Federal Home Loan Bank of New York Member Director Resigns After Bank Merger

What Happened
The Federal Home Loan Bank of New York (FHLBNY) filed an 8-K (Item 5.02) stating that FHLBNY New York Member Director Steven M. Klein resigned from the FHLBNY Board effective at the close of business on July 20, 2026. Mr. Klein’s resignation follows the merger of Northfield Bank (an FHLBNY New York member) with and into Columbia Bank (an FHLBNY New Jersey member), which caused Northfield to cease being an FHLBNY member. Mr. Klein had served as Chairman, President and Chief Executive Officer of Northfield Bank and qualified as a Member Director based on that role.

Key Details

• Resignation filed under Item 5.02: Departure of Directors or Certain Officers.
• Resigning director: Steven M. Klein, effective close of FHLBNY business on July 20, 2026.
• Reason: Northfield Bank (his member institution) merged into Columbia Bank, so Northfield ceased FHLBNY membership.
• Mr. Klein qualified as a Member Director by virtue of being Chairman, President and CEO of Northfield Bank.

Why It Matters
This is a governance change: the Board loses a Member Director position because FHLBNY Member Directors must be officers or directors of a current FHLBNY member institution. For investors and members, the departure is procedural—tied to the bank merger—rather than an operational or financial disclosure about FHLBNY itself. The resignation creates a board vacancy that FHLBNY will address under its director appointment rules.