FHLB Announces Second QuarterPayout

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ALBANY, N.Y. - (08/02/04) -- The Federal Home Loan Bank of NewYork said Friday it will pay its members a 2.08% dividend for thesecond quarter, up from the 1.58% payout made in the fist quarter.The New York bank told its 340 members, including 28 credit unions,the payout will be below 2% for the remaining two quarters of theyear. The New York bank said it has been hurt by the acquisition oftwo of its biggest borrowers, Dime Savings Bank and Summit Bank asmembers, which were acquired by lending institutions (WashingtonMutual and Fleet Bank) who have membership in other Home LoanBanks.

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