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FEDERAL HOME LOAN BANK OF NEW YORK NAMES DELLIBOVI PRESIDENT

 FEDERAL HOME LOAN BANK OF NEW YORK NAMES DELLIBOVI PRESIDENT
 NEW YORK, Nov. 2 /PRNewswire/ -- Neil D. Levin, chairman of the board of directors of the Federal Home Loan Bank of New York (FHLBNY) announced today the election of Alfred A. DelliBovi to the position of president and chief executive officer of the New York Federal Home Loan Bank.
 "Al DelliBovi brings exactly the right mix of high level managerial skills and in-depth financial knowledge to help the New York Bank meet its housing finance mission in this rapidly changing environment," said Mr. Levin.
 FHLBNY is one of 12 Federal Home Loan Banks in the Federal Home Loan Bank System. It is the second largest in the nation, with close to $20 billion in assets. The FHLBNY serves the public purpose of enhancing the availability of residential mortgage credit by providing a readily available, low-cost source of funds to customer institutions in New York, New Jersey, Puerto Rico and the Virgin Islands.
 "I am delighted to be returning to New York and assuming the reigns of so successful an institution," said Mr. DelliBovi. "The New York Bank has been an innovator in community investment and affordable housing finance and the bank overall has been highly profitable and well managed. It has a well-regarded, professional staff that has consistently produced favorable results for its stockholders, the home financing institutions of the second district. This has been regularly acknowledged by the customer institutions, many of which are affiliated on a voluntary basis. These institutions are highly competitive in their field. It will be a challenge for me to see to it that the bank continues to be responsive to their ever-evolving financing needs. I am looking forward to it."
 Mr. Levin said, "The board of directors of the bank is grateful to Harold J. Fletcher, first senior vice president and chief financial officer, who did an outstanding job as acting president since August. He will resume his regular assignment on Mr. DelliBovi's assumption of duties on November 23, 1992."
 Currently, Mr. DelliBovi is the deputy secretary of the Department of Housing and Urban Development (HUD), Secretary Jack Kemp's chief operating officer. He has been serving as the second-in-command at HUD since June 1989.
 From 1981 to 1984, Mr. DelliBovi was the New York regional administrator of the Department of Transportation's Urban Mass Transportation Administration (UMTA). In 1984 he was tapped to be UMTA's deputy administrator and became administrator in 1987.
 Mr. DelliBovi also was elected to four terms in the New York State Assembly where he served on the banking committee. A native New Yorker, he graduated from Fordham College and holds a Master of Public Administration degree from Baruch College (City University of New York). Mr. DelliBovi is married to the former Elizabeth Power of Belle Harbor, N.Y. They have two children, Robert and Christine.
 -0- 11/2/92
 /CONTACT: Eugene J. Sherman of Federal Home Loan Bank of New York, 212-912-4605/ CO: Federal Home Loan Bank of New York ST: New York IN: FIN SU: PER


LD -- NY085 -- 1789 11/02/92 17:06 EST
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Publication:PR Newswire
Date:Nov 2, 1992
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