CINCINNATI, Nov. 19, 2004 (PRIMEZONE) -- The Federal Home Loan Bank of Cincinnati (FHLBank Cincinnati) board of directors announced at its November 18 meeting the results of the 2004 director elections. William Y. Carroll, Sr., Chairman & CEO, Citizens National Bank, Sevierville, Tennessee, was re-elected to a second three-year term. R. Stan Puckett, Chairman and CEO, Greene County Bank, Greeneville, Tennessee, was newly elected to a three-year term. James R. Powell, Chairman and CEO, Liberty Savings Bank, FSB, Wilmington, Ohio, was declared elected to a third three-year term. All terms are effective January 1, 2005. In other action, the FHLBank Cincinnati board of directors named Charles "Bud" Koch, Chairman, Charter One Bank, N.A., Cleveland, Ohio, as vice chairman, serving a two-year term beginning January 1, 2005. Mr. Koch will replace current vice chairman, Jerry Taylor, President and CEO, The Farmers Bank, Portland, Tennessee, who will retire from the FHLBank Cincinnati board of directors at year end, having served the statutory maximum of three consecutive terms.
The Federal Home Loan Bank of Cincinnati is an $83 billion, triple-A rated regional wholesale bank providing financial services for residential housing and economic development to 760 member financial institutions located in the Fifth FHLBank District of Kentucky, Ohio and Tennessee. The FHLBank has contributed $188 million for the creation of 30,000 units of lower-income housing through its Affordable Housing Program since 1990. The FHLBank System, which includes 12 district Banks, was chartered in 1932 by the U.S. Congress to promote housing finance but is wholly owned by its 8,100 member institution stockholders and does not use taxpayer dollars.