Federal Home Loan Bank of Cincinnati Announces Results of Director Elections

CINCINNATI, Dec. 13, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Cincinnati's Board of Directors announced the results of the FHLBank's 2013 director elections. Members elected were two directors from Kentucky and one from Ohio, as well as an at-large Public Interest Independent director. Each director will serve a four-year term beginning January 1, 2014.

Elected from Kentucky to serve their first terms on the board were Greg W. Caudill and David E. Sartore. Mr. Caudill is President and CEO of Farmers National Bank in Danville, Ky. He attended Transylvania University and graduated from the University of Kentucky. He is also a graduate of the Kentucky School of Banking and the Graduate School of Banking at L.S.U., where he is currently a member of the Board of Trustees. He is a member of the Centre College Board of Trustees where he chairs the Audit Committee. Additionally, he serves as Vice Chair of the Boyle Co. Industrial Foundation and is a board member of Bluegrass Tomorrow, a regional planning organization. He and his wife Melissa have been married 32 years and have three children.

Mr. Sartore is Senior Vice President and Chief Financial Officer for Ohio Valley Financial Group in Henderson, Ky. He is a graduate of the University of Southern Indiana and the BAI School of Bank Operations. He began his professional career as a CPA at Geo. Olive & Co. in Evansville, Ind., serving a wide range of clients with an emphasis in financial institutions located in western Kentucky and southern Indiana. David joined Ohio Valley in 1992 as controller and was soon appointed to his current position, Senior Vice President and Chief Financial Officer. Mr. Sartore resides in Henderson, Ky., with his wife and children.

Re-elected to his third term on the board from Ohio was William J. Small, Chairman of First Federal Bank of the Midwest in Defiance, Ohio, and also Chairman, President and CEO of the holding company, First Defiance Financial Corp. Mr. Small was elected to his first term on the FHLBank's Board of Directors in 2006. He is past Chairman of the Ohio League of Financial Institutions and also served on the board of the Ohio Bankers League and the American Bankers Association. From 2002 through 2004 he served as a member of The Federal Reserve Board's Thrift Institution Advisory Council, serving as the president of that council in 2004. He is past president and board member of the Defiance Area Chamber of Commerce, the Defiance City Schools Foundation, the Defiance Area Foundation, and the Defiance Area YMCA.

Also re-elected, to a third term as a Public Interest Director, was Grady Appleton, Executive Director of the East Akron Neighborhood Development Corporation (EANDC) with more than 31 years of experience in community development and affordable housing construction. His experience as a Public Interest director includes representing consumer and community interests in banking services, credit needs and affordable housing. Under his leadership EANDC has built and rehabilitated hundreds of units of affordable housing, and created hundreds of jobs. Mr. Appleton served nine years on the FHLBank's Advisory Council before his appointment to the board in 2007.

The FHLBank is a $96 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 732 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $504 million for the creation of 65,000 units of lower-income housing through its Affordable Housing Program since 1990. Additionally, the FHLBank's Board of Directors has voluntarily contributed over $23 million from profits in response to members' community needs including natural disaster home reconstruction, foreclosure mitigation, emergency repair and accessibility rehab for special needs and elderly populations. The FHLBank System includes 12 district Banks, is wholly owned by its 7,700 member institution stockholders and does not use taxpayer dollars.

CONTACT: John Byczkowski, FHLBank Cincinnati 513-852-7085 (office) or 513-382-7615 (cell)

Source:Federal Home Loan Bank of Cincinnati