November 29, 2011
Contact: Eric Amig - (212) 441-6807
Brian Finnegan - (212) 441-6877
Rev. DeForest B. Soaries, Jr. Re-Elected to Board of Directors of the FHLBNY
New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) announced today that, on November 14, 2011, Rev. DeForest B. Soaries, Jr, senior pastor of the First Baptist Church of Lincoln Gardens, was re-elected by the FHLBNY’s membership to serve as an Independent Director representing the community and consumer interests of the FHLBNY’s region beginning January 1, 2012. Rev. Soaries’ term will run for four years, through December 31, 2015. Rev. Soaries currently serves on the FHLBNY’s Board; his term expires on December 31, 2011.
“The Federal Home Loan Bank of New York continues to perform well because of our talented and committed employees and our knowledgeable and active Board,” said Alfred A. DelliBovi, president and CEO of the FHLBNY. “Our Board is comprised of leaders who drive economic growth and development in their communities. With the insight and support of Directors like Buster, the FHLBNY continues to provide a consistent, reliable source of funding to help meet the housing and job growth needs of those communities.”
Rev. Soaries, Jr. has been the senior pastor of the First Baptist Church of Lincoln Gardens in Somerset, New Jersey since November 1990. A pioneer of faith-based community development, Dr. Soaries has led First Baptist in the construction of a new $20 million church complex and the formation of many not-for-profit entities to serve the community surrounding the church. Highlights of Dr. Soaries’ ministry include recruiting 379 families to become foster parents to 770 children; helping 236 children find adoptive parents; constructing 145 new homes for low and moderate income residents to own; redeveloping 150,000 square feet of commercial real estate; operating a “green jobs” training program; serving hundreds of youth in an after school center and homework club; forming a youth entrepreneurship program; organizing a community development credit union; implementing a strategy to help 1,000 families become debt-free; and creating a program designed to help homeowners recover homes lost through foreclosure. He is the author of dfree®. Breaking Free from Financial Slavery. Founded in 2005, his dfree® campaign is the linchpin of a successful strategy to lead people, families, and organizations out of debt to attain financial independence. Dr. Soaries and his dfree® strategy were the focus of the third installment of CNN’s Black in America documentary “Almighty Debt.”
From January 12, 1999 to January 15, 2002, Dr. Soaries served as New Jersey’s 30th Secretary of State. In 2004, he also served as the first chairman of the United States Election Assistance Commission, having been appointed by President George W. Bush and confirmed by the United States Senate.
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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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.