NEW YORK, May 19, 2016 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") is pleased to announce that, on May 19, 2016, its Board of Directors approved a dividend for the first quarter of 2016 of 4.50% (annualized). The dollar amount of the dividend will be approximately $61.5 million. The cash dividend will be distributed to member financial institutions on May 20, 2016.
"Our approach to our quarterly dividend has been to focus on providing a consistent and reasonable return to our shareholders," said José R. González, president and CEO of the FHLBNY. "Our dividend also reflects the FHLBNY's low-risk profile and conservative business strategy."
The FHLBNY filed its Form 10-Q for the first quarter of 2016 with the U.S. Securities and Exchange Commission on May 13, 2016.
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 March 31, 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.
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SOURCE Federal Home Loan Bank of New York