INDIANAPOLIS, May 14, 2007 (PRIME NEWSWIRE) -- The Federal Home Loan Bank of Indianapolis announced that on May 11, 2007, Michael F. Petrie of Carmel, Indiana, was elected by the Board of Directors to fill the remainder of a three-year term that commenced on January 1, 2006. This Indiana elective seat became vacant due to the death of Director Ronald G. Seals on March 31, 2007.
Mr. Petrie serves as Chairman and CEO of Greensfork Township State Bank, Spartanburg, Indiana. He is also an officer of P/R Mortgage & Investment Corporation, a mortgage banking subsidiary of Greensfork Township Bank, which primarily originates and services multi-family rental housing agency loans. Mr. Petrie, in 2004-2005, also served as Chairman of the Mortgage Bankers Association, Washington, D.C.
Mr. Petrie holds a BS and an MBA degree from Indiana University and has earned certification from the Mortgage Bankers Association as a Certified Mortgage Banker (CMB) and an Accredited Mortgage Professional (AMP).
The Federal Home Loan Bank of Indianapolis is one of 12 regional banks that make up the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for insured financial institutions, such as commercial banks, savings institutions, credit unions, and insurance companies. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations.
The FHLBI promotes Building Partnerships, Serving Communities by serving as a wholesale source of funds for chartered financial institutions throughout Indiana and Michigan. For more information about the FHLBI, visit www.fhlbi.com