CINCINNATI, Oct. 19, 2006 (PRIMEZONE) -- The Federal Home Loan Bank of Cincinnati's board of directors announced the results of the FHLBank's 2006 director elections. One director was re-elected, and two new directors were elected.
Members voted for one director from Ohio and two from Kentucky. Each director will serve a three-year term beginning in 2007.
Members in Kentucky re-elected one director and elected one new director. Re-elected to a second term was B. Proctor Caudill, Jr., director of Kentucky Bank in Paris, Ky. Mr. Caudill was first elected to the FHLBank's board in 2003.
Elected to his first term on the board was Billie W. Wade, president and CEO of Citizens Union Bank in Shelbyville, Ky. Mr. Wade succeeds Charles Beach Jr., chairman of Peoples Exchange Bank of Beattyville, Beattyville, Ky. Mr. Beach was first elected to the board in 1997 and will retire from the board at the end of the year after serving three terms.
Newly elected from Ohio was William J. Small, chairman and CEO of First Federal Bank of the Midwest in Defiance, Ohio. Mr. Small succeeds Charles J. "Bud" Koch, chairman of Charter One Bank, N.A., of Cleveland, who was elected to the board in 1997 and leaves the board after serving three three-year terms. This was his second stint on the FHLBank's board, as he was first elected in 1989 and served three two-year terms. Mr. Koch has been chairman of the FHLBank's board since 2005.
The FHLBank board has 16 members, 10 of whom are elected by member institutions, and six "public interest" directors who are appointed by the Federal Housing Finance Board. Of the 10 elected directors, six are from Ohio, two are from Kentucky and two are from Tennessee. There are currently four vacancies among the public interest directors. Directors serve staggered three-year terms, and elected directors may serve no more than three consecutive terms. The Chairman and Vice Chairman serve two-year terms and are elected by the FHLBank board.
The FHLBank is a $78.2 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 738 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $223.5 million for the creation of 37,717 units of lower-income housing through its Affordable Housing Program since 1990, and $4.5 million to help 879 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.