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TENTH NEW STOCKHOLDER JOINS FEDERAL HOME LOAN BANK OF NEW YORK

 TENTH NEW STOCKHOLDER JOINS FEDERAL HOME LOAN BANK OF NEW YORK
 NEW YORK, Dec. 4 /PRNewswire/ -- Brian Dittenhafer, president of the Federal Home Loan Bank of New York (FHLBNY), announced that with the recent addition of three new stockholders, 10 institutions with combined assets of $5.128 billion have become members of the FHLBNY since the enactment of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in 1989. The FIRREA legislation expanded stockholder eligibility to commercial banks and credit unions that have a significant commitment to home-mortgage finance.
 The three new stockholders, with combined assets of $821 million, are:
 Bridgehampton National Bank, Bridgehampton, N.Y.
 First National Bank of Glens Falls, Glens Falls, N.Y.
 Olympian Bank, New York, N.Y.
 "We are delighted to welcome our new stockholders," said Dittenhafer. "They are attracted by our AAA/Aaa credit ratings from Standard & Poor's and Moody's, respectively. As customers, they will be able to borrow large amounts of funds from us for short and long maturities at very competitive interest rates, advancing their housing finance mission, and thereby benefiting their customers and their communities."
 Among the 10 new stockholders are a savings bank, a credit union and eight commercial banks. Nine of the new stockholders joined in 1991.
 The Federal Home Loan Bank of New York provides low-cost financing and other banking services to stockholding institutions in support of affordable housing for Americans in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. On June 30, 1991, the bank had $1.4 billion in capital and $20.17 billion in assets. In 1990, it paid more than $121 million in dividends to its stockholders. The dividend rate was 9.01 percent.
 -0- 12/4/91
 /CONTACT: Eugene J. Sherman of FHLBNY, 212-912-4605/ CO: Federal Home Loan Bank of New York ST: New York IN: FIN SU:


JT -- NY005 -- 9036 12/04/91 09:01 EST
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Publication:PR Newswire
Date:Dec 4, 1991
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