Baylake
Bank Director Named Federal Home Loan Bank Chairman
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February 15, 2011 --
The Federal Home Loan Bank of Chicago’s Board of Directors has appointed Thomas
L. Herlache to serve as chairman for 2011. Herlache currently serves as a member
of the Baylake Corp. Board of Directors and led Baylake Bank as its chief
executive officer for more than two decades. He has served on the Board of
Directors for the Federal Home Loan Bank of Chicago since 2005. He was
re-elected and appointed vice chairman in 2009 before being appointed chairman.
The Federal Home Loan Bank of Chicago is an $88.1 billion wholesale bank and one of 12 district banks chartered in 1932 by the U.S. Congress to ensure a secure source of mortgage funds to thrifts, insurance companies, and housing finance institutions. In 1989, the charter was expanded to include commercial banks and credit unions through the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA). Today, the FHLB System, which is regulated by the Federal Housing Finance Agency, is over 8,000 members strong. The FHLB Chicago serves financial institutions in Illinois and Wisconsin.
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