CINCINNATI, Oct. 22, 2007 (PRIME NEWSWIRE) -- The Union Central Life Insurance Company (Union Central) has been approved for membership at Federal Home Loan Bank of Cincinnati (FHLBank). Rated AA- (Very Strong) by Standard & Poor's, Union Central is the 12th insurance company to join FHLBank and is among more than 145 insurance companies in the 12-district FHLBank system. With $7.3 billion in assets, Union Central is affiliated with the UNIFI Companies, a mutual holding company that includes Ameritas Life, Acacia Life, Union Central Life and their affiliated companies. The UNIFI Companies offers a wide range of insurance and financial services to individuals, families and businesses.
Membership allows Union Central to take advantage of FHLBank's product line of financial services, including low-cost advances that can be used for funding agreements and general asset/liability management as well as financing.
"We are pleased to have such a high-quality insurance company as a member of Federal Home Loan Bank of Cincinnati," said David Hehman, CEO of FHLBank. "Membership offers Union Central 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."
John H. Jacobs, CEO of Union Central and president and CEO of UNIFI Companies, commented, "This partnership enhances both organizations' ability to achieve their business missions and deliver upon their members' interests by supporting the critical economic goal of affordable housing and economic development for communities. As a long-term lender and source of economic capital, Union Central has supported the expansion of U.S. home ownership throughout its history."
About Union Central Life and the UNIFI Companies
With a heritage dating back to 1869, Union Central is headquartered in Cincinnati, Ohio, and is affiliated with the UNIFI Companies -- Ameritas Life, Acacia Life, Union Central Life and their affiliated companies. The UNIFI Companies offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include: life insurance, annuities, individual disability income insurance, group dental and eye care insurance, retirement plans, investments, banking and public finance.
About the Federal Home Loan Bank of Cincinnati
The FHLBank is an $83 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 $258.6 million for the creation of 42,068 units of lower-income housing through its Affordable Housing Program since 1990, and $6.5 million to help 1,006 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, 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.