Letter From Our CEO


Over ninety years ago, the Federal Home Loan Banks (FHLBanks) were created by Congress at the height of the Great Depression. Initially tasked with providing the liquidity that community lenders needed to support the then-ailing mortgage market, we helped pull our country out of crisis. In the years since, our mission has expanded with each FHLBank serving as a reliable funding and liquidity partner to its member financial institutions in a variety of market environments. Today, we strive to fulfill our statutory mission to housing, small business lending, and economic development in the diverse communities our members serve across the country. 

As the FHLBank System looks toward its centennial, we are reflecting on our own role in Illinois and Wisconsin and considering how we can evolve to better serve the needs of members and their communities, homebuyers and renters, housing developers, and small businesses in the years to come. Read more >


Michael Ericson
President and CEO,
Federal Home Loan Bank of Chicago


2022 Impact at a Glance

Supporting Communities
Grants Awarded
Community Lending
Affordable Housing Program
Affordable Housing Units
Created or Preserved
Downpayment Plus® Program
Homebuyers Received
Downpayment Assistance
Community Advance Programs
Jobs Created or Preserved
Housing Units Created or Preserved
3 New Community First® Programs
Housing Counseling Resource Program
Housing Counseling Agencies Expanded Services
Diverse Developer Initiative
Organizations Supported Career Development
Accelerate Grants for Small Businesses
Small Businesses Grown and Developed
Diverse Supplier Spend
Empowering Our People
Advanced Inclusion

through allyship training

Expanded Capabilities

through our professional development programs

Hybrid Work Model Adopted Bankwide
Serving Our Members
Members Utilized our Products
New Members

Story Highlights From the Report

Supporting an Illinois School District With Letters of Credit Program

Sauk Valley Bank of Sterling, Illinois has been a highly engaged member of FHLBank Chicago for more than 23 years. “FHLBank Chicago’s programs like the letters of credit are an efficient solution for our customers and allow us to serve our community,” said Dirk Meminger, President and CEO of Sauk Valley Bank. They have used FHLBank Chicago’s letters of credit program to collateralize the deposits of Sterling School District and ensure their deposits are safe and secure. This partnership has led to Sauk Valley Bank offering low-interest loans to Sterling School District, one of the largest school districts in the area, to conduct restoration projects at local schools.

For example, in 2022, Sterling School District added an athletic space for students in Challand Middle School, air conditioning to Sterling High School, and restored classrooms in Washington Elementary School.


“The letters of credit provide a sense of security to Sterling School District's board and contractors to proceed with school projects. By ensuring funds are available to the district, we can provide a safe and clean learning environment for Sterling staff and students." 

Matthew Birdsley, Director of Curriculum and Instruction, Sterling Public Schools






“Between the addition of the lab and free Wi-Fi, we have enabled our residents to more effectively access their healthcare, find employment resources, and secure appropriate government benefits. The central AC is certainly a major and much-needed upgrade, but the technological improvements have brought the Carlton into the 21st century and made immediate quality-of-life  improvements for our residents.”

Brian Campbell, Case Manager,
Mercy Housing Lakefront


Expanding Affordable Housing for Chicago Residents

FHLBank Chicago plays a significant role in supporting affordable housing in Illinois and Wisconsin through our Affordable Housing Program, which includes our competitive AHP General Fund awards and down payment assistance through our DPP® Programs.

FHLBank Chicago has supported Mercy Housing Lakefront, a regional organization of Mercy Housing, Inc. through 12 AHP General Fund projects. In 2020, Mercy Housing Lakefront was awarded a $900,000 AHP grant through FHLBank Chicago member, CIBC Bank USA, to rehab the Carlton Apartments. This historic building now provides permanent supportive housing for formerly homeless and low-income Chicago residents.

In 2022, final renovations at Carlton Apartments were completed providing modern amenities like a computer lab and Wi-Fi.

Partnering With Community Banks to Support Main Street in Deerfield

Deerfield Coffeehouse in Dane County, Wisconsin is more than a quick stop for your morning joe and a bite to eat. Since opening on Deerfield’s Main Street in 2019, the shop has been a popular destination for people who live and work in the area.

Before opening, owner Teresa Pelletier knew she’d have to eventually make improvements to the space—it had strong bones and character but was run down from weather and needed repairs to the storefront. When she started hearing from new customers that the building was tough to find due to the building’s appearance and signage, she knew she needed help.

Her local banker at the Bank of Deerfield, Ben Mlsna, told her about FHLBank Chicago’s Community First Accelerate Grants for Small Business, which provides grant funds to strengthen small businesses. Pelletier applied and received a $25,000 grant for building upgrades, and a 5% match from Bank of Deerfield. “A lot of our job as a small community bank is focusing on the relationship,” said Mlsna. “When you have an opportunity to give back like that, and you know the people personally, it makes the decision easy.”


“Our mission is to be a community gathering spot and part of that is enhancing the downtown of Deerfield. We live in the best community and people here are so supportive. I’m going to use the grant to have the building  reflect all the greatness in our community.”

Teresa Pelletier, Owner, Deerfield Coffeehouse


“This event is doing exactly what we intended it to do, which is to help employees engage with each other and get to know ERGs around the Bank. The African American ERG is important to the Bank because it allows us to highlight the topics that are important to our African American employees, and it allows us to have a safe cultural exchange  for the employees.”

Sabrina Jackson, Operations Manager in Community
Investment at FHLBank Chicago


Growing Together and Alongside Our Members

In 2022, FHLBank Chicago hosted a Diversity, Equity, and Inclusion (DEI) Open House to allow employees to network and explore new ways to get involved in DEI activities at the Bank. Members from ERGs hosted booths at the Open House to recruit new members and share resources with employees. The event also provided a safe space for employees and partners to host transparent and inclusive discussions.

The event was also an opportunity for member banks to learn about the Bank’s DEI strategy and resources offered at the Bank. Representatives from Park Bank in Madison, Wisconsin – a FHLBank Chicago member – also joined the Open House to engage with peers and learn more about how to serve employees and local communities. “For us, DEI is a journey that is very new. It feels like FHLBank Chicago has been working on this journey already, so we came to learn, listen, and absorb as much as we can,” said Sujhey Beisser, Assistant Vice President of Strategy & Development at Park Bank.