1777 F Street, N.W., Washington, D.C. 20006
(202) 408-2818

FINANCE BOARD ANNOUNCES RESULTS OF

1997 FHLBANK DIRECTOR ELECTIONS

The Federal Housing Finance Board today announced that 57 representatives of Federal Home Loan Bank System member financial institutions have been elected as board members of the FHLBanks. The 57 board seats account for approximately one-half of the 113 industry director positions on the FHLBank boards. The other 56 slots were filled in the 1996 election.

The Boards of the FHLBanks are comprised of representatives from both the private and public sectors. There are three types of directors: public interest directors, community interest directors and industry directors. The Finance Board appoints both the public interest and community interest directors, while the industry directors are elected by member institutions in each of the 12 FHLBank Districts.

The Finance Board oversees the annual elections of industry directors, including the nomination process, tabulation of votes and certification that the winners meet the director eligibility requirements. Each director will serve a two-year term, beginning January 1, 1998. Directors can be re-elected to serve a maximum of three consecutive terms. -

Of the 57 positions filled in this year's election, 30 of the directors are newly elected and 27 are re-elected incumbent directors. Of the 57 individuals elected in 1997, 32 of them represent thrift institutions and 25 are representatives of commercial banks. As of January 1, 1998, 54 of the total 113 industry directorships in the FHLBank System will be filled by commercial bankers, the largest representation since commercial banks became eligible to join the System in 1989.

FHLBank System members that held capital stock as of December 31, 1996 were eligible to vote this year in their states. The number of eligible votes each System member has is based upon the minimum amount of capital stock that the institution was required to hold at the end of the preceding calendar year.

1997 Election of Federal Home Loan Bank System Directors

List of Recently Elected Directors

District 1 - FHLBank of Boston

Connecticut - Two Directors

Robert T. Kenney, Chairman, President and CEO

American Savings Bank, New Britain, CT

Charles F. Frosch, President and CEO

Union Savings Bank of Danbury, Danbury, CT

Massachusetts - Two Directors

Robert F. Verdonck, President and CEO

East Boston Savings Bank, East Boston, MA

David F. Holland, Chairman, President and CEO

Boston Federal Savings Bank, Burlington, MA

Maine - One Director

William J. Ryan, President and CEO

Peoples Heritage Bank, Portland, ME

Rhode Island - One Director

John H. Ellis, Executive Vice President

Bank of Newport, Newport, RI

District 2 - FHLBank of New York

New Jersey - Two Directors

John R. Garbarino, Chairman, President and CEO

Ocean Federal Savings Bank, Toms River, NJ

Dennis A. James, President and CEO

Sturdy Savings Bank, Stone Harbor, NJ

District 2 - FHLBank of New York, (Continued)

New York - Four Directors

Kenneth J. Abt, President and CEO

First Federal Savings of Middletown, Middletown, NY

George Strayton, President and CEO

Provident Bank, Montebello, NY

Herbert G. Chorbajian, Chairman, President and CEO

ALBANK, FSB, Albany, NY

James M. Large, Jr., Director

The Dime Savings Bank of NY, FSB, New York, NY

Puerto Rico and The Virgin Islands - One Director

Rafael Blanco, President and CEO

PonceBank, Ponce, PR

District 3 - FHLBank of Pittsburgh

Pennsylvania - Four Directors

John T. Connelly, President and CEO

The First National Bank of Leesport, Leesport, PA

Edwin R. Maus, President, CEO and Director

Laurel Savings Bank, Allison Park, PA

Terry K. Dunkle, Chairman, President and CEO

United States National Bank, Johnstown, PA

Willard A. Snyder, Chairman, President and CEO

The New Tripoli National Bank, New Tripoli, PA

District 4 - FHLBank of Atlanta

Alabama - One Director

Joel B. Carter, President and CEO

The Independent Bank of Oxford, Oxford, AL

District of Columbia - One Director

Joseph S. Bracewell, III, Chairman, President and CEO

Century National Bank, Washington, DC

South Carolina - One Director

J. Edward Norris, III, President and CEO

Plantation Federal Savings Bank, Inc., Pawleys Island, SC

Virginia - One Director

Edward E. Cunningham, Chairman, President and CEO

Life Savings Bank, FSB, Norfolk, VA

District 5 - FHLBank of Cincinnati

Kentucky - Two Directors

Buckner Woodford, IV, President and CEO

Kentucky Bank, Paris, KY

Charles Beach, Jr., Chairman of the Board

Peoples Exchange Bank of Beattyville, Beattyville, KY

Ohio - Two Directors

Charles J. Koch, Chairman, President and CEO

Charter One Bank, FSB, Cleveland, OH

Joseph F. Hutchison, Senior Vice President

Franklin Savings and Loan Company, Cincinnati, OH

District 6 - FHLBank of Indianapolis

Indiana - Three Directors

John K. Keach, Jr., President and CEO

Home Federal Savings Bank, Seymour, IN

Harry J. Bailey, President and CEO

Ameriana Savings Bank, FSB, New Castle, IN

Dan J. Fehrenbach, Chairman, President and CEO

Citizens Bank of Western Indiana, Terre Haute, IN

Michigan - One Director

Charles E. Van Swearingen, Chief Financial Officer

Michigan National Bank, Farmington Hills, MI

District 7 - FHLBank of Chicago

Illinois - One Director

Kenne P. Bristol, President, CEO and Director

Liberty Federal Bank, Hinsdale, IL

Wisconsin - Three Directors

James K. Caldwell, President and CEO

First Citizens State Bank of Whitewater, Whitewater, WI

Douglas J. Timmerman, President and CEO

AnchorBank, S.S.B., Madison, WI

Michael D. Meeuwsen, President and CEO

First Northern Savings Bank, SA, Green Bay, WI

District 8 - FHLBank of Des Moines

Iowa - Two Directors

Dale J. Torpey, President and CEO

Community State Bank, Tipton, IA

Thomas J. Larson, Senior Vice President and CFO

Iowa State Bank, Algona, IA

Minnesota - Two Directors

Charles A. Mausbach, President

Community First National Bank, Worthington, MN

James L. Talen, President

Eastwood Bank, Rochester, MN

Missouri - One Director

Louis K. Ahlemeyer, Chairman, President and CEO

Community Bank of Pettis County, Sedalia, MO

South Dakota - One Director

Curtis L. Hage, Chairman, President and CEO

Home Federal Savings Bank, Sioux Falls, SD

District 9 - FHLBank of Dallas

Arkansas - One Director

Edwin P. Henry, Executive Vice President

First Commercial Bank, N.A., Little Rock, AR

Louisiana - Two Directors

Carroll A. Green, Chairman, President and CEO

Beauregard Federal Savings Bank, De Ridder, LA

Lawrence J. LeBon, III, President and CEO

Greater New Orleans Homestead, FSB, Metairie, LA

Texas - One Director

Chesley N. Brooks, Jr., Chairman, President and CEO

OMNIBANK, N.A., Houston, TX

District 10 - FHLBank of Topeka

Colorado - Two Directors

Richard C. Berg, Chairman and CEO

The First National Bank of Ordway, Ordway, CO

Steven A. Rigg, Director

Peoples National Bank, Monument, CO

Kansas - Two Directors

William R. Robbins, President and CEO

Farmers Bank and Trust, N.A., Great Bend, KS

Ronald K. Wente, President and CEO

Golden Belt Bank, FSA, Hays, KS

Oklahoma - One Director

G. Bridger Cox, President and CEO

Citizens Bank and Trust Company, Ardmore, OK

District 11 - FHLBank of San Francisco

California - Four Directors

Babette E. Heimbuch, President and CEO

First Federal Bank of California, FSB, Santa Monica, CA

D. Tad Lowrey, President and CEO

CenFed Bank, A Federal Savings Bank, Pasadena, CA

Ray Martin, Chairman and CEO

Coast Federal Bank, FSB, Los Angeles, CA

Charles R. Rinehart, Chairman and CEO

Home Savings of America, FSB, Irwindale, CA

District 12 - FHLBank of Seattle

Alaska - One Director

Jan K. Sieberts, Senior Vice President

National Bank of Alaska, Anchorage, AK

Hawaii and Guam - One Director

Ronald K. Migita, Vice Chairman and CEO

City Bank, Honolulu, HI

Utah - One Director

Scott Nelson, Chairman of the Board

First Security Bank, N.A., Salt Lake City, UT

Washington - Two Directors

Richard S. Swanson, President and CEO

Continental Savings Bank, Seattle, WA

Stephen M. Walden, President and CEO

InterWest Bank, Oak Harbor, WA

# # #

(For a list of the recently elected directors, contact the Federal Home Loan Banks)

The Federal Housing Finance Board is an independent agency created by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) and was given supervisory authority for the Federal Home Loan Bank System, a government sponsored enterprise. As such, the Finance Board ensures fulfillment of the System's housing mission and reviews the financial performance and operating procedures of the System to ensure its safety and soundness.

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