Press Releases

December 12, 2024

Contact: Brian Finnegan - (212) 441-6877

Federal Home Loan Bank of New York
Announces Results of 2024 Board of Directors Elections

New York, NY – The Federal Home Loan Bank of New York (“FHLBNY”) announced today the results of the 2024 election for four positions on the FHLBNY’s Board of Directors (“Board”) whose terms will each commence on January 1, 2025. The terms of all the positions will run for four years, expiring on December 31, 2028.

The specific results of the election were as follows:

• Mr. Steven M. Klein and Mr. Stephen S. Romaine were re-elected by the FHLBNY’s eligible New York members to serve as Member Directors representing New York. Mr. Klein is the chair, president and CEO of Northfield Bank. Mr. Romaine is the chair and CEO of Tompkins Community Bank. The current terms for Mr. Klein and Mr. Romaine expire on December 31, 2024. Mr. Klein currently serves on the Board’s Corporate Governance & External Affairs and Strategy & Business committees. Mr. Romaine currently serves as chair of the Strategy & Business Committee, and on the Board’s Corporate Governance & External Affairs and Risk committees.

• Mr. Charles E. Kilbourne, III was re-elected and Ms. Ghillaine A. Reid was elected by the FHLBNY’s eligible districtwide members to serve as Independent Directors. Mr. Kilbourne will continue to serve as a Public Interest Independent Director. His current term expires on December 31, 2024, and he currently serves as chair of the Board’s Housing Committee and on its Corporate Governance & External Affairs and Technology committees. Mr. Kilbourne is Managing Director, Financial Services Volunteer Corps. Ms. Reid is a Partner at Troutman Pepper Hamilton Sanders LLP.

• Additionally, as reported earlier in the year, Mr. Thomas J. Kemly was deemed re-elected by the FHLBNY’s eligible New Jersey members to serve as Member Director representing New Jersey. He was the only candidate nominated for the one open New Jersey Member Director seat. Mr. Kemly is president, CEO and Director of Columbia Bank. His current term will expire on December 31, 2024. Mr. Kemly currently serves as chair of the Board’s Technology Committee, as vice chair of its Audit Committee, and on its Executive and Compensation & Human Resources committees.

“An active and engaged Board is key to the strength of any institution,” said José R. González, president and CEO of the FHLBNY. “At the FHLBNY, our Board supports our ability to execute on our vital and foundational mission of providing liquidity to our members to the benefit of the customers and communities they serve and broader financial stability.  Our Board also plays a critical role in our efforts to support affordable housing and community development efforts across our District.  Directors Kemly, Kilbourne, Klein and Romaine have provided significant contributions to our cooperative, and I know we will benefit from their continued service.  I am also excited for the new expertise and insights Ms. Reid will bring to our Board.  My colleagues and I look forward to continuing to work with all of our Directors to grow and strengthen our franchise.”

About the 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, 2024, the FHLBNY serves 338 financial institutions and housing associates in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

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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, 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.