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UNITED CAROLINA BANK IS 1,000th COMMERCIAL BANK APPROVED FOR MEMBERSHIP IN FEDERAL HOME LOAN BANK SYSTEM

 UNITED CAROLINA BANK IS 1,000th COMMERCIAL BANK
 APPROVED FOR MEMBERSHIP IN FEDERAL HOME LOAN BANK SYSTEM
 ATLANTA, Aug. 26 /PRNewswire/ -- By joining the Federal Home Loan Bank of Atlanta, United Carolina Bank, Whiteville, N.C., has become the 1,000th commercial bank in the United States to be approved for membership in the Federal Home Loan Bank System. As a member and stockholder, the bank will have access to an additional source of low-cost funds for home financing and will be eligible to use the credit and correspondent banking services of the Federal Home Loan Bank of Atlanta.
 United Carolina Bank, with assets of $2.5 billion, is one of 114 commercial banks that have been approved for membership in the Federal Home Loan Bank of Atlanta, including nine banks in North Carolina. The bank is a state-chartered commercial bank with 117 offices in 68 North Carolina communities offering an array of financial services, including home mortgages.
 Daniel F. Evans Jr., chairman of the Federal Housing Finance Board, Washington, which oversees the Federal Home Loan Bank System, said: "Commercial banks that are active in housing finance can readily see the benefits of Federal Home Loan Bank membership. We believe United Carolina Bank and 999 others, as well as those whose applications are still pending, were wise in deciding to take advantage of those benefits."
 E. Rhone Sasser, president and chief executive officer of United Carolina Bank, said: "We are delighted to be the 1,000th commercial bank approved for membership nationwide. After the 1989 legislation made banks eligible for membership, a relationship with the Federal Home Loan Bank became an option that made a great deal of sense. It certainly enhances our ability to serve our communities."
 Robert E. Showfety, president of the Federal Home Loan Bank of Atlanta, said: "We are pleased to welcome United Carolina Bank as a member and stockholder. We believe our services can help them further develop their competitive home mortgage products and we're confident this membership will prove to be a wise investment that will benefit the bank and the communities it serves."
 The Federal Home Loan Bank System was established in 1932 to offer credit at competitive rates to support economical home financing. Legislation in 1989 expanded eligibility in the System to include commercial banks and credit unions in addition to thrift institutions. This broader scope expanded the home finance resources of the nation's mortgage lenders.
 The Federal Home Loan Bank of Atlanta, one of 12 district Banks in the Federal Home Loan Bank System, is an $18-billion reserve credit bank that provides low-cost financing and other banking services to its nearly 600 member financial institutions that offer housing finance to consumers in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and the District of Columbia.
 -0- 8/26/92
 /CONTACT: Rebecca A. Vail, 404-888-8119, or James J. Wallace, 404-888-5593, both of the Federal Home Loan Bank of Atlanta/ CO: Federal Home Loan Bank of Atlanta; United Carolina Bank; Federal
 Housing Finance Board ST: Georgia, North Carolina IN: FIN SU:


TW -- DC009 -- 3463 08/26/92 12:31 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
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