Federal Home Loan Bank of New York Announces Final Results of 2010 Board of Director Elections

NEW YORK, Nov. 18, 2010 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") is pleased to announce the final 2010 election results for six positions on the FHLBNY's Board of Directors whose terms will each commence on January 1, 2011.

Ms. Anne Evans Estabrook and Mr. Richard S. Mroz were re-elected by the FHLBNY's eligible members on November 4, 2010 to serve as Independent Directors.  Ms. Estabrook was also re-elected to fill a Public Interest Directorship, a subset of the Board's Independent Directorships.

On the same date, Mr. Joseph R. Ficalora was re-elected and Mr. John R. Buran was elected by the FHLBNY's New York State members to serve as Member Directors representing New York.

Further, as previously announced, current New Jersey Member Directors Mr. Ronald E. Hermance and Mr. Kevin J. Lynch were declared re-elected by the Bank on September 8, 2010 to serve as Member Directors representing New Jersey. (No election among the FHLBNY's New Jersey membership was held due to an absence of other nominees.)  

"The Federal Home Loan Bank of New York is proud to have such a talented, experienced Board of Directors guiding our operations," said Alfred A. DelliBovi, president and CEO of the FHLBNY.  "Given the current economic environment, it is vital to have strong, qualified directors.  Our Board is comprised of Member Directors – the leaders in the community banking industry – and Independent Directors, who bring an extraordinary range of professional experience and vast expertise relevant to our mission and business.  With their support, the FHLBNY will continue to provide a consistent, reliable source of much-needed liquidity for our members and the communities they serve."

John R. Buran is a director, president and chief executive officer of Flushing Financial Corporation, holding company for FHLBNY member Flushing Savings Bank and FHLBNY member 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's term (which will be his first as a member of the FHLBNY's Board of Directors) will begin on January 1, 2011 and run for one year, expiring December 31, 2011.  In addition, Mr. Buran was elected by the Board on November 18, 2010 to fill a vacant Board seat for one month, beginning on December 1, 2010.

Anne Evans Estabrook has been chief executive of Elberon Development Co. in Cranford, New Jersey, since 1984.  It, together with its affiliated companies, own approximately two million square feet of rental property.  Ms. Estabrook has been a member of the Board of Directors of the Federal Home Loan Bank of New York since 2004.  Her new term will begin on January 1, 2011, and will run for four years, expiring December 31, 2014.

Joseph R. Ficalora has been president and chief executive officer and a director of New York Community Bancorp, Inc. since its inception on July 20, 1993, and president and chief executive officer and a director of its primary subsidiaries, FHLBNY member New York Community Bank and FHLBNY member New York Commercial Bank, since January 1, 1994 and December 30, 2005, respectively.  On January 1, 2007, he was appointed Chairman of New York Community Bancorp, Inc., New York Community and New York Commercial, a position he previously held at New York Community Bancorp, Inc. from July 20, 1993 through July 31, 2001 and at New York Community from May 20, 1997 through July 31, 2001.  Mr. Ficalora has been a member of the Board of Directors of the FHLBNY since January 2005.  His new term will begin on January 1, 2011, and will run for four years, expiring December 31, 2014.

Ronald E. Hermance is chairman, president and chief executive officer of FHLBNY member Hudson City Savings Bank, Paramus, New Jersey.  In 1997, he was promoted to president, and on January 1, 2002, he became chief executive officer.  On January 1, 2005, Mr. Hermance assumed the title of chairman.  Mr. Hermance carries similar titles at Hudson City Bancorp, the parent company, which trades on NASDAQ.  Mr. Hermance has been a member of the Board of Directors of the FHLBNY since January 2005.  His new term will begin on January 1, 2011, and will run for four years, expiring December 31, 2014.

Kevin J. Lynch has been president and chief executive officer of FHLBNY member Oritani Bank, headquartered in the Township of Washington, New Jersey, since July 1, 1993.  He has also been president and chief executive officer of Oritani Financial Corporation, the holding company of Oritani Bank, since 1998.  Mr. Lynch has also served as chair of the two aforementioned entities since August of 2006; prior to that time, he served as a director.  Mr. Lynch has been a member of the Board of Directors of the FHLBNY since January 2005.  His new term will begin on January 1, 2011, and will run for four years, expiring December 31, 2014.

Richard S. Mroz is a government and public affairs consultant and lawyer.  Mr. Mroz has been the sole proprietor of a government and public affairs consulting business since January 1, 2010.  From January 1, 2007 until December 2009, he served as president of Salmon Ventures, Ltd, a firm with which he maintains an affiliation.  Mr. Mroz represents clients in New Jersey and nationally in connection with legislative, regulatory and business development affairs.  Mr. Mroz has been a member of the Board of Directors of the FHLBNY since 2002.  His new term will begin on January 1, 2011, and will run for four years, expiring December 31, 2014.

About the Federal Home Loan Bank of New York

The FHLBNY 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 FHLBNY currently serves financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to support the efforts of local members to make home mortgages to families of all income levels and provide credit to spur community growth.

SOURCE Federal Home Loan Bank of New York