Federal Home Loan Bank of New York Announces Final Results of 2011 Board of Directors Elections

NEW YORK, Nov. 29, 2011 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") is pleased to announce the final 2011 election results for four positions on the FHLBNY's Board of Directors whose terms will each commence on January 1, 2012.  All four terms will run for four years, expiring on December 31, 2015.

Mr. Joseph J. Melone and Rev. DeForest B. Soaries were re-elected by the FHLBNY's eligible members on November 14, 2011 to serve as Independent Directors.  

On the same date, Mr. John R. Buran was re-elected and Mr. Thomas L. Hoy was elected by the FHLBNY's New York State members to serve as Member Directors representing New York.  As previously announced, no Member Director seats representing either New Jersey or Puerto Rico and the U.S. Virgin Islands members were up for election.

"The Federal Home Loan Bank of New York continues to perform well because of our talented and committed employees and our knowledgeable and active Board," said Alfred A. DelliBovi, president and CEO of the FHLBNY.  "Our Board is comprised of leaders who drive economic growth and development in their communities.  And with their support, the FHLBNY continues to provide a consistent, reliable source of funding to help meet the housing and job growth needs of those communities."

John R. Buran is a director, president and chief executive officer of Flushing Financial Corporation, holding company for FHLBNY members Flushing Savings Bank and Flushing Commercial Bank.  He joined Flushing Savings Bank in 2001 as chief operating officer and became a director of the savings bank and holding company in 2003.  In 2005, he was named president and chief executive officer of both the Bank and the holding company.  Mr. Buran has been a member of the Board of Directors of the FHLBNY since December 1, 2010. 

Thomas L. Hoy is chairman, president and chief executive officer of Arrow Financial Corporation, holding company for FHLBNY members Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company.  He joined Glens Falls National Bank in 1974 as a management trainee.  After holding several different leadership positions at Arrow, he became president of Glens Falls National Bank on January 1, 1995.  This is Mr. Hoy's first term as a member of the Board of Directors of the FHLBNY.

Joseph J. Melone has served as chairman emeritus of The Equitable Companies, Incorporated since April 1998.  Prior to that, he was president and chief executive officer of The Equitable Companies from 1996 until his retirement in April 1998; and, from 1990 until his retirement in April 1998, he was chairman and chief executive officer of its principal insurance subsidiary, The Equitable Life Assurance Society of the United States ("Equitable Life").  Prior to joining Equitable Life in 1990, Mr. Melone was president of The Prudential Insurance Company of America.  Mr. Melone has been a member of the Board of Directors of the FHLBNY since April 2007.

DeForest B. Soaries, Jr.has been the senior pastor of the First Baptist Church of Lincoln Gardens in Somerset, New Jersey since November 1990.  From January 12, 1999 to January 15, 2002, Dr. Soaries served as New Jersey's 30th Secretary of State.  In 2004, he also served as the first chairman of the United States Election Assistance Commission, having been appointed by President George W. Bush and confirmed by the United States Senate.  Rev. Soaries has been a member of the Board of Directors of the FHLBNY since January 2009.  Rev. Soaries also served on the Board for nine months in 2003.

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 12 regional, stockholder-owned banks. The FHLB of New York currently serves over 330 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to support the efforts of local members to help provide financing for America's homebuyers.

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.

CONTACT:
Eric Amig (212) 441-6807
Brian Finnegan (212) 441-6877

SOURCE Federal Home Loan Bank of New York