NEW YORK, Nov. 8, 2019 /PRNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") announced today the results of the 2019 election for four positions on the FHLBNY's Board of Directors whose terms will each commence on January 1, 2020. All the terms will run for four years, expiring on December 31, 2023.
The specific results of the election, which took place on November 5, 2019, 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, 2019. Mr. Buran is president and CEO of Flushing Bank, and currently serves as the FHLBNY's chairman. Mr. Hoy is chairman of Glens Falls National Bank & Trust Company.
- Rev. DeForest B. Soaries, Jr. and Ángela Weyne 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, 2018. Rev. Soaries currently serves as a Public Interest Director in his current term, a position he will continue in his upcoming term. He is senior pastor of the First Baptist Church of Lincoln Gardens. Ms. Weyne is the former commissioner of Insurance for the Commonwealth of Puerto Rico.
"The depth of knowledge and experience that our Directors bring to the Federal Home Loan Bank of New York strengthens our entire cooperative, and I thank all the members who participated in this year's Director election," said José R. González, president and CEO of the FHLBNY. "Throughout their tenure on our Board, Directors Buran, Hoy, Soaries and Weyne have all provided our management team with valuable insight and guidance, and I am excited to welcome them back for another term. My colleagues and I look forward to continuing to work closely with our Board to grow our franchise and remain a trusted and reliable partner to 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 September 30, 2019, the FHLBNY serves 327 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.
SOURCE Federal Home Loan Bank of New York