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UNION PLANTERS NATIONAL BANK JOINS FHLB OF CINCINNATI

 UNION PLANTERS NATIONAL BANK JOINS FHLB OF CINCINNATI
 CINCINNATI, Feb. 24 /PRNewswire/ -- The Federal Housing Finance Board recently announced that Union Planters National Bank, Memphis, Tenn., received approval for membership in the Federal Home Loan Bank (FHLB) of Cincinnati. Union Planters National Bank is the largest subsidiary of Union Planters Corporation (NYSE: UPC), also headquartered in Memphis. Union Planters Corporation is a $3.8 billion bank holding company with 19 banking subsidiaries located in Alabama, Arkansas, Mississippi and Tennesee. With more than $2.2 billion in assets, Union Planters National Bank is the fifth largest bank in the state of Tennessee. The bank joins 85 other financial institutions which have become members of the FHLB of Cincinnati since the enactment of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of 1989. Previously, membership was composed of thrifts only.
 Charles Lee Thiemann, president of the FHLB of Cincinnati, said, "We have made a committed effort to tailor our credit programs to meet the specific housing needs of lenders in our district. This commitment to low-cost customized programs has been the principle reason for our successful membership results."
 The Cincinnati Bank, which covers the three states of Kentucky, Ohio and Tennessee, led the other 11 district banks in new member approvals at year-end 1990 and 1991.
 "FHLB membership can be attractive to banks of all sizes," Thiemann added. "Initially, many of our new members were smaller, community banks accessing long-term advances to fund individual fixed rate mortgages. Now, we are seeing a number of banks with assets over $100 million wanting to match fund fixed rate mortgage portfolios and expand community investment involvement with our subsidized credit programs. Union Planters National Bank is clearly an important financial institution in the state of Tennessee. We welcome this opportunity to serve the housing finance needs of Union Planters NB and its customers," concluded Thiemann.
 As a member and stockholder of FHLB of Cincinnati, Union Planters National Bank is entitled to a quarterly dividend on its capital stock and has access to the FHLB's services including credit products; check processing programs; investment and deposit accounts and community housing services.
 Benjamin W. Rawlins, Jr., chairman and CEO of Union Planter National Bank commented, "Union Planters is committed to aggressively providing mortgage loan financing for the people of Memphis and surrounding areas. Our membership in the Federal Home Loan Bank of Cincinnati will give us new and innovative home loan products that will greatly enhance our ability to serve the home financing needs of our individual customers and the local housing industry.
 "In a comprehensive research study published recently by Arthur Anderson and Bank Administration Institute, respondents expected banks to increase their market share of residential mortgage loans originated from about 35 percent in 1990 to about 48 percent in the year 2000.
 "In 1991, Union Planters established 14 Home Buyers Centers incorporating mortgage lending into its full service banking offices. This new mortgage loan distribution system puts us closer to the customer and combined with the additional products from the FHLB will put us on the leading edge of home financing."
 One of 12 district banks, the FHLB of Cincinnati is a regional credit and correspondent bank providing customized services for housing lenders located in the Fifth District of Kentucky, Ohio and Tenessee. The FHLB is supervised by the Federal Housing Finance Board but is privately owned and operated.
 -0- 2/24/92
 /CONTACT: Thomas J. Ciresi, vice president-marketing and communications, of The Federal Home Loan Bank of Cincinnati, 513-852-7695/
 (UPC) CO: The Federal Home Loan Bank of Cincinnati ST: Ohio IN: FIN SU:


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Date:Feb 24, 1992
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