Federal Home Loan Bank of New York Announces Results Of 2018 Board of Director Elections

NEW YORK, Nov. 8, 2018 /PRNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") announced today the results of the 2018 election for five positions on the FHLBNY's Board of Directors whose terms will each commence on January 1, 2019.  All five terms will run for four years, expiring on December 31, 2022.

The specific results of the election, which took place on November 5, 2018, were as follows:

• David J. Nasca was re-elected by the FHLBNY's eligible New York members to serve as a Member Director representing New York.  Mr. Nasca currently serves on the FHLBNY's Board, and his current term expires on December 31, 2018. He is president and CEO of Evans Bank, N.A.
• Kevin Cummings and Christopher P. Martin were both re-elected by the FHLBNY's eligible New Jersey members to serve as Member Directors representing New Jersey. Both currently serve on the FHLBNY's Board, and their current terms expire on December 31, 2018.  Mr. Cummings is chairman and CEO of Investors Bank.  Mr. Martin is chairman, president and CEO of The Provident Bank. 
• Richard S. Mroz was re-elected and David R. Huber was elected by the FHLBNY's eligible districtwide members to serve as Independent Directors.  Mr. Mroz currently serves on the FHLBNY's Board, and his current term expires on December 31, 2018.  He is managing director of Resolute Strategies, LLC.  Mr. Huber is the chief financial officer of Horizon Blue Cross Blue Shield of New Jersey, a position from which he will retire at the end of 2018.

"The Federal Home Loan Bank of New York is strengthened by an active and engaged Board and the guidance our Directors provide, and I thank all the members who participated in this year's Director election," said José R. González, president and CEO of the FHLBNY. "Directors Cummings, Martin, Mroz and Nasca have all provided significant value to our cooperative as members of the Board, and I know we will benefit from their continued contributions.  I am also excited for the new insights Mr. Huber will bring to our Board.  My colleagues and I look forward to continuing to work closely with our Board to grow our franchise and remain a trusted and reliable partner to 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, 2018, the FHLBNY serves 326 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.

SOURCE Federal Home Loan Bank of New York

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