Structure of the FHLBanks

The FHLBank, System was created by the Federal Home Loan Bank Act in 1932. It consists of the Office of Finance and 11 regionally-based, self-capitalizing cooperative financial institutions that are federally chartered.

Each FHLBank is independently operated and privately owned. The FHLBank System is funded entirely by private capital and is not supported by Congressional appropriations, nor do taxpayers pay any out-of-pocket expenses to keep the System operating.

Every FHLBank has its own board of directors, comprised of members of that FHLBank and independent (non-member) directors. The boards of directors represent many areas of expertise, including banking, accounting, housing, and community development. By statute, two-fifths of the directors must be independent, and at least two of those directors must be public interest directors with at least four years of experience in representing community or consumer interests. Directors serve four-year terms and may not serve more than three consecutive terms.

To become a member of a FHLBank, a financial institution must apply for membership with the appropriate FHLBank and purchase stock in that FHLBank, which is held at par value and not traded. Each applicant undergoes a thorough financial review prior to being admitted as a member. Current membership consists of roughly 6,500 commercial banks, credit unions, insurance companies, savings banks, and community development financial institutions (CDFIs) across the country.

The Office of Finance issues bonds in the debt markets on behalf of the entire System. The proceeds of those bond sales are made available to the FHLBanks and are then used for advances (loans) to members.

The cooperative structure of the FHLBank System eliminates many of the incentives a publicly traded company may have to increase risk and, in fact, discourages FHLBanks from taking excessive risk. As cooperatives, FHLBanks do not have the pressure for high rates of return as do publicly traded companies. They pass their borrowing benefits in the global debt markets on to their members in the form of lower borrowing costs, which are subsequently passed on to consumers, businesses, and communities. Additionally, the cooperative nature and regional structure of the FHLBank System enables each FHLBank to respond to local needs and design products and services tailored to the communities served by their members.

Financial institutions of all sizes and charter types rely on the FHLBanks as a cost-efficient, evenly priced source of short- and long-term funding.

Each FHLBank is governed by a Board of Directors and managed by senior officers and staff led by a President and CEO.

2024 FHLBank Leadership

FHLBank Atlanta

Kirk R. Malmberg (President and CEO)

R. Thornwell Dunlap, III (Chair)
Chairman, President and CEO, Countybank

Suzanne DeFerie (Vice Chair)
Director, First Bank

FHLBank Boston

Timothy J. Barrett (President and CEO)

Eric Chatma(Chair)
Executive Vice President and Chief Financial Officer
Housing Partnership Network

John Witherspoon (Vice Chair)
Director
Skowhegan Savings Bank

FHLBank Chicago

Michael A. Ericson (President and CEO)

Joseph Fazio, III (Chair)
CEO/Co-Founder, Commerce State Bank

Michelle Gross (Vice Chair)
EVP, COO, Information Systems Officer and Director, State Bank of Bement

FHLBank Cincinnati

Andrew S. Howell (President and CEO)

J. Lynn Anderson (Chair)

James Vance (Vice Chair)

FHLBank Dallas

Sanjay K. Bhasin (President and CEO)

A. Fred Miller (Chair)
Chairman, Bank of Anguilla

Sally Ingalls Nelson (Vice Chair)

FHLBank Des Moines

Kris K. Williams (President and CEO)

Karl A. Bollingberg (Chair)
Director, Cornerstone Bank, North Dakota

John A. Klebba (Vice Chair)
CEO and Chairman of the Board, Legends Bank, Missouri

FHLBank Indianapolis

Cindy L. Konich (President and CEO)

Karen F. Gregerson (Chair)
Director, The Farmers Bank and Farmers Bancorp

Robert M. Fisher (Vice Chair)
Vice Chair, Board of Directors of Lake-Osceola State Bank

FHLBank New York

José R. González (President and CEO)

Larry E. Thompson (Chair)
The Depository Trust & Clearing Corporation Company (retired)

David J. Nasca (Vice Chair)
Director, President and CEO, Evans Bank, N.A.

FHLBank Pittsburgh

Winthrop Watson (President and CEO)

Brendan J. McGill (Chair)
President and CEO, Harleysville Bank

Louise M. Herrle (Vice Chair)
Solutions by Wolf, Financial Consulting

FHLBank San Francisco

Alanna McCargo (President and CEO)

F. Dan Siciliano (Chair)
Stanford Law School Fellow (CodeX) and Co-Founder, Stanford Rock Center for Corporate Governance

Brian M. Riley (Vice Chair)
Director, Oxford Life Insurance Company

FHLBank Topeka

Jeffrey Kuzbel (President and CEO)

Barry Lockard (Chair)
President and CEO, Cornhusker Bank

Milroy A. Alexander (Vice Chair)
MAA Consulting