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| 8-K - PRIMARY DOCUMENT - Federal Home Loan Bank of New York | Director_Election-2018.htm |
2018
Director Election Report
November
8, 2018
Dear
Stockholder:
The Federal Home Loan Bank of New York (“FHLBNY”) is
pleased to announce that Mr. Kevin Cummings, Mr. Christopher
Martin, Mr. Richard S. Mroz and Mr. David J. Nasca have been
re-elected,
and Mr. David R. Huber has been elected, to serve on the Board of
Directors (“Board”) of the FHLBNY commencing on January
1, 2019. Details follow below.
1.
Mr.
Cummings, Chairman
and CEO, Investors Bank, Short Hills, NJ, was re-elected by the
FHLBNY’s eligible New Jersey members on November 5, 2018 to
serve on the FHLBNY’s Board as a Member Director representing
New Jersey for a four year term of office commencing on January 1,
2019. Mr. Cummings currently serves on the FHLBNY’s Board;
his term expires on December 31, 2018.
In addition, Mr. Martin, Chairman,
President and CEO, Provident Bank, Iselin, NJ, was also re-elected by the
FHLBNY’s eligible New Jersey members on November 5, 2018 to
serve on the FHLBNY’s Board as a Member Director representing
New Jersey for a four year term of office commencing on January 1,
2019. Mr. Martin currently serves on the FHLBNY’s Board; his
term expires on December 31, 2018.
A total
of 111 FHLBNY members in New Jersey were eligible to vote in this
election. Of this number, 68 members voted, representing 61.26% of
total eligible voting participants. The total number of eligible
votes that could be cast for each of the two open New Jersey Member
Directorships was 2,804,057. Mr. Cummings received 1,915,726 votes
and Mr. Martin received
1,850,708 votes.
In addition to Messrs. Cummings and Martin, Mr.
Ernest D. Huggard, CEO and President of South Jersey Federal
Credit Union, Deptford, NJ, was on the
ballot; he received 133,342 votes.
2.
Mr.
Nasca, President
and CEO, Evans Bank, National Association, Hamburg, NY, was
re-elected
by the FHLBNY’s eligible New York members on November 5, 2018
to serve on the FHLBNY’s Board as a Member Director
representing New York for a four year term of office commencing on
January 1, 2019. Mr. Nasca currently serves on the FHLBNY’s
Board; his term expires on December 31, 2018.
A total
of 212 FHLBNY members in New York were eligible to vote in this
election. Of this number, 110 members voted, representing 51.89% of
total eligible voting participants. The total number of eligible
votes that could be cast for the open New York Member Directorship
was 10,535,266. Mr. Nasca received 3,311,771 votes.
In
addition to Mr. Nasca, these candidates were on the ballot: Mr.
Michael J. Ciriello, President and CEO of Hudson Heritage Federal
Credit Union, Middletown, NY, who received 650,478 votes; and Mr.
John M. Tolomer, President and CEO of The Westchester Bank, White
Plains, NY, who received 1,248,885 votes.
3.
Eligible
members
throughout the FHLBNY’s membership district (New York, New
Jersey, Puerto Rico and the U.S. Virgin Islands) on November 5,
2018 elected Mr. Huber, Senior Vice President and CFO of Horizon
Blue Cross Blue Shield of New Jersey, Newark, NJ, and re-elected
Mr. Mroz, Managing Director of Resolute Strategies, LLC,
Haddonfield, NJ, to serve on the FHLBNY’s Board for four year
terms of office that commence on January 1, 2019. Mr. Mroz
currently serves on the FHLBNY’s Board; his term expires on
December 31, 2018.
A total of 330
FHLBNY members were eligible to vote in this election. Of this
number, 182 members voted, representing 55.15% of total eligible
voting participants. The total number of eligible votes that could
be cast for each of the two open Independent Directorships was
13,783,650. 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:
●
Mr. Huber received 6,765,476 votes,
representing 49.08% of the total
number of eligible votes.
●
Mr.
Mroz received 6,513,479 votes, representing 47.26% of the total
number of eligible votes.
Biographical information provided by each of the five Directors
elected in 2018 to serve on the Board commencing on January 1, 2019
is attached for your information.
Thank you for participating in this year’s director election
process. 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
FEDERAL
HOME LOAN BANK OF NEW YORK ● 101 PARK AVENUE ● NEW YORK, NY 10178 ● T: 212.681.6000 ● WWW.FHLBNY.COM
BIOGRAPHICAL INFORMATION REGARDING
FEDERAL HOME LOAN BANK OF NEW YORK DIRECTORS
WITH TERMS COMMENCING JANUARY 1, 2019
Mr. Kevin
Cummings was
appointed Chairman of the Board of Directors and Chief Executive
Officer of Investors Bancorp and FHLBNY member Investors Bank
effective May 22, 2018. He previously served as President and Chief
Executive Officer of these companies since January 1, 2008 and was
appointed to serve on the boards of these companies on the same date.
Prior to 2008, he served as Executive Vice President and Chief
Operating Officer of Investors Bank since July 2003. Prior to joining Investors Bank, Mr. Cummings had
a 26-year career with the independent accounting firm of KPMG LLP,
where he had been partner for 14 years. Immediately prior to
joining Investors Bank, he was an audit partner in KPMG’s
Financial Services practice in their New York City office and lead
partner on a major commercial banking client. Mr. Cummings also
worked in the New Jersey community bank practice for over 20 years.
Mr. Cummings has a Bachelor’s degree in Economics from
Middlebury College and a Master’s degree in Business
Administration from Rutgers University. Mr. Cummings has served as
a Commissioner on the Summit Board of Recreation. He is a Trustee
of The Scholarship Fund for Inner-City Children, a Trustee of the
Liberty Science Center, and the former Chairman of the Board of the
New Jersey Bankers Association. He is also a board member of the
Independent College Fund of New Jersey and The Community Foundation
of New Jersey. He also serves as a member of the Development
Leadership Council of Morris Habitat for Humanity. Mr. Cummings is
a certified public accountant. He has served on the Board of
Directors of the FHLBNY as a Member Director representing New
Jersey members since 2014.
Mr. David R. Huber currently serves as Senior Vice President
and Chief Financial Officer of Horizon Blue Cross Blue Shield of
New Jersey (Horizon), which is New Jersey’s largest health
insurer. He has been with Horizon since 2002 and served as Vice
President of Finance before being promoted to CFO in 2012. Mr.
Huber is retiring from Horizon at the end of this year.
Mr.
Huber was formerly a Partner with the independent public accounting
firm of Arthur Andersen LLP. Immediately prior to joining Horizon,
he was an audit partner in Arthur Andersen’s Financial
Services practice in Metro New York, where he lead the insurance
industry practice and served clients in the insurance and banking
industries. Mr. Huber has a Bachelor’s degree in Accounting
from Lehigh University and is a CPA. Mr. Huber serves as Co-Chair
of the Board of Trustees of the New Jersey Symphony Orchestra. He
served on the board of the New Jersey Economic Development
Authority and was Chair of the Loan Committee and the Audit
Committee. Mr. Huber’s
auditing and accounting and financial management experience support
his qualifications to serve on the Board as an Independent
Director.
Mr. Christopher Martin is
chairman, president and chief executive officer of Provident
Financial Services, Inc. and FHLBNY member Provident Bank, New
Jersey’s oldest state-chartered bank. He has been in the
banking industry for over 35 years. Mr. Martin previously served as
president and chief executive officer of First Sentinel Bancorp,
Inc., which was acquired by Provident Financial Services, Inc. in
July 2004. Beginning with First Sentinel in 1984 as
controller, Mr.
Martin advanced and was appointed president of First Sentinel
Bancorp and its subsidiary, First Savings Bank, in 2003. Prior to
his banking career, Mr. Martin worked for Johnson & Johnson in
inventory control and as a financial analyst. Mr. Martin serves on
the board of directors of the New Jersey Bankers Association. In
addition, he serves on the Federal Reserve Community
Depository
Institutions Advisory Council and the ICBA’s Large Community
Bank Council. He also dedicates much of his spare time helping to
improve the community. Mr. Martin is a vice president
of The 200 Club of Middlesex County, which provides financial
assistance and scholarships to families of law enforcement, fire
and public safety officials. He serves on the board of trustees and
the executive committee of Elon University, and is a past president
of the alumni board. Mr. Martin volunteers at local food pantries
and Habitat for Humanity build sites. He also spends time teaching
financial literacy to high school students at inner city schools.
Mr. Martin is president of The Provident Bank Foundation, which,
since its founding in 2003, has provided more than $23 million in
grants for programs focusing on community enrichment, education,
and health, youth and families in New Jersey and Pennsylvania. Mr.
Martin has been honored for his philanthropic endeavors as a
recipient of the New Jersey State Governor’s Jefferson Awards
for Public Service, has been honored by the National MS Society,
the American Jewish Committee, The Scholarship Fund for Inner-City
Children, Habitat for Humanity, Boys and Girls Club of America,
Project Live and Felician College. Mr. Martin received a
bachelor’s degree in accounting and business from Elon
University and holds a MBA from Monmouth University. He has served
on the Board of Directors of the FHLBNY as a Member Director
representing New Jersey members since 2015.
Mr. Richard S. Mroz has a long career in law, government,
and public service. His experiences are as a regulator, lawyer,
lobbyist and consultant. He is Managing Director (and Founding
Member) of Resolute Strategies, LLC, a regulatory and public
affairs consulting business based in New Jersey. He provides strategic advice to
clients on issues including energy markets and energy technologies,
cybersecurity, water & wastewater policy, and infrastructure
development and financing. He continues to provide public service
having been appointed in July 2018, by Energy Secretary Rick Perry
as a member of the U.S. Department of Energy Electric Advisory
Committee, which provides advice to the Department regarding
modernizing the nation's electricity delivery infrastructure. He is
the immediate past President of the New Jersey Board of Public
Utilities (NJBPU), serving as chairman and chief administrative
officer of the agency and functioning as the chief energy officer
for New Jersey. He was President of the NJBPU from October 2014
until January 2018, and remained as a Commissioner until April
2018. Prior to becoming President of the NJBPU, he worked in
private practice as a lawyer and lobbyist as Managing Director of
Archer Public Affairs LLC in Trenton, New Jersey and as Of Counsel
to Archer & Greiner P.C., in Haddonfield, New Jersey. Previous
New Jersey-related government service included serving as the full
time Solicitor for Camden County, New Jersey and as a Commissioner
of the Delaware River & Bay Authority;he also served as Chief
Counsel to Governor Christine Todd Whitman after serving in various
capacities in her Administration. He is a graduate of the
University of Delaware, and holds a J.D. from the Villanova School
of Law. He has served as an Independent Director on the Board of
Directors of the Federal Home Loan Bank of New York since
2002. Mr. Mroz’s
legal and regulatory experience support his qualifications to serve
on the Board as an Independent Director.
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Mr. David J. Nasca is President and Chief Executive Officer
of Evans Bancorp, Inc. and FHLBNY member Evans Bank, N.A., a
nationally chartered bank and wholly-owned subsidiary of Evans
Bancorp. He joined the management team as President in December
2006, and CEO in April 2007, bringing over 30 years of experience
in the Western New York banking and financial services industry.
Prior to joining Evans, Mr. Nasca spent 11 years at First Niagara
Financial Group serving as Executive Vice President of Strategic
Initiatives, where he was integrally involved in the development of
strategic plans for the organization, implementation of
First Niagara’s
merger and acquisition efforts and management of its
enterprise-wide risk management program. While at First Niagara,
Mr. Nasca also served as President and CEO of its subsidiary,
Cayuga Bank, shortly after it was acquired by First Niagara, as
well as Regional President in Central New York. Previous to that
role, he served as First Niagara’s Senior Vice President
and Treasurer. Mr.
Nasca has interacted with the Federal Home Loan Bank of New York
for over 30 years in his
various roles pertaining to treasury management. He earned his MBA
in Finance from the State University of New York at Buffalo and a
BS in Management/Marketing from Canisius College. Mr. Nasca is a
member of the Independent Bankers Association of New York State,
having previously served as a member of the Board of Directors and
President (2012 - 2013), and is a member of the New York Bankers
Association, serving as Chair (2011 - 2012) and Vice-Chair (2010 -
2011) of the New York Bankers Association Service Corporation. Mr.
Nasca was a member of the Board of Directors of the New York
Business Development Corporation from 2012 to January 2015. Mr.
Nasca has extensive community involvement as a board member of the
Buffalo Niagara Partnership; Lifetime Healthcare Companies; Univera
Healthcare Advisory Board; and Buffalo Urban Development
Corporation, also serving as a member of its Finance and Audit
Committee. He served as a member of the Catholic Charities Board of
Trustees for 10 years, also serving as Treasurer, and was Chair of
the Catholic Charities Annual Diocesan Appeal in 2011 and Corporate
Campaign Chair from 2008 to 2010. Additionally, Mr. Nasca is a
member of the Board of Trustees of Canisius College and the Richard
J. Wehle School of Business Advisory Board. He has served as a
Member Director on the Board of Directors of the FHLBNY
representing New York member since 2015.
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