Press Releases

January 23, 2014

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

Kevin Cummings Elected to Board of Directors of the FHLBNY

New York, NY -- The Federal Home Loan Bank of New York (“FHLBNY” or “Bank”) announced today that, on January 16, 2014, its Board of Directors elected Kevin Cummings, president and chief executive officer of Investors Bank, to fill the unexpired term of former FHLBNY Member Director Ronald E. Hermance, Jr., who resigned from the Board earlier in January 2014. Mr. Cummings will serve as a Member Director representing FHLBNY members in New Jersey from January 17, 2014 through and including December 31, 2014.

“Kevin is a true community banker, and his experience, local knowledge and expertise will make valuable contributions to our Board,” said Michael M. Horn, chairman of the Board and Partner, McCarter & English, LLP. “While we regret losing a Director of Ron Hermance’s caliber, Kevin Cummings will make a tremendous addition to the Board, and help us continue to provide guidance to our strong-performing Home Loan Bank.”

Mr. Cummings was appointed president and chief executive officer of Investors Bank, Short Hills, New Jersey, on January 1, 2008. From July 2003 to January 2008, he served as executive vice president and chief operating officer for Investor Savings Bank, (a predecessor of Investors Bank). Prior to joining Investors, Mr. Cummings had a 26-year career with the independent accounting firm of KPMG LLP. He was an audit partner in the Financial Services practice in the New York office and lead partner on a major commercial banking client. He is a certified public accountant.

Mr. Cummings is a member of the Audit and Finance Committee at St. Peter’s Prep in Jersey City; former Chairman of the Board and current Trustee of the Summit Speech School; a Trustee of The Scholarship Fund for Inner-City Children and the Visiting Nurse Assn. Health Group; former Chairman of the Board and current member of the Executive Committee of the NJ Bankers Association; and a board member of the Independent College Fund of New Jersey and the All Stars Project of New Jersey.

 

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 December 31, 2017, the FHLB of New York serves 327 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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