Vincent F. Palagiano Elected to Board of Directors of the Federal Home Loan Bank of New York

NEW YORK, Dec. 16, 2011 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") announced that, on December 15, 2011, Vincent F. Palagiano, Chairman and Chief Executive Officer of The Dime Savings Bank of Williamsburgh, was elected by the Board of Directors to serve as a Member Director representing the interests of the FHLBNY's New York membership.  Mr. Palagiano will be filling the remaining portion of the term of office of current Member Director Thomas M. O'Brien, President and Chief Executive Officer of State Bank of Long Island.  Mr. Palagiano's term will begin in January 2012, and run through December 31, 2012.

"We take great pride in having extremely talented, knowledgeable and active Directors representing the needs of our members and the communities they serve," said Alfred A. DelliBovi, President and Chief Executive Officer of the FHLBNY.  "Vinny has been a leader in New York's banking industry for more than 40 years, and will be a tremendous addition to our Board.  As we welcome Vinny, we also thank Tom for his service to the Bank and our membership."

Mr. Palagiano has served as Chairman of the Board and CEO of Dime Community Bancshares, Inc. ("the Company") since its formation in 1995; and of The Dime Savings Bank of Williamsburgh ("the Bank") since 1989.  He has served as a trustee or Director of the Bank since 1978.  Mr. Palagiano joined the Bank in 1970 as an appraiser.  

In addition, Mr. Palagiano has served on the Board of Directors of the Boy Scouts of America, Brooklyn Division since 1999; and served on the Boards of Directors of the Institutional Investors Capital Appreciation Fund from 1996 to 2006, and The Community Banker's Association of New York from 2001 to 2005.

"I'm honored to join the FHLBNY Board and look forward to working with my fellow Member Directors as we continue to advance the mission of FHLBNY," said Mr. Palagiano.

On April 28, 2011, it was announced that Valley National Bancorp. would acquire State Bancorp, Inc., the holding company for State Bank of Long Island.  Upon completion of the pending merger, Mr. O'Brien will no longer be eligible to serve as a Member Director representing New York members.  He will resign from the FHLBNY Board on the effective date of the merger.

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 over 330 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal Home Loan Banks is to 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

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