NEW YORK, Jan. 9, 2012 /PRNewswire-USNewswire/ -- On January 1, 2012, Michael M. Horn began his third term as chairman of the Federal Home Loan Bank of New York ("FHLBNY").  Mr. Horn was elected by the FHLBNY's Board of Directors at its December 2011 meeting to serve a two-year term as chairman.  Mr. Horn has served as the FHLBNY's chairman since May 2008.

"We are fortunate to have someone as experienced and committed as Mike return to again lead the Board as our chairman," said Alfred A. DelliBovi, president and CEO of the FHLBNY.  "Mike's leadership and expertise are reflective of our entire Board, which has contributed greatly to the ongoing success of the Federal Home Loan Bank of New York and our ability to support our members and the communities they serve."

Mr. Horn has been a partner in the law firm of McCarter & English, LLP since 1990.  He has served as the Commissioner of Banking for the State of New Jersey and as the New Jersey State Treasurer.  He was also a member of the New Jersey State Assembly and served as a member of the Assembly Banking Committee.  In addition, Mr. Horn served on New Jersey's Executive Commission on Ethical Standards as both its Vice Chair and Chairman, was appointed as a State Advisory Member of the Federal Financial Institutions Examination Council, and was a member of the Municipal Securities Rulemaking Board.  Mr. Horn is counsel to the New Jersey Bankers Association, and chairman of the Bank Regulatory Committee of the Banking Law Section of the New Jersey State Bar Association.  He was previously appointed to serve on the FHLBNY's Board by the Bank's federal regulator in 2002 and in 2007.  He previously served on the Board of Directors of the FHLBNY from 1988 to 1999.

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

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http://www.fhlbny.com