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FHLB OF CINCINNATI HONORS STATE SAVINGS BANK FOR AFFORDABLE HOUSING INITIATIVES

 CINCINNATI, Nov. 18 /PRNewswire/ -- Charles Lee Thiemann, president of the Federal Home Loan Bank of Cincinnati (FHLB) presented the President's Award to Allan B. McFarland, president, State Savings Bank, Columbus, Ohio, today, for outstanding achievement in affordable housing and community investment. State Savings Bank's nonprofit Affordable Housing Program sponsor, Licking Economic Action Development Study (L.E.A.D.S.), was presented a check for $5,000.
 FHLB members are nominated for the President's Award by their Affordable Housing Program nonprofit sponsor. The winner's sponsor receives an incentive award of $5,000. L.E.A.D.S., of Newark, Ohio, identified State Savings' winning project as a 40-unit affordable housing community located in the rural Buckeye Lake area. This project is the first major construction in the area in over 15 years. The project is targeted to the elderly, with incomes at 50 percent of area median income.
 "We believe that institutions that go the extra mile should be recognized for their efforts and achievements," said Thiemann. "State Savings Bank leads the race in effectively targeting dollars to affordable housing and community investment. The Buckeye Lake project exemplifies the Affordable Housing Program's successful collaboration between public and private partnerships that result in high quality, well targeted, affordable housing."
 Today's presentation marks the culmination of the FHLB's 1993 Community Service Awards. In a move to reward and recognize FHLB members for housing initiatives throughout the Fifth District of Kentucky, Ohio and Tennessee, the FHLB established two awards programs this year. The Local Initiative Recognition Award honors FHLB members demonstrating individual achievement in support of their local community, participation in the FHLB's Affordable Housing Program or Community Investment Program, and a "Satisfactory" or "Outstanding" CRA (Community Reinvestment Act) rating.
 The awards are presented to a maximum of two stockholders in each of the three FHLB Fifth District states, with no more than one urban and one rural project represented per state. Winners are selected from total FHLB membership, a pool of over 500 financial institutions. Award winners for 1993 include Great Financial Federal, Louisville, Ky.; Charter One Bank, FSB, Cleveland; Midwest Savings Bank, DeGraff, Ohio; AmSouth Bank of Tennessee, Chattanooga, Tenn.; and Liberty Federal Savings Bank, Paris, Tenn.
 One of 12 District Banks serving over 4,000 stockholders, the FHLB of Cincinnati is a triple-A rated regional credit and correspondent bank providing customized services for 570 housing lenders located in the Fifth District of Kentucky, Ohio and Tennessee. The FHLB System, chartered in 1932 by the U.S. Congress to promote housing finance, is supervised by the Federal Housing Finance Board but is privately owned and operated.
 -0- 11/18/93
 /CONTACT: Melissa D. Dallas of Federal Home Loan Bank of Cincinnati, 513-852-7084/


CO: Federal Home Loan Bank of Cincinnati; State Savings Bank ST: Ohio IN: FIN SU:

KL-TJ -- CL004 -- 5867 11/18/93 08:47 EST
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Publication:PR Newswire
Date:Nov 18, 1993
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