FHLB New York Jacks Up Second QuarterPayout

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NEW YORK - (07/24/06) – The Federal Home Loan Bank ofNew York announced Friday it will hike its second quarter dividendto 5.75%, the highest in five years. The dividend, a total of $54million, will be paid in cash on July 31, to the bank's 300members, including 40 credit unions, in New York, New Jersey,Puerto Rico and the U.S. Virgin Islands. The second quarter payoutcompares to a 5.25% dividend for the first quarter of 2006, and 5%for the first quarter of this year. The New York Bank's secondquarter payout, compares to dividends rates of 5.6% paid by theAtlanta Bank; 5.08% by San Francisco and 4.91% byDallas.

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