The Prudential Insurance Company of America Welcomed as a Member of the Federal Home Loan Bank Of New York
Contact: Eric Amig - 212 441-6807 |
June 23, 2008 |
New York, New York –The Prudential Insurance Company of America (Prudential) has been approved for membership at Federal Home Loan Bank of New York (FHLBNY). Prudential is the third insurance company to join FHLBNY and is among more than 157 insurance companies in the 12-district FHLBank System.
Membership allows Prudential to take advantage of FHLBNY’s product line of financial services, including low-cost advances that can be used for liquidity management, funding agreements and general asset/liability management.
"We are delighted that a high-quality insurance company such as Prudential has joined the Federal Home Loan Bank of New York,” said Alfred A. DelliBovi, President of the FHLBNY. “Membership offers Prudential an excellent source of reliable, low-cost wholesale credit that provides efficient alternatives for managing liquidity, interest rate risk mitigation and overall asset/liability management.”
The Prudential Insurance Company of America is a subsidiary of Prudential Financial, Inc. (NYSE: PRU). Prudential Financial is a financial services leader with approximately
$631 billion of assets under management as of March 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com.
The FHLBNY is a $109 billion, AAA-rated, Congressionally-chartered wholesale bank. It is part of the FHLBank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLBNY serves 293 community lenders in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY 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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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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