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MILESTONE REACHED: FEDERAL HOUSING FINANCE BOARD APPROVES 1,000TH COMMERCIAL BANK MEMBER OF FEDERAL HOME LOAN BANK SYSTEM

 MILESTONE REACHED: FEDERAL HOUSING FINANCE BOARD APPROVES
 1,000TH COMMERCIAL BANK MEMBER OF FEDERAL HOME LOAN BANK SYSTEM
 WASHINGTON, Aug. 26 /PRNewswire/ -- The Federal Housing Finance Board approved United Carolina Bank as the 1,000th commercial bank member of the Federal Home Loan Bank System.
 "This is a milestone achieved as the Bank System celebrates its 60th year of helping to house Americans," Daniel F. Evans Jr., chairman of the Federal Housing Finance Board, said today. "Increasingly, commercial banks recognize the value of the Bank System as a source of low-cost funding for housing finance as well as a tool for balance sheet and interest- rate risk management."
 United Carolina Bank, located in Whiteville, N.C., has assets of $2.5 billion. It operates 117 branch offices in 68 North Carolina communities.
 "When the Bank System was opened up to commercial banks in late 1989, it was somewhat of an unknown to bankers. Not anymore. Close to one-third of the Bank System is now made up of commercial banks. Savvy bank executives who are committed to residential mortgage lending have discovered the wide array of credit products available from the Bank System," Evans said.
 "In addition, the System's Affordable Housing and Community Investment Programs help banks meet community housing and development needs, encouraging the growth of private and public partnerships to help house low- and very-low income Americans."
 Bank System members include savings associations, savings banks, credit unions and insurance companies, in addition to commercial banks. Commercial bank member asset size ranges from $20 million to more than $11 billion. Currently, there are 40 commercial bank members in the system with assets exceeding $1 billion.
 -0- 8/26/92
 /CONTACT: Marianne McInerney of the Federal Housing Finance Board, 202-408-2956/ CO: Federal Housing Finance Board; United Carolina Bank ST: District of Columbia, North Carolina IN: FIN SU:


MH -- DC008 -- 3466 08/26/92 12:31 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
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