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  • Comment Detail

  • Date: 03/07/23
    First Name: Daniel
    Last Name: Peterson
    Email: dan.peterson@snbt.com
    Organization Type: other
    Organization: The Stephenson National Bank and Trust

  • Comment

    Our bank has been a member of the Federal Home Loan Bank of Chicago for many, many years. We utilize advances from FHLB on a regular basis. It is what allows us to make mortgage loans to support local borrowers and allows us to make mortgages to many homeowners. We are able to support our in-house mortgage program which now exceeds $180 Million and continues to grow annually. We also utilize the Letter of Credit program that helps us secure municipal deposits which in turn allows us to make all types of loans to area businesses and consumers. FHLB has truly been a partner for our bank and is a needed source of funding for our bank. The strength of the local economy is partly due to the fact that we have a reliable funding source in the FHLB. We view FHLB as not only a very reliable funding partner, but a true leader that will continue to stand strong for community banks in good times and bad. Thank you,