New York, NY – November 16, 2015 – (RealEstateRama) — The Federal Home Loan Bank of New York (“FHLBNY”) announced today the results of the 2015 election for four positions on the FHLBNY’s Board of Directors whose terms will each commence on January 1, 2016. All four terms will run for four years, expiring on December 31, 2019.
“Our cooperative benefits from a strong membership, a committed staff and a knowledgeable and supportive Board comprised of banking and community leaders, all working together to further our mission,” said José R. González, president and CEO of the FHLBNY. “Directors Buran, Hoy and Soaries have proven themselves to be valuable members of our Board, and I look forward to the FHLBNY benefiting from the insight that Ms. Franzini will bring in her new role on our Board. I also thank our outgoing Director, Joseph Melone, for his emarkable service to our cooperative.”
The specific results of the election, which took place on November 6, 2015, were as follows:
John R. Buran and Thomas L. Hoy 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, 2015. Mr. Buran is president and CEO of Flushing Savings Bank. Mr. Hoy is chairman of Glens Falls National Bank & Trust Company.
Rev. DeForest B. Soaries, Jr. was re-elected and Caren Franzini was elected by the FHLBNY’s eligible districtwide members to serve as Independent Directors. Rev. Soaries is the senior pastor of the First Baptist Church of Lincoln Gardens, Somerset, New Jersey, and currently serves on the FHLBNY’s Board; his current term expires on December 31, 2015. Ms. Franzini is president of Franzini Consulting, LLC, Lambertville, New Jersey.
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. The FHLB of New York currently serves more than 325 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.
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Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
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, 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