Illinois Mutual Life Insurance Company Joins the Federal Home Loan Bank of Chicago

CHICAGO, May 18 /PRNewswire/ -- The Federal Home Loan Bank of Chicago welcomes Illinois Mutual Life Insurance Company as its newest member.

"We are pleased to be working with this premier Illinois institution," said Matt Feldman, President and CEO of the Federal Home Loan Bank of Chicago. "With membership, Illinois Mutual gains access to reliable, low-cost funding as well as a host of other benefits. We look forward to increasing our membership among insurance companies."

Insurance companies use loans from the Federal Home Loan Bank (called advances) in a variety of ways, including managing unexpected cash-flow disruptions, funding operational needs, supporting fixed-rate assets or annuity products, and match-funding for assets with regular principal and interest payments.

Across the country, more than 200 regulated insurance carriers are already members of the Federal Home Loan Bank (FHLB) System, and the number is growing. In the past 10 years, the FHLB System has more than doubled its insurance company membership. As of December 31, 2009, aggregate borrowings by the FHLB System's insurance company members were approaching $50 billion.

About Illinois Mutual Life Insurance Company

Illinois Mutual, headquartered in Peoria, Illinois, is a premier provider of life insurance, annuity, and disability insurance products. Founded in 1910, it conducts business in 47 states through more than 18,200 independent agents. For more information, visit www.illinoismutual.com.

About the Federal Home Loan Bank of Chicago

The Federal Home Loan Bank of Chicago is an $86.1 billion, cooperatively owned wholesale bank and government sponsored enterprise that provides housing finance to almost 800 member insurance companies, commercial banks, savings institutions, and credit unions located in the 7th Federal Home Loan Bank District of Illinois and Wisconsin. The U.S. Congress created the System, which includes 12 Federal Home Loan Banks, in 1932 to promote housing finance, but the Banks are wholly owned by their member institutions. For more information, visit www.fhlbc.com.

SOURCE Federal Home Loan Bank of Chicago

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