FHLBNY Welcomes New York Life as a New Member
Contact: Eric Amig - 212 441-6807 |
March 18, 2008 |
New York, New York – New York Life Insurance Company ("New York Life") has been approved for membership at the Federal Home Loan Bank of New York ("FHLBNY"). The FHLBNY is a reliable source of wholesale liquidity for community member lenders.
"New York Life is one of the premier financial institutions in the United States, and we are pleased to welcome them as a new member to the Home Loan Bank family of community financial institutions," said Alfred DelliBovi, President of the FHLBNY.
Michael Edward Sproule, Executive Vice President and Chief Financial Officer of New York Life, said "Membership with the Federal Home Loan Bank of New York gives New York Life an additional source for reliable liquidity to maintain our strong capital position and help accommodate our policyholders' changing needs. We are happy to partner with such a strong wholesale lender with over 75 years of service to the financial industry and we look forward to a long and prosperous relationship."
New York Life, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States. New York Life has the highest financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life's family of companies offers life insurance, retirement income, investments, and long-term care insurance. New York Life's subsidiary New York Life Investment Management LLC provides institutional asset management, institutional and retail mutual funds, and retirement plan services.
The Federal Home Loan Bank of New York, with over $100 billion in assets, is a AAA-rated, 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 Federal Home Loan Bank of New York currently serves 293 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This report contains 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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