FHLBNY Announces Board of Director Election Results: Jay M. Ford, Thomas M. O’Brien, and George Strayton Reelected
Contact: Eric Amig - 212 441-6807 |
November 17, 2008 |
New York, New York – The Federal Home Loan Bank of New York announced today that Jay M. Ford, Thomas M. O’Brien, and George Strayton were each reelected by the Bank’s members to serve as Member Directors on the Board of Directors of the Bank commencing on January 1, 2009. The terms of Mr. Ford and Mr. O’Brien will each be for four years; Mr. Strayton’s term will be for three years. (All of the Reelected Directors currently serve on the Board; their current terms expire on December 31, 2008.)
The three reelected directors are:
- Jay M. Ford, President and CEO, Crest Savings Bank, Wildwood, NJ. Mr. Ford is currently serving as a member of the Board; his service began in June, 2008.
- Thomas M. O’Brien, President and CEO, State Bank of Long Island, Jericho, NY. Mr. O’Brien is currently serving as a member of the Board; his service began in April, 2008.
- George Strayton, President and CEO, Provident Bank, Montebello, NY. Mr. Strayton is currently serving as a member of the Board; his service began in June, 2006.
The FHLBNY is a Congressionally chartered, $130 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 307 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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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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