Home Loan System Accepts Its 250th Bank
WASHINGTON - The Federal Housing Finance Board said it has accepted the 250th commercial bank for membership in the Federal Home Loan Bank System.
The new member, South Chicago Bank, was formerly a savings and loan. It had $194 million in deposits at yearend 1990.
The Home Loan bank system, which historically provided liquidity to thrifts, was opened to banks and credit unions by the 1989 thrift-reform law. It currently has 2,964 member institutions, according to the housing finance board, which oversees the Home Loan banks.
In June, the board approved a record 48 applications to join the system.
"More and more community banks are discovering the value of membership," said Daniel F. Evans Jr., finance board chairman. "Sixty-five percent of the new June members have assets of less than $100 million. In addition, there are another 194 commercial bank applications under review."