Gibson Elected Chairman of the Council of FHLBanks
Washington, D.C., March 10, 2010 - - Lee R. Gibson, Chairman of the Federal Home Loan Bank of Dallas, has been elected to a two-year term as Chairman of the Council of Federal Home Loan Banks. He succeeds Michael “Mick” K. Guttau, Chairman of the Federal Home Loan Bank of Des Moines.
Mr. Gibson currently serves as Senior Executive Vice President and Chief Financial Officer of Southside Bank, headquartered in Tyler, Texas. He has served on the Board of the Federal Home Loan Bank of Dallas since 2002 and has served in the capacity of Chairman since January 1, 2007. Additionally he serves as President of the East Texas Area Council of Boy Scouts and serves on the Board of the East Texas Boy Scout Foundation and the Board of the Tyler Junior College Foundation.
“During our Nation’s recent financial stress, the Federal Home Loan Bank System performed its mission, providing critically needed liquidity to our member financial institutions throughout the entirety of the economic crisis. As the United States and the financial markets move from financial stress to recovery and growth, I look forward to working with the Council and the entire Federal Home Loan Bank System to solidify our key role as a major liquidity provider to the Nation’s financial institutions, and as an ongoing source of affordable housing grants and programs” said Gibson.
The Council of Federal Home Loan Banks is the public voice of the Federal Home Loan Bank (FHLBank) System which at December 31, 2009, had $1.016 trillion in combined assets. Incorporated in 1998, the Council is a nonprofit trade association based in Washington, D.C., and its leadership includes the chairman of the board, vice chairman of the board and presidents of all 12 FHLBanks.
The FHLBanks are an essential source of stable, low-cost funds to financial institutions for home mortgage, small business, rural and agricultural loans. With their members, the FHLBanks represent the largest source of home mortgage and community credit in the country.
"The floods of 2008 devastated our community with some parts of Cedar Rapids considered unrecoverable. Our bank is only as strong as the community it serves and that makes us committed to rebuilding the community and getting businesses thriving again."
Gary M. Becker, Senior Vice President,
Cedar Rapids Bank and Trust
Cedar Rapids Bank and Trust
Cedar Rapids, Iowa, was among the locations most significantly impacted by the catastrophic floods along the Cedar River in the summer of 2008. Since the flood, Federal Home Loan Bank of Des Moines (FHLB) member, Cedar Rapids Bank & Trust, is helping many flood-affected individuals and businesses recover by providing financing for repair or reconstruction.
To support this effort, Cedar Rapids Bank & Trust secured $3.2 million through FHLB’s Investment Advance Program. These funds have been used to provide low rate loans, which have been primarily used by downtown businesses and building owners as they work to reopen their doors. Together, banks and communities are showing that dedication and solidarity can help overcome any disaster.
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