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| Background |
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The Federal Home Loan Bank of Cincinnati (FHLBank) is a $95 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.
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| Financials unaudited |
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2008
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2007
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Assets as of 6/30 in billions
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$95
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$83
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YTD Net Income as of 6/30 in millions
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$114
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$135
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Advances (principal) as of 6/30 in billions
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$57
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$47
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Dividend Rate second quarter
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5.50%
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6.50%
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more |
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| Affordable Housing |
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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.
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AHP (1990 Inception through 6/30/2008)
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Funds Accrued
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$287.5 million
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Approved Units
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45,203 units
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2008 Funds Available
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AHP Rounds I & II
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$25.3 million
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Welcome Home Program
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$9.3 million
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Total
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$34.6 million
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In 2008, the FHLBank Board of Directors authorized two voluntary homeownership programs. The programs were approved at $2.5 million each for 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. The new Preserving the American Dream is help for homeowners at risk of foreclosure; FHLBank members partner with qualifying nonprofit housing counseling agencies that provide foreclosure/loss mitigation counseling and other services, up to $3,500 per household.
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American Dream Homeownership Challenge
(2003 inception through 6/30/2008)
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Funds Awarded
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$8.3 million
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Number of Homebuyers Helped
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1,073
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Preserving the American Dream
(introductory offering, 7/17/2008)
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Funds Awarded
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$2.1 million
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Possible Households Preserved
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600
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| Membership Stockholders as of 6/30/2008 |
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Ohio
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Kentucky
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Tennessee
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Total by Type
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Thrifts
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97
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19
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17
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133
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Commercial Banks
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144
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178
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159
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481
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Credit Unions
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58
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21
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21
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100
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Insurance Companies
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9
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1
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4
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14
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Total by State
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308
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219
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201
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728
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| Management and Staff as of 6/30/2008 |
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David H. Hehman
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President and Chief Executive Officer
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Andrew S. Howell
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Executive Vice President and Chief
Operating Officer
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Donald R. Able
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Senior Vice President, Controller
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Carole L. Cossé
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Senior Vice President, Chief
Financial Officer
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Paul J. Imwalle
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Senior Vice President, Member Services
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R. Kyle Lawler
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Senior Vice President, Credit Services
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Carol M. Peterson
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Senior Vice President, Housing and
Community Investment
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Thomas F. Schlager
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Senior Vice President, Bank Operations
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Stephen J. Sponaugle
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Senior Vice President, Chief Risk Officer
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Full-time Employees
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188
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Part-time Employees
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6
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| 2008 Board of Directors |
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Industry Elected
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Public Interest Appointed
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Representing Ohio
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6
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5
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Representing Kentucky
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2
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1
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Representing Tennessee
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2
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-
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Board membership
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10
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6
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2008 Advisory Council
(Appointed by FHLBank Board of Directors) |
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Representing Ohio
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5
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Representing Kentucky
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5
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Representing Tennessee
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5
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Advisory Council membership
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15
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For more information on the Federal Home Loan Bank of Cincinnati, contact the
Public Affairs Department at (513) 852-7084.
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