FHLBNY Announces Board of Directors Election Results: C. Cathleen Raffaeli, Rev....

FHLBNY Announces Board of Directors Election Results: C. Cathleen Raffaeli,
Rev. Edwin C. Reed, and Dr. DeForest B. Soaries, Jr., Elected to Serve as
Independent Directors

NEW YORK, Jan. 5 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of New
York ("FHLBNY") announced today that Ms. C. Cathleen Raffaeli, Rev. Edwin C.
Reed, and Dr. DeForest B. Soaries, Jr., have each been elected by the FHLBNY's
members to serve as Independent Directors on the Board of Directors of the
FHLBNY commencing on January 1, 2009. This election marks the first time that
the FHLBNY's members were able to vote for open independent director seats on
the FHLBNY's Board; previously, these directors were selected by the FHLBNY's
regulator.

The terms of Ms. Raffaeli and Rev. Reed will each be for four years, and Dr.
Soaries' term will be for three years. Ms. Raffaeli and Rev. Reed presently
serve on the Board; their current terms expire on December 31, 2008. In
addition, Rev. Reed will serve as a public interest director; public interest
directorships are a subset of the independent directorship.

C. Cathleen Raffaeli has been the President and Managing Director of the
Hamilton White Group, LLC, since 2002. The Hamilton White Group is an
advisory firm dedicated to assisting companies grow their businesses and
pursue new markets. From 2004 to 2006, she was also the President and Chief
Executive Officer of the Cardean Learning Group. Additionally, she served as
the President and Chief Executive Officer of Proact Technologies, Inc., from
2000 to 2002 and Consumer Financial Network from 1998 to 2000. Ms. Raffaeli
also served as the Executive Director of the Commercial Card Division of
Citicorp and worked in executive positions in Citicorp's Global Transaction
Services and Mortgage Banking Divisions from 1994 to 1998. She has also held
senior positions at Chemical Bank and Merrill Lynch. Ms. Raffaeli serves on
the Board of Directors of E*Trade, American Home Mortgage Holdings, Inc., and
Indecomm Global, a privately held company.

Rev. Edwin C. Reed has served as CEO of the Greater Allen Development
Corporation ("Allen Corporation") since July 2007. The Allen Corporation,
with funding of more than $31 million, annually rehabilitates communities by
sponsoring affordable housing, developing and managing 14 commercial stores,
operating a community service center, and providing quality education for over
500 students. Rev. Reed was previously the Chief Financial Officer of Greater
Allen AME Cathedral, located in Jamaica, Queens, New York, from 1996 to July
2007. From 1986 to 1995, Rev. Reed served as the campaign manager and Chief
of Staff for Congressman Floyd Flake. Prior to becoming involved in public
policy, Rev. Reed managed a $6 billion liquid asset portfolio for General
Motors and was a financial analyst for Chevrolet, Oldsmobile, Pontiac,
Cadillac, Buick, and GM of Canada. Rev. Reed gained his initial financial
experience as a banker at First Tennessee Bank in Memphis, Tennessee. He
currently serves on the following organizations: Commission Member, New York
City Traffic Mitigation Congestion Commission; Vice Chairman of Board of
Trustees, Hofstra University; Chairman, Jamaica Business Resource Center;
Treasurer, Outreach Project; and Board Member, JP Morgan Chase Bank National
Community Advisory Board; Board Member, Wheelchair Charities; Board Member,
Allen Transportation; Board Member, Allen Women's Resource Center; and Board
Member, Allen Housing Development Corporation.

Dr. DeForest B. Soaries, Jr., is the Senior Pastor of the First Baptist Church
of Lincoln Gardens in Somerset, New Jersey. A pioneer of faith-based
community development, Dr. Soaries has led First Baptist in the construction
of a new $20 million church complex and the formation of many not-for-profit
entities to serve the community surrounding the church. Dr. Soaries'
ministry's initiatives include recruiting 325 families to become foster
parents to 500 children; helping 200 children find adoptive parents;
constructing 124 new homes for low- and moderate-income residents to own;
redeveloping 150,000 square feet of commercial real estate; operating the
Central New Jersey STRIVE program for job readiness; serving hundreds of youth
in an after- school center and homework club; forming a youth entrepreneurship
program; and organizing a community development credit union. From January
12, 1999, to January 15, 2002, Dr. Soaries served as New Jersey's 30th
Secretary of State. In 2004, he also served as the first chairman of the
United States Election Assistance Commission, having been appointed by the
President and confirmed by the United States Senate.

The Federal Home Loan Bank of New York is a Congressionally chartered, $130
billion, wholesale Bank. It is part of the Federal Home Loan Bank System, a
national wholesale banking network of 12 regional, stockholder-owned banks.
The Federal Home Loan Bank of New York serves 307 community lenders in New
Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of
the Home Loan Bank is to advance housing opportunity and local community
development by maximizing the capacity of community-based member-lenders to
serve their markets.

CONTACT: Eric Amig
(212) 441-6807
Brian Finnegan
(212) 441-6877

SOURCE Federal Home Loan Bank of New York

Eric Amig, +1-212-441-6807, or Brian Finnegan, +1-212-441-6877, both of
Federal Home Loan Bank of New York