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FHLBNY Announces Results of 2020 Board of Director Elections

New York, NY – The Federal Home Loan Bank of New York (FHLBNY) announced today the results of the 2020 election for five positions on the FHLBNY’s Board of Directors whose terms will each commence on January 1, 2021. All the terms will run for four years, expiring on December 31, 2024.

The specific results of the election, which took place on November 4, 2020, were as follows:

Mr. Thomas J. Kemly was elected by the FHLBNY’s eligible New Jersey members to serve as a Member Director representing New Jersey. Mr. Kemly is president, CEO and director of Columbia Bank.

Mr. Kenneth J. Mahon and Mr. Stephen S. Romaine were re-elected by the FHLBNY’s eligible New York members to serve as Member Directors representing New York. Both currently serve on the FHLBNY’s Board, and their current terms expire on December 31, 2020. Mr. Mahon is CEO and director of Dime Community Bank. Mr. Romaine is chairman of Tompkins Trust Company.

Mr. Charles E. Kilbourne, III was re-elected and Rear Admiral Ms. Danelle M. Barrett, USN (Ret.) was elected by the FHLBNY’s eligible districtwide members to serve as Independent Directors. Mr. Kilbourne currently serves on the FHLBNY’s Board as a Public Interest Independent Director, a position he will continue in his upcoming term; his current term expires on December 31, 2020. He is a managing director of the Financial Services Volunteer Corps. Rear Admiral Barrett is the former Navy Cyber Security Division Director and Deputy Chief Information Officer on the Chief of Naval Operations staff of the United States Navy.

“The Federal Home Loan Bank of New York is driven by our people, strengthened by our members and guided by our Board, all working together to further our mission,” said José R. González, president and CEO of the FHLBNY. “Throughout their tenure on our Board, Directors Kilbourne, Mahon and Romaine have provided our management team with valuable insight and guidance, and I am excited to welcome them back for another term. I am also excited to welcome Mr. Kemly and Rear Admiral Barrett to the Board, and to benefit from their contributions to our cooperative. My colleagues and I look forward to continuing to work closely with our Board to continue to grow our franchise and remain a trusted and reliable partner to our members and the communities we all serve.”

About the 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 September 30, 2020, the FHLBNY serves 321 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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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, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as 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. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.