FHLB of New York Announces Results of Board Elections

Releasing the results of the financial institution's board elections, the ""Federal Home Loan Bank of New York"":http://www.fhlbny.com/ has announced updates to its directorship.

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Through the bank's electoral process, appointees were named for two independent director positions and two member director positions, from New Jersey and New York respectively.

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The FHLB of New York's members re-elected incumbents C. Cathleen Raffaeli and Rev. Edwin C. Reed as independent directors. Raffaeli is currently the president and managing director of ""The Hamilton White Group, LLC"":http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=43212539, while Rev. Reed presently serves as the president and CEO of ""GGT Development LLC"":http://www.ggtllc.net/ Rev. Reed holds a unique position on the FHLB of New York's board as its ""public interest"" independent director, representing community interests in housing.

Establishing the bank's member director from New Jersey, the FHLB of New York's members elected incumbent Jay M. Ford. Hailing from Wildwood, New Jersey, Ford is the president and CEO of ""Crest Savings Bank"":https://www.crestsavings.com/.

Appointing a New York-based member director, the bank tapped incumbent Vincent R. Palagiano. Brooklyn resident Palagiano is the chairman and CEO of ""The Dime Savings Bank of Williamsburgh"":http://dimewill.com/Site/Default.aspx.

Raffaeli, Rev. Reed, Ford, and Palagiano will serve four-year terms for the FHLB of New York. Each will hold their directorship from January 1, 2013, through December 31, 2016.