North Dakota bank is Home Loan System's 5,000th member.

WASHINGTON -- The Federal Home Loan Bank System marked a milestone last week by celebrating its 5,000th member institution.

The Bank of Beulah, a $41 million-asset institution in Beulah, N.D., was recognized at the monthly meeting of the Federal Housing Finance Board.

"Membership... provides the Bank of Beulah with competitively priced products and services that will, in turn, enhance the services that our bank can provide to local customers," said Howard Torgerson, chief executive of Bank of Beulah.

Since the addition of Bank of Beulah, another 15 institutions have joined the system, bringing the total to 5,015.

Total system membership has increased by nearly 1,800 members since the enactment of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

Most of the growth in the system has come from commercial banks, which could not join the system before the thrift-bailout law.

In the past year, just under 1,000 commercial banks became members. Of the 5,015 membership total, 2,824 are commercial banks.

This rapid growth contributed to an 18.3% increase in total system assets over the. past year to $189.4 billion.

Advances rose 19.8%, to $104.5 billion. Of the advances, 19% were to commercial banks, up from 11% a year ago.

The system's earnings are up as a result.

Adjusted net income for AuguSt was $95.6 million.

Year-to-date. adjusted net income through Aug. 31 was $714.9 million, up 12.8% from last year.

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