Profits Surge at FHLB Promises Higher Payout
ALBANY, N.Y. – The Federal Home Loan Bank of New York announced Friday that net income rose 25% for its fourth quarter, to $7 million, allowing the bank to boost its dividend for the quarter to a healthy to 7%. The cash dividend will be paid the New York Bank’s 291 members financial institutions, including 40 credit unions. The Bank paid a 6.25% dividend for its third quarter. The FHLBank of New York said it earned $285.2 million for the year, up 24% from 2005.