Federal Home Loan Bank of Cincinnati Announces Results Of Director Elections

Five directors elected to four-year terms

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Federal Home Loan Bank of Cincinnati

Jan 10, 2019, 14:43 ET

CINCINNATI, Jan. 10, 2019 /PRNewswire/ -- The Federal Home Loan Bank of Cincinnati's Board of Directors is pleased to welcome two new members to the Board. In addition, three Board members were re-elected. Each director will serve a four-year term that began January 1, 2019.

The Board also elected Dr. Donald J. Mullineaux to his third term as Chairman.

Newly elected as a Member director from Ohio is Michael P. Pell, President and CEO of First State Bank in Winchester. Mr. Pell is a 35-year veteran of the banking industry and currently serves as chairman of the Ohio Bankers League. First State Bank is a $460 million community bank with 13 locations across six counties in Southern Ohio. Prior to First State Bank, Mr. Pell was Vice President of Fifth Third Bank where he was responsible for Retail Administration for the Fifth Third Ohio Valley affiliate which managed 26 offices in Ohio, Kentucky and West Virginia.

Re-elected as Member directors from Tennessee were James A. England and William S. "Sammy" Stuard. Both were re-elected to their third terms on the FHLB Board.

Mr. England serves as chairman of Decatur County Bank, a $116 million commercial bank headquartered in Decaturville, Tenn., where he has been employed for 46 years. He currently serves as Vice Chairman of FHLB Cincinnati. Mr. England has been active in the Tennessee Bankers Association for two decades and served as chairman 2004-2005. He also served two terms on the board of directors of the Memphis Branch of the Federal Reserve Bank of St. Louis. He is a member and former chairman of the Jackson State Community College Foundation in Jackson, Tenn. He is chairman of the loan committee for The Southwest Tennessee Development District and previously served as chairman of the Decatur County Industrial Finance Board. Mr. England also served as Vice Mayor and Finance Commissioner for the Town of Decaturville for 14 years.

Mr. Stuard is President, CEO and chairman of the Board of F&M Bank, a commercial bank headquartered in Clarksville, Tenn. with assets exceeding $1 billion. Working more than 40 years in the banking industry, Mr. Stuard has been recognized by numerous local, state, regional and national entities, including a 2007 Community Banker of the Year award presented by the American Banker magazine. In addition to his banking experience, he is an instrumental community leader, serving in various elected, appointed and volunteer positions. He has served as chairman of the Tennessee Bankers Association, elected as a Montgomery County Commissioner, served as chairman of the Clarksville-Area Chamber of Commerce, Industrial Development Board, Clarksville Downtown District Partnership, a past director of Two Rivers Company (an organization dedicated to downtown development and growth) and the Clarksville-Montgomery County Airport Authority.

Newly elected as Independent director is April Miller Boise, resident of Cincinnati, Ohio. Ms. Boise is Senior Vice President, Chief Legal Officer and Corporate Secretary of Meritor Inc. in Troy, Mich. She is a senior executive with expertise in leading corporate development, legal and compliance functions from the dual perspectives of corporate management and the corporate boardroom. Ms. Boise brings over 20 years' experience in diverse global market areas including transportation, oil and gas, mining, agriculture, construction, defense, financial services and automotive.

Re-elected as Independent director was Nancy Uridil. Ms. Uridil is a retired global consumer products senior executive with experience building global branded businesses, corporate governance, personnel matters as a result of leading large multi-national organizations, developing competitive advantage in customer experience, product development, business operations and systems. She held leadership positions in several highly valued consumer products companies - Moen, Estee Lauder, Mary Kay and Procter & Gamble. Ms. Uridil was first elected to the FHLB board in 2014. Since 2010, Ms. Uridil has also served on the board for Flexsteel Industries Inc. An Avon Lake, Ohio resident, she served as board chair of the YWCA of Cleveland 2009-2013.

The FHLB Board also elected Dr. Donald J. Mullineaux to serve as Chair of the Board. He has served on the Board since 2010 and in the capacity of Chair since 2015. His third two-year term as Chair commenced January 1, 2019 and expires December 31, 2020. Dr. Mullineaux is Emeritus DuPont Endowed Chair in Banking and Financial Services, University of Kentucky, Lexington.

The FHLB is a $100 billion congressionally-chartered regional wholesale bank providing financial services for residential housing and economic development to 652 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed more than $704 million for the creation of more than 88,000 units of lower-income housing through its Affordable Housing Program since 1990. Additionally, the FHLB's Board of Directors has voluntarily contributed $40 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 FHLB System includes 11 district FHLBanks, is wholly owned by its 6,900 member institution stockholders and does not use taxpayer dollars.

This news release may contain forward-looking statements that are subject to risks and uncertainties including, but not limited to, the effects of economic market conditions on demand for the FHLB's products, legislative or regulatory developments concerning the FHLB System, competitive forces and other risks detailed from time to time in the FHLB's filings with the Securities and Exchange Commission. The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLB undertakes no obligation to update any such statements.

SOURCE Federal Home Loan Bank of Cincinnati