FEDERAL HOME LOAN BANK OF CINCINNATI ANNOUNCES DIRECTOR ELECTION RESULTS

Four directors elected for a four-year term; two directors appointed to fill vacant positions; Vance elected vice-president

CINCINNATI, January 10, 2022 /PRNewswire/ — The Federal Home Loan Bank of Cincinnati The Board of Directors has announced the results of the 2021 FHLB Director Elections. The members elected two directors from among Kentucky, as well as an independent director. A director leaving Ohio was declared elected as the only nominee to run for the open seat of Ohio Member Trustee. Each director will serve a four-year term that began January 1, 2022. The council also elected James J. Vance as Vice-Chairman and appointed two independent directors to fill unexpired terms.

FHLB Cincinnati

Elected to the board of directors as Kentucky members, trustees are J Wade Berry and holder Greg W. Caudill.

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

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

Declared elected as a member of Ohio, the administrator holds Kathleen A. Rogers. Ms. Rogers is executive vice president of US Bank. She has over 30 years of experience at US Bank and its predecessors Firststar, Star Bancorp and First National Bank of Cincinnati. She has held various positions within the company’s finance organization, including that of the company’s chief financial officer. Ms. Rogers was elected by the FHLB Board of Directors 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, TN. Mr. Herron is President and CEO of Habitat for Humanity of Greater Nashville. Mr. Herron brings to the Board extensive experience in community banking, having served as President and Chief Executive Officer of Cumberland Bank, Franklin, Tennessee. and Regional Chairman of GreenBank, Greenville, Tenn. for 15 years combined. Additionally, Mr. Herron has served on the FHLB Affordable Housing Advisory Council as a member since 2014 and as Chair of the Board from 2019-2020.

James J. Vance was elected vice-chairman of the board of directors. 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 with Eastman Kodak Co. in Rochester, NY. Mr. Vance received his Bachelor of Business Administration from University of Wittenberg, Springfield, Ohio, a law degree University of Cincinnati Faculty 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’s Hospital, and previously The Beechwood Home, the Urban League of Greater Cincinnati and the Cincinnati Nature Center. His two-year term as Vice Chairman of the Board begins January 1, 2022 and expires December 31, 2023.

In addition, the Board appointed Lewis Diaz and L Scott Spivey to fill two independent directorships that have not expired and left vacant by outgoing directors.

Mr. Diaz from Covington, Ky. is a public finance lawyer and partner at Dinsmore & Shohl, LLP. Mr. Diaz focuses his practice on affordable housing and traditional government finance. He works with a variety of participants in real estate transactions, including multi-family housing developers, for-profit and non-profit developers and underwriters. His long legal career in housing finance was built on the foundation of advocating for housing for residents of Kentucky during seven years of service, including Acting Chief Counsel, with Kentucky Housing Corporation, the state 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 of First Student, Inc., Cincinnati, the largest North American supplier of school bus transportation, with $2.5 billion in annual income. A resident of Cincinnati, Mr. Spivey has more than 40 years of financial and business management experience in publicly traded companies with revenues exceeding $1 billion. His extensive global finance and management experience spans multiple industries ranging from transportation and logistics to telecommunications and packaged goods. His diverse skills include financial and organizational management, auditing and accounting, strategic planning, mergers and acquisitions, and supply chain management. Mr. Spivey will be an independent director from January 1, 2022 through December 31, 2022.

FHLB is a cooperative wholesale bank owned by 625 member financial institutions, including commercial banks, savings banks, credit unions, insurance companies and community development financial institutions in Kentucky, Ohio and Tennessee. The FHLB provides its members with access to products and services and a competitive return through quarterly dividends on their capital investment in the FHLB. He contributed nearly $827 million for creating more than 102,000 affordable homes under its Affordable Housing Program since 1990. In addition, the FHLB Board of Directors has voluntarily contributed $25 million benefits in response to members’ community needs, including rebuilding homes in the event of natural disasters, mitigating foreclosures, emergency repairs, and restoring accessibility for special needs and elderly populations . The FHLB system comprises 11 district banks, is wholly owned by its nearly 6,700 member institution shareholders, and does not use taxpayers’ money.

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

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SOURCE Federal Home Loan Bank of Cincinnati

Bernadine J. Perkins