Federal Home Loan Bank of New York Commences 2013 Board of Directors Election Process

NEW YORK, July 1, 2013 /PRNewswire/ -- The Federal Home Loan Bank of New York ("Bank" or "FHLBNY") is now formally soliciting nominations for Directors to serve on its Board of Directors ("Board") for terms commencing on January 1, 2014, the Bank announced in a letter sent to its members on Friday, June 28, 2013.  In total, six Directorships will be up for election in 2013.  Two of these Directorships will reflect the addition of two new seats to the Board.

"I encourage our members to be involved throughout the entire election process, as one of the greatest strengths of the Federal Home Loan Bank of New York is the depth and diversity of our Board," said Alfred A. DelliBovi, president and CEO of the FHLBNY. "The guidance our Board provides helps management ensure that the Bank continues to meet the needs of our members and the communities we all serve. With two new seats and four existing seats accepting nominations, I look forward to adding valued experience and expertise to an already strong Board in 2014."

In total, four Member Directorships – one seat representing the Bank's New Jersey members; two seats representing the Bank's New York members; and one seat representing the Bank's Puerto Rico and U.S. Virgin Islands members – are up for election in 2013.  In addition, two Independent Directorships are to be elected in 2013.  This total of six Directorships includes two new seats to be added to the Board in 2014 – one New York Member Directorship and one Independent Directorship.

The Bank's official Certificate of Nomination was included in materials sent to members on June 28^th.  Eligible stockholders may, using the Certificate, nominate one person for each of their region's open Member Directorships.  Separately, those individuals interested in being nominated for the two Independent Directorships must first submit an Independent Director Application Form to the Bank.  A copy of the Application Form can be found at http://fhlbny.com/about-us/corporate-governance.aspx in the section entitled "About the FHLBNY's 2013 Director Election".  All Certificates of Nomination and Independent Director Application Forms are due at the Bank by 5 p.m. on Wednesday, July 31, 2013.

Any questions on the 2013 Director election process should be directed to Paul Friend, the Bank's general counsel, at [email protected]

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 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

SOURCE Federal Home Loan Bank of New York