Comment Detail

Comment

I have personally been working with the FHLB/Chicago since the early 1970s as an officer of Gem city Saving and Loan and now as President/COO of State Street Bank & Trust Company (SSB) which is located in Quincy, IL. In my early career at the S&L, we used the FHLB/C primarily for advances.

SSB has been using the MPF Program since its introduction and this program has allowed us to become one of the leading mortgage lenders in Adams County. We are extremely pleased with the MPF program and we cannot say enough good things about the level of service we receive from the FHLB staff. SSB has always participated in the Down Payment Plus (DPP) program which allows us to offer affordable mortgage loans to low/moderate income borrowers.

When needed, we take advantage of the FHLB advances as a way to manage our liquidity. During the COVID pandemic we were fortunate to be able to take advantage of a couple of FHLB grant offerings. Quincy and Adams County benefited greatly from the FHLB grants at a time when the funds were needed the most.

Our affiliation with the FHLB/C has allowed us to improve bank profitability, offer new and unique loan programs for the benefit of the entire community and provide grants for the low/moderate income population and non-profits.

Please do not hesitate to contact me if you have any questions about our experience with the FHLB/C. We have considered them an important partner and critical to our future success!

Sincerely
Mike Mahair
President