Jose R. Gonzalez Named President and Chief Executive Officer of the Federal Home Loan Bank of New York

NEW YORK, March 20, 2014 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of New York announced today that José R. González has been named president and chief executive officer of the FHLBNY effective April 1, 2014.  Current president Alfred A. DelliBovi announced his retirement, and submitted his resignation to the Board on March 20, 2014.

"From leading a local member-lender to serving as our Board's vice chairman to his most recent role as the FHLBNY's executive vice president, José is a proven leader at every level of community banking," said Michael M. Horn, chairman of the Bank's Board of Directors.  "José brings a keen understanding of not only the Home Loan Bank, but also the environment in which our members operate.  With José at the helm, the FHLBNY is well-positioned to achieve strong results, grow our business and continue to be a reliable partner for our region's local lenders.  The Board also expresses its deepest gratitude to Al DelliBovi for his two decades of tremendous commitment to our organization and dedication to our membership.  Al helped shape an organization that is the strongest among the Home Loan Banks, as well as a vital supporter of community lending and affordable housing across New Jersey, New York, Puerto Rico and the U.S. Virgin Islands, and his retirement is well-earned."

"I am honored to have the trust of the Board, and excited to take on this new responsibility," said Mr. González.  "The FHLBNY plays an important role in local lending, one I have experienced from both sides.  I look forward to working with the Board, our members and the talented staff at the FHLBNY to continue our mission of advancing housing opportunities.  I am especially honored to assume the position of president of the FHLBNY because of the legacy of my predecessor, Al DelliBovi.  Over the past 21 years, Al has led a team that has grown our advances tenfold, increased our assets by more than $100 billion, and developed community-focused housing initiatives that have created homes for thousands of families.  He is a true community banker, and the FHLBNY is all the stronger for his leadership."

"The FHLBNY will thrive under José's leadership," said Mr. DelliBovi.  "His integrity, his knowledge of the banking and regulatory environments and his deep understanding of the partnership between the Home Loan Bank and our membership will strengthen our cooperative for years to come.  It has been the greatest honor of my career to lead the FHLBNY, and I look forward to watching it grow under José's direction.  Though I will no longer be a member of the FHLBNY, I remain a member of the community, and I know that the community has a strong partner in the Home Loan Bank."

Mr. González served as vice chairman of the Board of Directors of the FHLBNY from 2008 through 2013, as the chair of the Compensation and Human Resources Committee in 2008, and has served as an elected industry director since 2004.  Prior to joining the FHLBNY, he served as senior executive vice president, Banking & Corporate Development for OFG Bancorp (formerly Oriental Financial Group, Inc.).  Mr. González is a former member of the Board of Directors of Santander BanCorp ("Santander"), a bank holding company, since 2000.  From 2002 to 2008, he was vice chairman of the Board, president and CEO of Santander.  After joining Santander in 1996 as president and CEO of its securities broker dealer, Mr. González was named senior executive vice president and chief financial officer of the holding company in 2001.

Mr. González began his career in banking in the early 1980s as vice president, Investment Banking, for Credit Suisse First Boston ("CSFB") and, from 1989 through 1995, served as president and CEO of CSFB's Puerto Rico operations.  He served as president and CEO of the Government Development Bank for Puerto Rico, a government instrumentality that acts as the Commonwealth's fiscal agent, from 1986 to 1989.  He is a past president of both the Puerto Rico Bankers Association and the Securities Industry Association of Puerto Rico.  Mr. González has a B.A. in Economics from Yale University and an M.B.A. and Juris Doctor from Harvard University.

Alfred A. DelliBovi joined the FHLBNY as president and chief executive officer in November 1992.  Mr. DelliBovi has earned national recognition as an authority on banking, the lending industry, housing, and public finance.  In December 2011, he was named to the Housing Commission of the Bipartisan Policy Center in Washington, D.C.  He is a Board Member of the Regional Plan Association and of the Pentegra Defined Benefit Plan for Financial Institutions and Vice Chair of the Board of Pentegra Defined Contribution Plan for Financial Institutions.  Previously, Mr. DelliBovi served as Deputy Secretary of the U.S. Department of Housing and Urban Development, from 1989 until 1992.  In May 1992, President Bush appointed Mr. DelliBovi Co-Chairman of the Presidential Task Force on Recovery in Los Angeles.  Mr. DelliBovi served as a senior official at the U.S. Department of Transportation in the Reagan Administration.  Mr. DelliBovi was elected to four terms in the New York State Assembly.

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 more than 340 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 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