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  • Comment Detail

  • Date: 10/10/22
    First Name: John
    Last Name: Reinke
    Email: jreinke5@icloud.com
    Organization Type: other
    Organization: The Stephenson National Bank & Trust

  • Comment

    Good Morning All,
    Thank you for taking to the time to review my comments about the Federal Home Loan Bank of Chicago and the FHLB System. I have been a community banker for 48 years. Our bank has been a member for over a decade and has come to rely on the Chicago bank as our trusted partner. We utilize the bank for term advances, letters of credit and the Mortgage Partnership Program. All of these services have a direst and indirect nexus to enhancing housing and the economy in our area of Northern Wisconsin and the Upper Peninsula of Michigan.
    The Chicago bank was the primary source of liquidity for us and hundreds of other member bank in our state during the great recession. They were a key player in helping us weather the financial storm and keep our local economies strong.
    Currently the advances help fund our in house mortgage programs when our deposits can’t keep pace with demand. The letters of credit help us garner municipal deposits that also fill that funding gap and the MPF products give us a viable alternative to the larger mortgage players for the sale of our fixed rate mortgages.
    The system has served us well for ninety years with minimal risk to the financial system. I encourage you to carefully consider any changes to a system that has served us so well.
    Thank you for your consideration.
    John Reinke
    Board Chair
    The Stephenson National Bank & Trust