2019
Director Election Report
November 8, 2019
Dear Stockholder:
The Federal Home Loan Bank of New York (“FHLBNY”) is
pleased to announce that Mr. John R. Buran, Mr. Thomas L. Hoy, Dr.
DeForest B. Soaries, Jr., and Ms. Angela Weyne have all been
re-elected to serve on the Board of Directors (“Board”)
of the FHLBNY commencing on January 1, 2020. Details follow
below.
1. Mr.
Buran, President and CEO, Flushing Bank, Uniondale, NY, and Mr.
Hoy, Chairman, Glens Falls National Bank and Trust Company, Glens
Falls, NY, were both re-elected by the FHLBNY’s eligible New
York members on November 5, 2018 to serve on the FHLBNY’s
Board as Member Directors representing New York for four year terms
of office each commencing on January 1, 2020. Mr. Buran and Mr. Hoy
both currently serve on the FHLBNY’s Board; their terms
expire on December 31, 2019.
A total of 217 FHLBNY members in New York were eligible to vote in
this election. Of this number, 84 members voted, representing
38.71% of total eligible voting participants. The total number of
eligible votes that could be cast for each of the two open New York
Member Directorships was 10,609,084. Mr. Buran received 3,976,457
votes and Mr. Hoy received 3,368,728 votes.
In addition to Messrs. Buran and Hoy, Mr. John M. Tolomer,
President and CEO of The Westchester Bank, White Plains, NY, was on
the ballot; he received 1,441,874 votes.
2. Eligible
members throughout the FHLBNY’s membership district (New
York, New Jersey, Puerto Rico and the U.S. Virgin Islands) on
November 5, 2019 re-elected both Dr. Soaries, Senior Pastor, First
Baptist Church of Lincoln Gardens, Somerset, NJ, and Ms. Weyne, the
former Commissioner of Insurance of Puerto Rico, San Juan, PR, to
serve as, respectively, a Public Interest Independent Director and
an Independent Director on the FHLBNY’s Board for four year
terms of office that each commence on January 1, 2020. Dr. Soaries
and Ms. Weyne both currently serve on the FHLBNY’s Board;
their terms expire on December 31, 2019.
A total of 328 FHLBNY members were eligible to vote in this
election. Of this number, 100 members voted, representing 30.49% of
total eligible voting participants. The total number of eligible
votes that could be cast for each of the two open Independent
Directorships was 14,052,453. To be elected as an Independent
Director, each candidate needed to receive at least 20 percent of
the total number of eligible votes, and this threshold was passed
by both candidates:
●
Dr.
Soaries received 5,474,622 votes, representing 38.96%
of the total number of eligible votes.
●
Ms.
Weyne received 5,088,235 votes, representing 36.21% of the total
number of eligible votes.
Biographical information provided by each of the four Directors
elected in 2019 to serve on the Board commencing on January 1, 2020
is included below for your information.
Thank you for participating in this year’s director election
process, which was our first electronic election. Your contribution
helps ensure sound and diverse representation on our Board of
Directors for the mutual benefit of the FHLBNY and all the
stockholders the FHLBNY serves.
Sincerely,
/s/
José R. González
President and Chief Executive Officer
BIOGRAPHICAL INFORMATION REGARDING
FEDERAL HOME LOAN BANK OF NEW YORK DIRECTORS
WITH TERMS COMMENCING JANUARY 1, 2020
Mr. John R. Buran is the current Chairman
of the Board of the FHLBNY and Chair of the FHLBNY Board’s
Executive Committee. Mr. Buran is Director, President and Chief
Executive Officer of Flushing Financial Corporation, the holding
company for FHLBNY member Flushing Bank (formerly Flushing Savings
Bank). He joined the holding company and the bank in 2001 as Chief
Operating Officer and he became a Director of these entities in
2003. In 2005, he was named President and Chief Executive Officer
of both entities. Mr. Buran’s career in the banking industry
began with Citibank in 1977. There, he held a variety of management
positions including Business Manager of its retail distribution in
Westchester, Long Island and Manhattan and Vice President in charge
of its Investment Sales Division. Mr. Buran left Citibank to become
Senior Vice President, Division Head for Retail Services of NatWest
Bank and later Executive Vice President of Fleet Bank’s (now
Bank of America) retail branch system in New York City, Long
Island, Westchester and Southern Connecticut. He also spent time as
a consultant and Assistant to the President of Carver Bank. Mr.
Buran is past Chairman and current Board member of the New York
Bankers Association. From 2011 to 2017 he served on the Community
Depository Institutions Advisory Council of The Federal Reserve
Bank of New York. Since 2012 he has been a member of the Nassau
County Interim Finance Authority. Mr. Buran has devoted his time to
a variety of charitable and not-for-profit organizations. He has
been a Board member of the Long Island Association, both the Nassau
and Suffolk County Boy Scouts, EAC, Long Island University, the
Long Island Philharmonic and Channel 21. He was the fundraising
Chairman for the Suffolk County Vietnam Veteran’s War
Memorial in Farmingville, New York and has been recipient of the
Boy Scouts’ Chief Scout Citizen Award. His work in the
community has been recognized by Family and Children’s
Association, and Gurwin Jewish Geriatric Center. He was also a
recipient of the Long Island Association’s SBA Small Business
Advocate Award. Mr. Buran was honored twice with St. Joseph’s
College’s Distinguished Service Award. Mr. Buran also serves
on the Advisory Board and is a former Board President of
Neighborhood Housing Services of New York City. He is a Board
member of The Korean American Youth Foundation. Mr. Buran also
serves on the Board of the Long Island Conservatory. He was
recently presented with an honorary Doctorate of Humane Letters
from St. Francis College of Brooklyn and was the recipient of the
Catholic Charities Gold Medal Award in 2019. He holds a B.S. in
Management and an M.B.A., both from New York
University.
Mr. Thomas L. Hoy is a current Director
of the FHLBNY, is Chair of the FHLBNY Board’s Strategic
Planning Committee, and also serves on the FHLBNY Board’s
Executive and Audit Committees. Mr. Hoy serves as Chairman of
FHLBNY member Glens Falls National Bank and Trust Company; he also
served as CEO of the company through December 31, 2012. He is also
Chairman of Arrow Financial Corporation, the holding company for
Glens Falls National Bank and Trust Company and FHLBNY member
Saratoga National Bank and Trust Company; he served as President of
the company through June 30, 2012 and CEO of the company through
December 31, 2012. He also became a director of North Country
Mutual Funds in 2015. Mr. Hoy joined Glens Falls National Bank in
1974 as a Management Trainee and became President of the Bank on
January 1, 1995. He became President of Arrow in 1996 and CEO in
1997. Mr. Hoy is a graduate of Cornell University and has been
active in various banking organizations, including serving as past
President of the Independent Bankers Association of New York, past
Chairman of the New York Bankers Association, and past member of
the American Bankers Association Board of Directors. Mr. Hoy served
four years on active duty in the Navy as a Surface Warfare Officer
on various destroyers, and retired after twenty years as a
Commander in the U.S. Naval Reserve. He has been extremely active
in his community, serving on numerous Boards and leading several
community fundraising efforts. He has been recognized for his
community service with the J. Walter Juckett Award from the
Adirondack Regional Chambers of Commerce, the Twin Rivers
Council’s Good Scout Award, the C.R. Wood Theater’s
Charles R. Wood Award, the Warren County Bar Association Liberty
Bell Award, and the Henry Crandall Award from the Crandall Public
Library.
Dr. DeForest B. Soaries, Jr. is a current Director
of the FHLBNY, and is Chair of the FHLBNY Board’s
Compensation & Human Resources Committee, Vice Chair of the
FHLBNY Board’s Housing Committee, and a member of the FHLBNY
Board’s Technology Committee. Dr. Soaries has served as the
Senior Pastor of First Baptist Church of Lincoln Gardens
(“FBCLG”) in Somerset, New Jersey since November 1990.
His pastoral ministry focuses on spiritual growth, educational
excellence, economic empowerment, and faith-based community
development. As a pioneer of faith-based community development, Dr.
Soaries’ impact on FBCLG and the community has been
tremendous. In 1992, he founded the Central Jersey Community
Development Corporation (“CJCDC”), a 501(c)(3)
non-profit organization that specializes in helping vulnerable
neighborhoods. In 1996, the CJCDC launched Harvest of Hope Family
Services Network, Inc. This organization seeks to develop permanent
solutions for foster children and parents. From 1999 to 2002, Dr.
Soaries served as New Jersey’s Secretary of State, making him
the first African-American male to do so. He also served as the
former chairman of the United States Election Assistance
Commission, which was established by Congress to implement the
“Help America Vote Act” of 2002. In 2005, Dr. Soaries
launched the dfree® Financial Freedom Movement. The
dfree® strategy teaches people how to break free from debt. In
2011, Dr. Soaries wrote his first book: “dfree®:
Breaking Free from Financial Slavery” (Zondervan), which
highlights his top 12 keys to debt-free living. Dr. Soaries
currently serves as an Independent Director at Independence Realty
Trust, a position he has held since February 2011. In January 2015,
he became an Independent Director of Ocwen Financial Corporation.
He is chair of the Compensation Committees at both public
companies. Dr. Soaries earned a Bachelor of Arts Degree from
Fordham University, a Master of Divinity Degree from Princeton
Theological Seminary, and a Doctor of Ministry Degree from United
Theological Seminary. Dr. Soaries resides in Monmouth Junction, New
Jersey with his wife, Donna, and twin sons.
Ms. Angela Weyne is a current Director
of the FHLBNY, and currently serves on the FHLBNY Board’s
Audit, Corporate Governance & External Affairs, Housing, and
Strategic Planning Committees. Ms. Weyne was the Commissioner of
lnsurance for the Commonwealth of Puerto Rico from January 2013
through December 2016, appointed by former Governor Alejandro
Garcia Padilla. While Commissioner, Ms. Weyne served as Vice
President of the board of the Puerto Rico State Insurance Fund
Corporation and of the Puerto Rico Health Insurance Administration,
and she presided over the board of the Puerto Rico Automobile
Accident Compensation Administration. She was also a member of
various committees of the National Association of Insurance
Commissioners and also a member of the Association of Latin
American Insurance Superintendents Association. Ms. Weyne’s
accomplishments during her 40 years of experience in the insurance
sector, which started as an actuary in the Office of the
Commissioner of Insurance, have included presiding a premium
finance company, a claims adjusting firm, a managing general agent
of which she later became owner, and presidencies of both life and
disability and property and casualty companies and the presidency
of the largest bank owned insurance agency in Puerto Rico. She was
also president of the first reinsurance company incorporated in
Puerto Rico and served as president of two health maintenance
organizations. Ms. Weyne received her bachelor’s degree in
mathematics from the University of Puerto Rico, where she also
taught mathematics. Among the entities where she has served as a
board member are the Puerto Rico Chamber of Commerce, the Puerto
Rico Association of Insurance Companies, the Universidad Central
del Caribe, the Trust of the Supreme Court of Puerto Rico, the
Puerto Rico Chapter of the World Presidents Organization as well as
the Tourism Scholarship Foundation and the School of Architecture
of the University of Puerto Rico. She has also received numerous
awards and recognitions such as the Top Management Award from the
Sales and Marketing Association of Puerto Rico, Outstanding Woman
in Business Award from the Puerto Rico Chamber of Commerce,
Outstanding Woman Award from the Girl Scouts of America, and
Successful Woman of the Year Award from El Nuevo Dia Newspaper. She
was also named National Judge for the Ernst & Young
Entrepreneur of the Year Award program. Presently, Ms. Weyne is a
consultant and serves as a member of the advisory board of Rafael
J. Nido, Inc., and a member of the board of directors of Friends of
El Yunque Foundation and of MMM Foundation.
FEDERAL
HOME LOAN BANK OF NEW YORK ● 101 PARK AVENUE ● NEW YORK, NY 10178 ● T: 212.681.6000 ● WWW.FHLBNY.COM