NEW YORK, Dec. 10, 2012 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of New York announced today the results of the 2012 Board of Directors election for two Independent Director positions, one New Jersey elected Member Director position and one New York elected Member Director position.

The Bank's members re-elected incumbents Ms. C. Cathleen Raffaeli and Reverend Edwin C. Reed to two Independent Director positions.  Ms. Raffaeli is the president and managing director of The Hamilton White Group, LLC, Pound Ridge, New York.  Reverend Reed is the president and chief executive officer of GGT Development LLC, Queens, New York.  Reverend Reed will continue to serve as a "public interest" Independent Director, representing community interests in housing.

New Jersey members elected incumbent Mr. Jay M. Ford, president and chief executive officer, Crest Savings Bank, Wildwood, New Jersey. 

New York members elected incumbent Vincent F. Palagiano, chairman and chief executive officer of The Dime Savings Bank of Williamsburgh, Brooklyn, New York.

The positions to be held by Ms. Raffaeli, Rev. Reed, Mr. Ford, and Mr. Palagiano will each have a four-year term beginning January 1, 2013 and ending December 31, 2016.

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