CINCINNATI, Oct. 7, 2008 (GLOBE NEWSWIRE) -- Grange Insurance (Grange) has been approved for membership at the Federal Home Loan Bank of Cincinnati (FHLBank Cincinnati). Rated A (Excellent) by A.M. Best, Columbus-based Grange is the 18th insurance company to join the FHLBank Cincinnati and is among more than 180 insurance companies in the 12-district FHLBank System.
Membership allows Grange to take advantage of the FHLBank Cincinnati's product line of financial services, including low-cost advances (secured loans) that can be used for asset/liability management.
"We are pleased to have such a highly regarded insurance company as a member of the Federal Home Loan Bank of Cincinnati," said David Hehman, CEO of the FHLBank. "Membership offers Grange 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."
"We're pleased to be a member of the Federal Home Loan Bank of Cincinnati," said Phil Urban, Grange President and CEO. "This membership will give us additional financial flexibility and resources to serve our policyholders and agents."
About Grange Insurance
Grange Insurance (Grange Mutual Casualty Company), based in Columbus, Ohio, is a $1 billion-plus insurance provider. Through its network of independent agents, Grange offers auto, home, life, business and farm insurance protection through Grange Insurance and Integrity Insurance. The company serves policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and Wisconsin. For more information, visit www.grangeinsurance.com.
About the Federal Home Loan Bank of Cincinnati
The FHLBank Cincinnati is a $95 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 728 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $287 million for the creation of 45,000 units of lower-income housing through its Affordable Housing Program since 1990, and $9 million to help 1,108 people 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, legislative or regulatory developments concerning the FHLBank System, competitive forces and other risks detailed from time to time in the FHLBank'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 undertakes no obligation to update any such statements.