DALLAS and CHICAGO–The Federal Home Loan Banks of Chicago and Dallas have jointly announced that they are evaluating the benefits and feasibility of combining the two institutions.
"Our focus is on identifying whether and how a combination would produce advantageous results and improved value for members of both organizations and the affordable housing needs of their communities, while also supporting the ongoing strength of the Federal Home Loan Bank System," said Terry Smith, president and CEO of Dallas and Mike Thomas, president and CEO of Chicago. If a definitive agreement is reached, both banks will immediately communicate that to interested parties.
According to NAFCU, the move could impact 81 credit unions that are members of the two FHLBs.
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The Federal Home Loan Bank of Dallas has total assets of $53.3 billion as of March 31, 2007. Arkansas, Louisiana, Mississippi, New Mexico and Texas comprise the 9th District with over 900 member institutions.
The Federal Home Loan Bank of Chicago has total assets of approximately $87 billion as of March 31, 2007. The 7th District is comprised of Illinois and Wisconsin with over 850 member institutions.
Federal Housing Finance Board Director Geoff Bacino, a former NCUA Board member, said the regulator is declining to comment at this time.
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