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CITIZENS BANK AND TRUST COMPANY OF PADUCAH JOINS FHLB OF CINCINNATI BECOMES 500TH FHLB SYSTEM MEMBER

 CITIZENS BANK AND TRUST COMPANY OF PADUCAH JOINS FHLB OF CINCINNATI
 BECOMES 500TH FHLB SYSTEM MEMBER
 CINCINNATI, Jan. 24 /PRNewswire/ --The Federal Housing Finance Board recently announced that Citizens Bank and Trust Company of Paducah, Ky., received approval for membership in the Federal Home Loan Bank (FHLB) of Cincinnati, and became the 500th financial institution approved for membership in the FHLB System. Citizens Bank and Trust joins 76 other financial institutions which have become Cincinnati members 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, "Citizens Bank and Trust is a highly successful and reputable bank. It is our privilege to work together with Citizens Bank in serving the housing finance needs of its customers. Our commitment is to insure that their membership in the FHLB will further strengthen Citizens Bank and home ownership opportunities in its community."
 As a member and stockholder of the FHLB of Cincinnati, Citizens Bank and Trust 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.
 William Jones, president of Citizens Bank and Trust, commented, "We are constantly striving to find new and innovative financial services to offer our clients. Our membership in the FHLB will offer us the opportunity by expanding our available mortgage products."
 Citizens Bank and Trust is a state chartered commercial bank with more than $461 million in assets.
 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 Tennessee. The FHLB is supervised by the Federal Housing Finance Board but is privately owned and operated.
 -0- 1/23/92
 /CONTACT: Thomas J. Ciresi of Federal Home Loan Bank of Cincinnati, 513-852-7695/ CO: Federal Home Loan Bank of Cincinnati ST: Ohio IN: FIN SU:


KK -- CL002 -- 3197 01/24/92 10:39 EST
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Publication:PR Newswire
Date:Jan 24, 1992
Words:348
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