NEW YORK, Nov. 9, 2017 /PRNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") announced today the results of the 2017 election for five positions on the FHLBNY's Board of Directors whose terms will each commence on January 1, 2018. All five terms will run for four years, expiring on December 31, 2021.
The specific results of the election, which took place on November 6, 2017, were as follows:
- Gerald H. Lipkin was re-elected by the FHLBNY's eligible New Jersey members to serve as a Member Director representing New Jersey. Mr. Lipkin currently serves on the FHLBNY's Board, and his current term expires on December 31, 2017. He is chairman, president and CEO of Valley National Bank.
- Joseph R. Ficalora was elected by the FHLBNY's eligible New York members to serve as a Member Director representing New York. Mr. Ficalora previously served on the FHLBNY's Board; his most recent term expired on December 31, 2014. He is president and CEO of New York Community Bank and New York Commercial Bank.
- Carlos J. Vázquez was re-elected by the FHLBNY's eligible Puerto Rico and U.S. Virgin Islands members to serve as a Member Director representing Puerto Rico and the U.S. Virgin Islands. Mr. Vázquez currently serves on the FHLBNY's Board, and his current term expires on December 31, 2017. Mr. Vázquez is CFO and executive vice president of Banco Popular de Puerto Rico.
- Michael M. Horn and Larry E. Thompson 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, 2017. Mr. Horn is a partner at McCarter & English, LLP, and currently serves as the FHLBNY's Board chair. Mr. Thompson is the vice chairman of The Depository Trust & Clearing Corporation.
"The depth and breadth of our Board is one of the greatest strengths of our cooperative – providing management with key insight into the needs of our members and the communities we serve," said José R. González, president and CEO of the FHLBNY. "I look forward to the guidance Chairman Horn and Directors Lipkin, Vázquez and Thompson will continue to provide, and am excited to welcome Mr. Ficalora and his vast expertise back to the Board. My colleagues and I at the FHLBNY will continue to work closely with all of our Directors to ensure that the cooperative remains a reliable strategic partner for 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, 2017, the FHLBNY serves 325 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.
CONTACT: Brian Finnegan
SOURCE Federal Home Loan Bank of New York