CINCINNATI, Jan. 30, 2012 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Cincinnati's board of directors announced the results of the FHLBank's recent member director elections. The directors were elected to four-year terms beginning January 1, 2012.
Member directors representing Ohio financial institutions were:
- Mark N. DuHamel, Executive Vice President, FirstMerit Bank, NA, Akron, Ohio, who was elected to the board for the second time.
- Michael R. Melvin, President and CEO, Perpetual Federal Savings Bank, Urbana, Ohio. Mr. Melvin previously served three terms as an elected director 1995-2001, was elected to a three-year term in 2006, and was elected by the board to fill a vacant seat in 2009.
Independent directors elected were:
- Donald Mullineaux, duPont Endowed Chair in Banking and Financial Services in the Gatton College of Business and Economics at the University of Kentucky, Lexington. Mr. Mullineaux was previously elected to a two-year term beginning in 2010.
- Charles J. Ruma, President and CEO of Virginia Homes Ltd., Columbus, Ohio. This is the second time Mr. Ruma has been elected to the board, and previously served two terms as an appointed director.
Mark DuHamel is Executive Vice President and Treasurer for FirstMerit Corp., a $14.3 billion institution in Akron, Ohio.
Michael Melvin, in addition to his position as President and CEO of Perpetual Federal, is currently a director of the Champaign Telephone Co. in Urbana, Ohio, and is director and secretary/treasurer of the Rotary Manor senior housing center in Urbana, a trustee of the Champaign County Library Board, and has served as the chairman of the Ohio League of Financial Institutions. Mr. Melvin and his wife Mary have two children and five grandchildren.
Dr. Donald Mullineaux has also served as Senior Vice President and Director of Research at the Federal Reserve Bank of Philadelphia. He is the Curriculum Director for the American Bankers Association Stonier Graduate School of Banking, Dean of the Kentucky Schools of Banking, and a member of the Advisory Board of the McKenna School of Business at Saint Vincent College.
Charles Ruma has more than 40 years of real estate development experience in single-family, multifamily and commercial projects. He served on the Ohio Housing Finance Agency, the state's housing agency, where he chaired the Single Family Committee, and currently sits on the Ohio Board of Building Standards. He was also President of the National Association of Homebuilders, in 1999, and serves on the Board of the National Housing Endowment and the NAHB Board of Governors.
The FHLBank's board is elected by the 700-plus member financial institutions. The board is composed of 10 member-directors who are officers or directors of member financial institutions, and seven independent directors from fields outside of banking, including housing, law and the non-profit sector.
The FHLBank is a $67 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 741 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed more than $444 million for the creation of more than 58,000 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 nearly 7,800 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.