Westchester and Southern Connecticut. He also spent time as a consultant and assistant to the president of Carver Federal Savings Bank, the nation’s largest minority controlled bank. In addition, Mr. Buran serves on the Board of Trustees of St. Joseph’s College, where he is a member of the Finance, and Nominating Committees. He also serves as Audit Committee chairman and is former Board president of Neighborhood Housing Services of New York City. He is a Board member of The Korean American Youth Foundation. He is also currently vice chairman of the New York Bankers Association as well as the chairman of New York Bankers Service Corporation.
Mr. Buran received both his B.S. degree in Management and an MBA from New York University.
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 over 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.