NEW YORK, Nov. 16, 2017 /PRNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") announced today that John R. Buran has been elected by its Board of Directors ("Board") to serve as the Board's chairman for a two-year term that will commence on January 1, 2018. Mr. Buran, who is president and CEO of Flushing Bank, has served on the FHLBNY's Board as a Member Director representing the interests of the FHLBNY's members since December 1, 2010. He currently serves as the chairman of the Board's Risk Committee.
"The FHLBNY is a vital liquidity partner for our 325 members across New York, New Jersey, Puerto Rico and the U.S. Virgin Islands," said Mr. Buran. "It is a true honor to serve as chairman of the Board of this cooperative, and I thank my fellow Directors for the trust they have put in me. Our Board looks forward to continuing to work with management to ensure that the FHLBNY remains a reliable partner to our members and the communities we all serve."
"Throughout his service on our Board, John's guidance and counsel has been of tremendous value to both his fellow Directors and our management team," said José R. González, president and CEO of the FHLBNY. "I believe that, under his leadership, our Board will continue to be one of the great strengths of our franchise. I also thank Mike Horn, who has served as Board chairman since 2008, for the vast contributions he has made to our cooperative in this role, and I am grateful that he will continue to serve as an Independent Director."
Mr. Buran is president and CEO of Flushing Financial Corporation, and Flushing Bank. He joined the holding company and the bank in 2001 as chief operating officer and he became a director of these entities in 2003. In 2005, he was named president and CEO of both entities. Mr. Buran's career in the banking industry began with Citibank in 1977. There, he held a variety of management positions including business manager of its retail distribution in Westchester, Long Island and Manhattan; and vice president in charge of its Investment Sales Division. Mr. Buran is past Chairman and current Board member of the New York Bankers Association. In 2011, he was appointed to the Community Depository Institutions Advisory Council of The Federal Reserve Bank of New York. Since 2012, he has been a member of the Nassau County Interim Finance Authority, the county's financial control board. Mr. Buran serves on the boards of the Long Island Association, both the Nassau and Suffolk County Boy Scouts, EAC, Long Island University, the Long Island Philharmonic and Channel 21.
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