The Federal Home Loan Bank of Chicago has announced the election results for its board of directors, with several new and returning members set to serve four-year terms starting January 1, 2025. Michelle L. Gross, Dean A. Ahlers, and Joseph Fazio III have been re-elected or elected as member directors. John W. Pietrowicz and Andrea L. Zopp will join as independent directors, with Zopp serving as a public interest independent director.
The elections took place on October 15, 2024, and the results were disclosed in a letter to members dated October 16, 2024. The bank, which operates as a cooperative, provides credit services to its members. The newly elected directors are either officers or directors of the bank's members and will receive compensation under the bank's 2025 Board of Directors Compensation Policy, which is pending approval.
The bank's community investment activities may involve transactions with members who have officers or directors on the bank's board, or with other entities with such connections. These transactions are conducted on market terms and under the same criteria as all other comparable transactions.
The specific committee assignments for the elected directors have not yet been determined. The bank's board is comprised of member directors elected by the bank's members and independent directors, all in accordance with the Federal Home Loan Bank Act and regulations of the Federal Housing Finance Agency.
The information regarding the director elections and related disclosures is based on a press release statement filed with the Securities and Exchange Commission.
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