NEW YORK, Nov. 4, 2016 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") announced today the results of the 2016 election for four positions on the FHLBNY's Board of Directors whose terms will each commence on January 1, 2017. The results of the election for a fifth position – that of a Member Director representing New Jersey – had previously been announced on August 30, 2016. All five terms will run for four years, expiring on December 31, 2020.
The specific results of the election, which took place on November 1, 2016, were as follows:
- Monte N. Redman was re-elected and Kenneth J. Mahon was elected by the FHLBNY's eligible New York members to serve as Member Directors representing New York. Mr. Redman currently serves on the FHLBNY's Board, and his current term expires on December 31, 2016. Mr. Redman is president and CEO of Astoria Bank. Mr. Mahon is president and COO of Dime Community Bank.
- C. Cathleen Raffaeli and Rev. Edwin C. Reed were re-elected by the FHLBNY's eligible districtwide members to serve as Independent Directors. Both currently serve on the FHLBNY's Board, and their current terms expire on December 31, 2016. Ms. Raffaeli is president and managing director of Hamilton Management Company. Rev. Reed is president and CEO of GGT Development LLC.
Additionally, as previously reported on August 30, 2016, incumbent Director Jay M. Ford was deemed re-elected to serve a four year term commencing January 1, 2017 as a Member Director representing New Jersey after running unopposed. Mr. Ford currently serves on the FHLBNY's Board, and his current term expires on December 31, 2016. Mr. Ford is president and CEO of Crest Savings Bank.
"Our cooperative is strengthened by the guidance we receive from our Board and the experience of its Directors," said José R. González, president and CEO of the FHLBNY. "Directors Ford, Redman, Raffaeli and Reed have already brought so much to our Board, and I look forward to their continuing service. I also look forward to the insights Mr. Mahon will bring in his new role on our Board. My colleagues and I at the FHLBNY will continue to work closely with our Directors to ensure that the cooperative remains a reliable strategic partner for our members."
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 June 30, 2016, the FHLB of New York serves 324 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.
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: Brian Finnegan
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SOURCE Federal Home Loan Bank of New York