CINCINNATI, Dec. 27, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Cincinnati's Board of Directors announced the results of the FHLBank's 2010 director elections. Members elected two new Member directors from Tennessee and re-elected one from Ohio. In addition, members elected two Independent directors. Each director will serve a four-year term beginning January 1, 2011.
Elected by Tennessee members were James A. England and William S. "Sammy" Stuard. Mr. England is chairman, president, and CEO of Decatur County Bank, an $84 million commercial bank headquartered in Decaturville, Tenn. He has been active in the Tennessee Bankers Association for two decades and served as chairman 2004-2005. Mr. England also served two terms on the board of directors of the Memphis Branch of the Federal Reserve Bank of St. Louis. He is a member and former chairman of the Jackson State Community College Foundation in Jackson, Tennessee, and is a trustee for Lambuth University, also in Jackson. He is a member of the Southwest Tennessee Development District and is chairman of the Decatur County Industrial Finance Board. This will be his first term as a Member director on the FHLBank board.
Mr. Stuard is president and CEO of F&M Bank, an $810 million commercial bank headquartered in Clarksville, Tenn. With over 30 years' experience in the banking industry, he was recognized as an American Banker's "Community Banker of the Year" in 2007. Also active in the Tennessee Bankers Association, Mr. Stuard served as chairman 2008-2009. He was elected a Montgomery County Commissioner, has served as chairman of the Clarksville-Montgomery County Industrial Development Board and chairman of the Clarksville Economic Development Council. Stuard served as director and past chairman of the Downtown District Partnership, helping to direct the renewal of Clarksville's downtown districts in the aftermath of damage from a 1999 tornado. This will be his first term as a Member director on the FHLBank board.
Re-elected by Ohio members was James R. DeRoberts, chairman of The Arlington Bank, a $191 million-asset savings bank based in Upper Arlington, Ohio. In addition to his position at Arlington Bank, Mr. DeRoberts is a partner in Gardiner Allen DeRoberts Insurance LLC, an independent insurance agency in Columbus, Ohio. He is currently a director of the Upper Arlington Education Foundation, and he recently accepted an appointment to the Miami University Foundation board of directors. This will be his second term as a Member director on the FHLBank board.
Elected as at-large Independent directors were Charles "Bud" Koch and Carl F. Wick. Mr. Koch, who previously was elected as a Member director and later appointed to the board as an Independent director, was elected to serve his second term as an Independent director. Mr. Koch retired in 2004 as chairman of Charter One Bank, N.A., of Cleveland, and currently is a director of the Royal Bank of Scotland Plc and Assurant Inc. Mr. Koch is also chairman of Case Western Reserve University and a board member of John Carroll University, both in Cleveland. He is past chairman of Neighborhood Progress Inc. and Village Capital Corp., both of which assist with affordable housing and community investment in Cleveland.
Mr. Wick is principal/owner of Wick and Associates Business Consulting, Centerville, Ohio, and is chairman of the FHLBank's Board of Directors. A retired executive of NCR Corporation in Dayton, Ohio, Mr. Wick served on the Ohio Board of Education for eight years. He is also a partner in Gwinnie Lou Stables, a standardbred horse breeding and racing farm. Mr. Wick was first appointed to the board in 2003 and was reappointed three more times. He served as the board's vice chair 2005-2006 before being elected chairman in 2007. He chairs the board's Personnel Committee and is a representative of our FHLBank to the Council of Federal Home Loan Banks.
The FHLBank is a $66 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 732 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed more than $400 million for the creation of 54,000 units of lower-income housing through its Affordable Housing Program since 1990, and more than $15 million through additional, voluntary programs helping thousands to attain or preserve homeownership. 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.