|
 |
| Background |
|
The Federal Home Loan Bank of Cincinnati (FHLBank) is a $94 billion, triple-A rated regional wholesale bank providing financial services for residential housing and economic development to member institution stockholders located in the Fifth FHLBank District of Kentucky, Ohio, and Tennessee. The FHLBank System, including 12 district banks and 8,100 members, was chartered in 1932 by the U.S. Congress to promote housing finance but is wholly owned by its member institution stockholders and does not use taxpayer dollars.
|
|
| Financials unaudited |
|
|
|
2008
|
2007
|
Assets as of 3/31 in billions
|
$94
|
$82
|
YTD Net Income as of 3/31 in millions
|
$49
|
$64
|
Advances (principal) as of 3/31 in billions
|
$61
|
$46
|
Dividend Rate first quarter
|
5.25%
|
6.38%
|
|
|
more |
|
| Affordable Housing |
|
The FHLBank sets aside 10 percent of net earnings annually for the congressionally-established Affordable Housing Program (AHP) and Welcome Home Program, making housing affordable to consumers at or below 80 percent of area median income. AHP funds are awarded to FHLBank members through semiannual competitions for the acquisition, rehabilitation, or new construction of residential housing units. Welcome Home funds are awarded to reduce homebuyers’ downpayment and closing costs.
|
|
|
AHP since 1990 Inception through 3/31/2008
|
Funds Accrued
|
$279.9 million
|
Number of Units
|
43,543 units
|
|
|
|
|
2008 Funds Available
|
AHP Rounds I & II
|
$21.6 million
|
Welcome Home Program
|
$9.3 million
|
Total
|
$30.9 million
|
|
|
| more |
|
The FHLBank Board of Directors established two voluntary homeownership programs, renewable on an annual basis. Both programs were approved for $2.5 million, each, in 2008. American Dream Homeownership Challenge, established in 2003, provides competitive grants to members developing innovative homeownership opportunities targeted toward minorities and persons with special needs. Preserving the American Dream, established in 2008, is a fund to help homeowners at risk of foreclosure; FHLBank members partner with qualifying nonprofit housing counseling agencies that provide foreclosure/loss mitigation counseling, up to $3,500 per household.
|
|
|
American Dream Homeownership Challenge, since
2003 Inception through 3/31/2008
|
Funds Awarded
|
$7.5 million
|
Number of Homebuyers Helped
|
1,040
|
|
|
| more |
|
| Membership Stockholders as of 3/31/2008 |
|
|
|
Ohio
|
Kentucky
|
Tennessee
|
Total by Type
|
Thrifts
|
97
|
20
|
17
|
134
|
Commercial Banks
|
145
|
178
|
158
|
481
|
Credit Unions
|
58
|
20
|
20
|
98
|
Insurance Companies
|
9
|
1
|
3
|
13
|
Total by State
|
309
|
219
|
198
|
726
|
|
|
| more |
|
| Management and Staff as of 3/31/2008 |
|
David H. Hehman
|
President and Chief Executive Officer
|
Andrew S. Howell
|
Executive Vice President and Chief
Operating Officer
|
Donald R. Able
|
Senior Vice President, Controller
|
Carole L. Cossé
|
Senior Vice President, Chief
Financial Officer
|
Paul J. Imwalle
|
Senior Vice President, Member Services
|
R. Kyle Lawler
|
Senior Vice President, Credit Services
|
Carol M. Peterson
|
Senior Vice President, Housing and
Community Investment
|
Thomas F. Schlager
|
Senior Vice President, Bank Operations
|
Stephen J. Sponaugle
|
Senior Vice President, Chief Risk Officer
|
|
|
Full-time Employees
|
186
|
Part-time Employees
|
7
|
|
| more |
|
| 2008 Board of Directors |
|
|
|
Industry Elected
|
Public Interest Appointed
|
Representing Ohio
|
6
|
5
|
Representing Kentucky
|
2
|
1
|
Representing Tennessee
|
2
|
-
|
Board membership
|
10
|
6
|
|
|
| more |
|
2008 Advisory Council
(appointed by the FHLBank Board of Directors) |
|
|
Representing Ohio
|
5
|
Representing Kentucky
|
5
|
Representing Tennessee
|
5
|
Advisory Council membership:
|
15
|
|
|
| more |
|
For more information on the Federal Home Loan Bank of Cincinnati, contact the
Public Affairs Department at (513) 852-7084.
|
|
