FEDERAL HOME LOAN BANK OF NEW YORK ANNOUNCES RESULTS OF 2022 BOARD OF DIRECTOR ELECTIONS

NEW YORK, Nov. 23, 2022 /PRNewswire/ -- The Federal Home Loan Bank of New York ("FHLBNY") announced today the results of the 2022 election for three positions on the FHLBNY's Board of Directors ("Board") whose terms will each commence on January 1, 2023.  The terms of all the positions will run for four years, expiring on December 31, 2026.

The specific results of the election, which took place on November 17, 2022, were as follows:

• Mr. 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's current term expires on December 31, 2022; he currently serves as the vice chair of the Board's Compensation & Human Resources Committee, and serves on its Risk and Technology committees.  He is director, president and CEO of Evans Bank, N.A.
  
  
• Mr. David R. Huber was re-elected and Ms. Melba I. Acosta was elected by the FHLBNY's eligible districtwide members to serve as Independent Directors.  Mr. Huber's current term expires on December 31, 2022; he currently serves as the chair of the Board's Audit Committee, and serves on its Compensation & Human Resources and Risk committees.  Mr. Huber is the president of Huber Advisory Services.  Ms. Acosta is counsel, Corporate Practice Group, for McConnell Valdés, LLC.

As previously announced, Mr. Christopher P. Martin was re-elected and Mr. Ira Robbins was elected to serve as Member Directors representing New Jersey.  They were the only nominees for two open New Jersey Member Director seats, and they accepted their nominations; as such, no formal election process was required.  The terms of these positions will run also for four years, commencing on January 1, 2023 and expiring on December 31, 2026. Mr. Martin's current term expires on December 31, 2022; he currently serves as chair of the Board's Corporate Governance and External Affairs Committee, and serves on its Executive, Audit and Compensation & Human Resources committees.  Mr. Martin is executive chairman of Provident Bank.  Mr. Robbins is CEO and chairman of Valley National Bank.

"At the FHLBNY, our Board is active, engaged and committed both to the mission of our cooperative and to the members and communities that we serve," said José R. González, president and CEO of the FHLBNY. "All of our Directors understand and value the vital role that both the FHLBNY and the Federal Home Loan Bank System play for economies across our region and across the country, and we are strengthened by their experience and insights.  Directors Huber, Martin and Nasca have all provided significant contributions to our cooperative as members of the Board, and I know we will benefit from their continued service.  I am also excited for the new expertise and outlooks Ms. Acosta and Mr. Robbins 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."

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, 2022, the FHLBNY serves 311 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.

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, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as 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. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT:  Brian Finnegan
(212) 441-6877

View original content:https://www.prnewswire.com/news-releases/federal-home-loan-bank-of-new-york-announces-results-of-2022-board-of-director-elections-301686578.html

SOURCE Federal Home Loan Bank of New York