A senior executive at OFG Bancorp (OFG) in San Juan, Puerto Rico, is moving to the top ranks of the Federal Home Loan Bank of New York.

Jose Ramon Gonzalez will join the Home Loan bank as executive vice president on Oct. 15, according to a press release Monday. Gonzalez is being groomed as the next chief executive of the government-sponsored bank, which helps lenders in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands provide low-cost mortgages and community loans.

"[Gonzalez] is uniquely qualified to become CEO when I retire," current CEO Alfred DelliBovi said in the release. "Today we shift from planning succession to planning the transition." Gonzalez has a substantial history with the Home Loan bank. He has been on its board since 2004 and served as its vice chairman since 2008, a position from which he plans to resign at the end of September.

DelliBovi's retirement date has not been set, a spokesman for the bank said Tuesday.

"It is an honor to become a member of the senior management team at one of the best Federal Home Loan banks," Gonzalez said in the release. "I'm looking forward to working with the bank's board, President Al DelliBovi and the management team to continue to advance our members' goals, generate fair returns and fulfill our congressional charter of supporting community lending in New Jersey, New York, Puerto Rico and the U.S. Virgin Islands. As we have seen in recent years, responsible lending is a critical element for a good economy."

Gonzalez currently serves as senior executive vice president of banking and corporate development at OFG (formerly Oriental Financial Group), where he has worked since 2010. He will step down from his position on Oct. 4, according to the $8.4 billion-asset company. He has also served as president and CEO of Santander BanCorp, a bank holding company, and as president and CEO of Credit Suisse First Boston's Puerto Rico operations.

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