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FIRST TENNESSEE BANK, N.A., JOINS FHLB OF CINCINNATI

 CINCINNATI, July 13 /PRNewswire/ -- Charles Lee Thiemann, president of the Federal Home Loan Bank of Cincinnati (FHLB) announced that First Tennessee Bank, N.A., Memphis, received approval for FHLB membership. The largest bank in the state of Tennessee and the third largest bank in the Federal Home Loan Bank System, First Tennessee Bank has assets of $8.1 billion and operates over 200 banking centers throughout the state.
 First Tennessee Bank becomes the 80th of 240 commercial banks in Tennessee to join the FHLB since the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of 1989 opened membership to commercial banks. More than 1,900 new members have joined systemwide, and 245 of those new members are located in the Fifth District of Kentucky, Ohio and Tennessee.
 "We are pleased to welcome First Tennessee Bank as a member of the Cincinnati FHLB," said Thiemann. "First Tennessee Bank is a sound financial institution with a proven commitment to the communities it serves throughout the state. We are confident that our customized products and services will further enhance their housing finance performance.
 "The ease and efficiency of our programs have attracted both large regional banks and smaller community banks throughout our District. In Tennessee, one-third of all commercial banks are FHLB stockholders. We look forward to continuing to provide valued housing finance services to our members," said Thiemann.
 As a member stockholder of the FHLB of Cincinnati, First Tennessee Bank will have access to a variety of customized credit products which promote the availability and affordability of housing finance and home ownership. Many of these credit products provide FHLB members with a funding source to finance different types of mortgage products and community development programs. Other FHLB credit products assist members with the overall financial management of their institution. The bank also provides check processing, investment and deposit services to members.
 One of 12 District Banks serving over 3,900 stockholders, the FHLB of Cincinnati is a triple-A rated regional credit and correspondent bank providing customized services for 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- 7/13/93
 /CONTACT: Thomas J. Ciresi, vice president of The Federal Home Loan Bank of Cincinnati, 513-852-7695, or M. List Underwood Jr., senior vice president of First Tennessee Bank, 901-523-4444/


CO: The Federal Home Loan Bank of Cincinnati; First Tennessee Bank ST: Ohio, Tennessee IN: FIN SU:

AR -- CL004 -- 0724 07/13/93 08:11 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
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