Four Public Interest Directors Appointed to the Board
of the Federal Home Loan Bank of New York
Contact: Eric Amig - 212 441-6807 |
April 17 , 2007 |
New York, New York – Michael M. Horn, Joseph J. Melone, C. Cathleen Raffaeli, and
Edwin C. Reed were named by the Federal Housing Finance Board (the Bank’s federal regulator) as Directors of the Board at the Federal Home Loan Bank of New York. These appointments fill the four vacant public interest director positions on the Board and bring the total Board to its full complement of 17: 11 elected directors and six appointed directors.
Ms. Raffaeli and Mr. Reed were appointed to serve until December 31, 2008. Mr. Horn and Mr. Melone were appointed to serve until December 31, 2009.
“We are delighted with these appointments,” said George L. Engelke, Jr., Chairman of the Board of the Federal Home Loan Bank of New York and Chairman, President and CEO of Astoria Financial Corporation and Astoria Federal Savings and Loan Association. “These are highly skilled, seasoned individuals who know community banking and understand its complexity and importance.”
Reinforcing Chairman Engelke’s comments, Ronald E. Hermance, Jr., Chairman of the Board’s Corporate Governance Committee and Chairman, President, and CEO of Hudson City Saving Bank said, “These four outstanding business professionals will undoubtedly assist the Board and the Bank to further our efforts to promote housing and community development for the communities we serve.”
Michael M. Horn has been a partner since 1990 in the Newark, New Jersey office of McCarter & English, LLP, a law firm with 400 lawyers in seven states. (He has previously served on the Board of Directors of the New York Bank from 1988 to 1999 and again from 2002 to 2004.) From 1986 to 1990, he was Executive Vice President of Ryan, Beck & Co., Investment Bankers and Bank/Thrift Consultants. He was Commissioner of Banking for the State of New Jersey from 1982 to 1984 and was State Treasurer from 1984 to 1986. He received the “Outstanding Service to State Government Award” from the National Governors’ Association in 1985. Mr. Horn is a Board Member of the Community Foundation of New Jersey, serves as Counsel for the New Jersey League of Community Bankers, is Bank Regulatory Committee Chair of the Banking Section of the New Jersey Bar Association, is the former Chairman of the New Jersey Pension and Health Benefits Review Commission and actively assists community organizations that promote affordable housing.
Joseph J. Melone is Chairman Emeritus of The Equitable companies, Incorporated and former President and Chief Executive Officer of The Equitable Companies and former Chairman and former Chief Executive Officer of its principal insurance subsidiary, The Equitable Life Assurance Society of the United States. Mr. Melone served as a Director of both The Equitable Companies and Equitable Life as well as subsidiaries Donaldson, Lufkin & Jenerette, Inc. and Alliance Capital Management Corporation. Prior to joining Equitable Life in 1990, Mr. Melone was President of The Prudential Insurance Company of America. He is a former Heubner Foundation Fellow, and previously served as an associate professor of insurance at The Wharton School of the University of Pennsylvania and research director at The American College.
C. Cathleen Raffaeli is the President and Managing Director of The Hamilton White Group. From 2004 to 2006, she was the President and Chief Executive Officer of the Cardean Learning Group. She has also served as the President and Chief Executive Officer of Proact Technologies, Inc. and Consumer Financial Network. Ms. Raffaeli also served as the Executive Director of the Commercial Card Division of Citicorp and worked in executive positions in Citicorp’s Global Transaction Services and Mortgage Banking Divisions. She has also held senior positions at Chemical Bank and Merrill Lynch. Ms. Raffaeli serves on the Board of Directors of American Home Mortgage and is the Chair of the Compensation Committee and a Director on the Board of E-Trade.
Edwin C. Reed is the Chief Financial Officer at the Greater Allen Cathedral of New York and has been serving in this capacity since 1995. (He has previously served on the Board of Directors of the New York Bank from 2001 to 2003.) The Allen organization provides such valuable services as rehabilitating and building affordable housing, developing and managing 14 commercial stores, operating a community service center, and providing quality education for up to 500 students. Previously, Reverend Reed was the Executive Staff Director for Congressman Floyd Flake of New York. In the past, Reverend Reed has been very involved in the community. He has served as: Chairman, Jamaica Business Resource Center; Treasurer, Outreach Development Corporation; Vice Chairperson and Member of the Board of Directors, Hofstra University; Member of Wheelchair Charities; Co-Chairperson, New York Housing Conference; Member, Chase Community Advisory Board; Member, Federal Home Loan Bank of New York Affordable Housing Advisory Council; and Member, Allen Christian School, Allen Transportation, Allen Women's Resource Center and Allen Housing Development Corporations. Reverend Reed formerly served as Chairman of the Queens County Dr. Martin Luther King, Jr. Commission.
The Home Loan Bank is a Congressionally chartered, $80 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 295 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.
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