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400 COMMERCIAL BANKS NOW FEDERAL HOME LOAN BANK SYSTEM MEMBERS

   400 COMMERCIAL BANKS NOW FEDERAL HOME LOAN BANK SYSTEM MEMBERS
    WASHINGTON, Nov. 19 /PRNewswire/ -- The Republic Bank and Trust Company has become the 400th commercial bank member of the Federal Home Loan Bank System.  The Louisville, Ky., institution has assets of $142 million and a 64 percent qualified thrift lender ratio.  Its application for membership was unanimously approved by the Federal Housing Finance Board.
     In welcoming the new member, Daniel F. Evans Jr., finance board chairman, noted:  "More and more community banks are discovering the value of membership in the bank system.  Ninety-one percent of the system's new members have assets of less than $500 million."
    The Federal Home Loan Bank system, a government-sponsored enterprise (GSE), provides liquidity for housing finance by making advances (loans) to financial institution members in the system's 12 districts.  There are currently 3,012 members including savings and loans, savings banks, commercial banks and credit unions.
    "There are another 175 commercial bank applications now under review.  I believe this is a tremendous vote of confidence in the future of the Federal Home Loan Bank System," Evans added.
    The average asset size of all new commercial bank members is $268 million.  New members are also borrowing from the bank system and have more than $2 billion in outstanding advances.
    To be eligible for membership, financial institutions must:
    -- Be chartered either by state or federal law.
    -- Be subject to inspection and regulation under banking or
        similar laws.
    -- Make long-term mortgage loans.
    -- Have at least 10 percent of their total assets in residential
        mortgage loans.
    -- Be in such financial condition that bank advances may be
        safely made to them.
    -- Have management and lending policies consistent with sound and
        economical home financing.
    -0-                    11/19/91
    /CONTACT:  Charles H. Powers of the Federal Housing Finance Board, 202-408-2986/ CO:  Federal Housing Finance Board ST:  District of Columbia IN:  FIN SU: TW -- DC007 -- 4850 11/19/91 10:10 EST
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Publication:PR Newswire
Date:Nov 19, 1991
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