CINCINNATI, June 3, 2008 (PRIME NEWSWIRE) -- Protective Life Insurance Company (Protective Life) has been approved for membership at Federal Home Loan Bank of Cincinnati (FHLBank). Protective Life is the 14th insurance company to join FHLBank and is among more than 156 insurance companies in the 12-district FHLBank system. With $26.2 billion in statutory admitted assets as of March 31, 2008, Protective Life is the largest subsidiary of Protective Life Corporation, a NYSE-traded financial services company that provides a range of financial products including term life insurance, universal life insurance, annuities and asset protection products.
Membership allows Protective Life to take advantage of FHLBank's product line of financial services, including low-cost advances that can be used for liquidity management, funding agreements and general asset/liability management.
"We are pleased that a high-quality insurance company such as Protective Life has chosen to join the Federal Home Loan Bank of Cincinnati," said David Hehman, CEO of FHLBank. "Membership offers Protective Life an excellent source of reliable, low-cost wholesale credit that provides efficient alternatives for managing liquidity, expanded product offerings, interest rate risk mitigation and overall asset/liability management."
Richard J. Bielen, Vice Chairman and CFO of Protective Life commented, "We are excited about the opportunity to join the Federal Home Loan Bank. Membership in the Federal Home Loan Bank expands our portfolio of liquidity sources and will help us continue to efficiently manage our balance sheet."
About Protective Life Insurance Company
Founded in 1907, Protective Life Insurance Company is the largest operating subsidiary of Protective Life Corporation of Birmingham, Alabama. Protective Life provides financial services through the production, distribution and administration of insurance and investment products throughout the United States.
About the Federal Home Loan Bank of Cincinnati
The FHLBank is a $94 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 726 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $279.9 million for the creation of 43,543 units of lower-income housing through its Affordable Housing Program since 1990, and $7.5 million to help 1,040 persons become first-time homebuyers through the American Dream Homeownership Challenge. The FHLBank System includes 12 district Banks, is wholly owned by its 8,100 member institution stockholders and does not use taxpayer dollars.
This news release may contain forward-looking statements that are subject to risks and uncertainties including, but not limited to, the effects of economic market conditions on demand for the FHLBank's products or the financial condition or results from operations of Protective Life, legislative or regulatory developments concerning the FHLBank System, competitive forces and other risks detailed from time to time in the FHLBank's and Protective Life's filings with the Securities and Exchange Commission. The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLBank and Protective Life undertake no obligation to update any such statements.