The Financial Structure of the Country (Form 8-K)

The Financial Structure of the Country

In January 1934, nearly two years after the establishment of the Federal Home Loan Bank System, the FHLBNY submitted our first-ever Annual Report to Members. The pages of that document contain a statement from George L. Bliss, who would soon become president of our cooperative, that brims with both pride and prescience:

"One may say without fear of challenge, that the Federal Home Loan Bank system has been firmly established as a permanent addition to the financial structure of the country."

This month, we as a nation celebrate the 250^th anniversary of America. We also mark 94 years of America's Federal Home Loan Banks. While our System remains relatively youthful compared to the U.S., there is no doubt that over the past nine decades, we have remained a key component of the financial structure of the country and critical to the realization of the American Dream.

In that same Annual Report, Mr. Bliss stated that "the primary purpose of the Federal Home Loan Bank System is to create a central reservoir of credit for home-financing institutions." Over our 94-year history, our membership has expanded and diversified, as have the ways in which our members support housing finance. Our mission has also grown to include furthering our support for housing and community development through a range of grant programs. But the liquidity mission Mr. Bliss referred to in 1934 remains the same in 2026 - and it is through the execution of that mission that the Federal Home Loan Banks have made our most significant and lasting contributions to the story of America.

We make this impact in partnership with our members. Throughout its history, America has always grown through local investment, and across the nation, local financial institutions have always been the backbone of the communities they serve. Our membership alone includes one institution that was founded in 1784, and others that have served their customers since the first half of the 19^th Century. From rural towns to urban centers, the story of America has been underwritten by the local lender.

For 94 years, the Federal Home Loan Banks have stood behind these institutions as the local lender for these local lenders, our reliable liquidity flowing out to our members and turning into the mortgages, small business loans and other lending products that have built the communities that comprise our country.

A Shared Story, Told Through the Member Voice

Our very first Annual Report outlined the purpose of the FHLBanks. Our most recent shows that purpose in action through a series of member testimonials on what their FHLBNY membership means to them:

Over the coming weeks, as the FHLBanks celebrate our 94^th year, we will showcase member stories on our social media channels. Local lenders have been instrumental to our country's success since its founding, and for nearly a century, the FHLBanks have worked alongside these vital institutions to amplify their impact. As both the owners and clients of our cooperative, and those who are putting our funding to work in the communities we all serve, our members represent the most compelling voice in the FHLBank story. Our shared story is one worth telling.

Sincerely,

Randolph C. Snook

President and Chief Executive Officer