Wisconsinites appointed to Federal Home Loan Bank board
Wisconsin will have a strong presence on the Federal Home Loan Bank (FHLB) of Chicago board of directors in 2009.
The FHLB of Chicago is a $91 billion wholesale bank and government-sponsored enterprise that provides housing finance to more than 800 member commercial banks, savings institutions, credit unions, and insurance companies located in the 7th Federal Home Loan Bank District of Illinois and Wisconsin.
Seven new independent directors were added by the Housing and Economic Recovery Act of 2008 to replace the "appointive directors" previously designated by the bank’s regulator.
Effective Jan. 1, 2009, the independent directors will join the 10 current board members representing member financial institutions in Illinois and Wisconsin.
The new directors will include James Ericson, retired chairman and chief executive officer of Northwestern Mutual Life Insurance Co. Inc. in Milwaukee, and Leo Ries, executive director of the Local Initiatives Support Corporation (LISC) in Milwaukee.
"The inclusion of independent directors on the board is intended to supplement member directors with skills and perspectives that enhance the entire board’s ability to engage in effective governance and oversight of this large and complex financial institution," said Matt Feldman, president and CEO of the FHLB of Chicago. "To that end, we are particularly fortunate that these talented individuals have committed to supporting our members during these challenging times."
The independent directors will join the current board, which also includes E. David Locke, chairman and CEO of McFarland State Bank, and William Sennholz, president and CEO of Marshfield Savings Bank.
Shareholders approve sale of National City Bank.
In separate meetings last week, the shareholders of PNC Financial Services Group Inc. and National City Corp. both approved the sale of Cleveland, Ohio-based National City to Pittsburgh-based PNC.
The acquisition is expected to close Wednesday.
National City entered the Milwaukee-area market in 2007 when it acquired MAF Bancorp Inc., which had previously acquired St. Francis Capital Corp. in 2003.