FEDERAL HOME LOAN BANK OF CINCINNATI ANNOUNCES RESULTS OF DIRECTOR ELECTIONS

CINCINNATI, Jan. 10, 2022 /PRNewswire/ -- The Federal Home Loan Bank of Cincinnati's Board of Directors announced the results of the FHLB's 2021 director elections. Members elected two directors from Kentucky, as well as one Independent director. An incumbent director from Ohio was declared elected as the only candidate nominated to run for the open Ohio Member director seat. Each director will serve a four-year term that began January 1, 2022. The Board also elected James J. Vance as vice chair and appointed two Independent directors to fill unexpired terms.

Elected to the Board as Kentucky Member directors are J. Wade Berry and incumbent Greg W. Caudill.

Mr. Berry is President and CEO of Farmers Bank and Trust Company headquartered in Marion, Ky. He joined Farmers Bank as a Loan Officer in 1993 and became President & CEO in 2011. He is a 1991 Economics graduate of Western Kentucky University and a graduate of numerous banking schools including Louisiana State University's Graduate School of Banking and the University of South Carolina's Graduate School of Bank Investments and Financial Management. Mr. Berry has volunteered countless hours in support of his industry including service as 2020-2021 Chairman of the Kentucky Bankers Association. A partial list of his community involvement includes stints as chairman of a local hospital board, president of his hometown chamber of commerce and service on numerous foundation boards.

Mr. Caudill is a Board Member of Farmers National Bank in Danville, Ky. He attended Transylvania University and graduated from the University of Kentucky. He is also a graduate of the Kentucky School of Banking and the Graduate School of Banking at Louisiana State University. He is a member of the Centre College Board of Trustees where he chairs the Audit Committee. Additionally, he serves as Chair of the Boyle Co. Industrial Foundation and is a board member of Bluegrass Tomorrow, a regional planning organization.

Declared elected as an Ohio Member director is incumbent Kathleen A. Rogers. Ms. Rogers serves as Executive Vice President at U.S. Bank. She has more than 30 years of experience at U.S. Bank and its predecessor organizations Firststar, Star Bancorp and First National Bank of Cincinnati. She has held various positions within the company's financial organization including serving as the company's Chief Financial Officer. Ms. Rogers was elected by the FHLB Board in 2019 to fill the vacancy of a retired director. A Cincinnati resident, Ms. Rogers holds a degree in Business Administration and Accounting from the Ohio State University. In the community, Ms. Rogers has served on numerous boards focused on educational and other opportunities for at risk children.

Newly elected as an Independent Public Interest director is Danny J. Herron of Nashville, Tenn. Mr. Herron serves as President and CEO of Habitat for Humanity of Greater Nashville. Mr. Herron brings extensive community banking experience to the Board, having served as President and CEO of Cumberland Bank, Franklin, Tenn. and Regional President of GreenBank, Greenville, Tenn. for a combined 15 years. Additionally, Mr. Herron has served on the FHLB Affordable Housing Advisory Council as a member since 2014 and as Council Chair from 2019-2020.

James J. Vance was elected to serve as vice chair of the board. Mr. Vance is Senior Vice President and Co-Chief Investment Officer of Western-Southern Life Assurance Company in Cincinnati. He was first elected to the Board in 2017. He joined Western & Southern in 1994 after eight years at Eastman Kodak Co. in Rochester, New York. Mr. Vance earned his bachelor's degree in business administration from Wittenberg University, Springfield, Ohio, a law degree from the University of Cincinnati College of Law and an MBA in finance from Indiana University. He is a member of the Ohio Bar Association. Mr. Vance is involved in a number of civic and charitable organizations in Greater Cincinnati including Cincinnati Children's Hospital and St. Elizabeth Hospital, and previously The Beechwood Home, the Urban League of Greater Cincinnati and the Cincinnati Nature Center. His two-year term as board vice chair commences January 1, 2022 and expires December 31, 2023.

Additionally, the Board appointed Lewis Diaz and L. Scott Spivey to fill two unexpired Independent director terms left vacant by retiring directors.

Mr. Diaz of Covington, Ky. is a public finance attorney and Partner at Dinsmore & Shohl, LLP. Mr. Diaz concentrates his practice on affordable housing and traditional governmental finance. He works with diverse participants in housing transactions including multi-family housing sponsors, for-profit and non-profit developers and underwriters. His extensive legal housing finance career was built on a foundation of housing advocacy for residents of Kentucky through seven years of service, including interim Chief Counsel, with Kentucky Housing Corporation, the state's housing finance agency. Mr. Diaz will serve as an Independent Public Interest director effective January 1, 2022 through December 31, 2023.

Mr. Spivey is Senior Vice President, Chief Financial Officer for First Student, Inc., Cincinnati, the largest North American provider of school bus transportation, with $2.5 billion in annual revenues. A Cincinnati resident, Mr. Spivey has more than 40 years of financial and business management experience in publicly traded companies with revenues over $1 billion. His extensive global financial and management experience crosses multiple industries ranging from transportation and logistics to telecommunications and packaged goods. His diverse skill sets include financial and organizational management, auditing and accounting, strategic planning, mergers and acquisitions, and supply chain management. Mr. Spivey will serve as an Independent director effective January 1, 2022 through December 31, 2022.

The FHLB is a wholesale cooperative bank owned by 625 member financial institutions, including commercial banks, thrifts, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. The FHLB provides members access to products and services and a competitive return through quarterly dividends on their capital investment in the FHLB. It has contributed nearly $827 million for the creation of more than 102,000 units of affordable housing through its Affordable Housing Program since 1990. Additionally, the FHLB's Board of Directors has voluntarily contributed $25 million from profits in response to members' community needs including natural disaster home reconstruction, foreclosure mitigation, emergency repair and accessibility rehab for special needs and elderly populations. The FHLB System includes 11 district Banks, is wholly owned by its nearly 6,700 member institution stockholders and does not use taxpayer dollars.

This news release may contain forward-looking statements that are subject to risks and uncertainties including, but not limited to, the effects of economic market conditions on demand for the FHLB's products, legislative or regulatory developments concerning the FHLB System, competitive forces and other risks detailed from time to time in the FHLB's filings with the Securities and Exchange Commission. The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLB undertakes no obligation to update any such statements.

SOURCE Federal Home Loan Bank of Cincinnati