CHICAGO, Sept. 30, 2011 /PRNewswire/ -- The Federal Home Loan Bank of Chicago (FHLBC) has awarded two Community First Partnership Awards, which recognize exceptional achievement in affordable housing or community economic development by a member financial institution and a non-profit community organization working together to revitalize their community. The partnerships receive $10,000.
Marshall & Ilsley (M&I) Bank/BMO Harris and CAP Services: Stevens Point, Wisconsin
The Wisconsin award was presented to Paul N. Fehrenbach, representing M&I Bank, and Mary Patoka, President and CEO of CAPS Services. For more than 25 years, M&I and CAP Services have been affordable housing and community economic development partners. (M&I has since been acquired by BMO Harris Bank N.A.) During the last 10 years this partnership has focused on developing Low Income Housing Tax Credit projects that have all also benefitted from the FHLBC's Affordable Housing Program. The result is 356 units of affordable housing that benefit families and individuals with special needs throughout 12 rural communities in and around Stevens Point, Wisconsin.
"The FHLBC applauds M&I and CAP Services for their commitment to affordable housing development in rural communities," said Sam Nicita, FHLBC's Community Investment Officer as he presented the award. "We believe that affordable housing creates an environment where families and communities both prosper."
Citizens First National Bank and Princeton Theater Group: Princeton, Illinois
John Stocchetti, Executive Vice President at the FHLBC presented the Illinois award to Tom Ogaard, Chief Financial Officer of Citizens First National Bank and Dexter Brigham, Artistic Director of the Princeton Theater Group. Since the inception of the Princeton Theatre Group in 2004, Citizens First National Bank has demonstrated its support with Board participation, charitable contributions, and lending activity. This determined community effort to increase local economic and tourism activity has resulted in a more vibrant cultural environment for the citizens of Princeton, Illinois, as well as the surrounding communities that comes to life in the annual Festival 56 as well as in the permanent housing of the Illinois Theatre Conservatory.
"The idea of using the arts as an economic engine to help revitalize a rural, agricultural community is highly innovative," said Mr. Stocchetti. "We congratulate Citizens First National Bank and the Princeton Theatre Group for their dedication and commitment to expanding economic opportunities for artists and for enhancing local cultural opportunities."
The Federal Home Loan Bank of Chicago is a $77 billion wholesale bank serving the needs of member housing finance institutions located in Illinois and Wisconsin. Our mission is to partner with our member shareholders in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the FHLBC, and support for community investment activities. For more information, visit www.fhlbc.com.
SOURCE Federal Home Loan Bank of Chicago