FHLBank Chicago Director Elections
The Board of Directors of the Federal Home Loan Bank of Chicago (FHLBank Chicago) is responsible for overall management and oversight of FHLBank Chicago pursuant to the Federal Home Loan Bank Act. Like each of the other FHLBanks, our Board of Directors is composed of two types of directors: member and independent.-director-election.png?sfvrsn=19c0a179_3)
About the FHLBank Chicago 2026 Director Election
The 2026 Director Election ballots were distributed electronically through Survey & Ballot Systems (SBS) to all highest officers or designated voting representatives on September 15, 2026.
Voting will close at 5:00 PM CT on Tuesday, October 20, 2026.
2026 Director Election Ballot
Illinois Member Director Candidates
There is one open seat for an Illinois Member Director in 2026.
Betsy Johnson
Chairman and Chief Executive Officer, Solutions Bank
Betsy Johnson has served as a Member Director of the Federal Home Loan Bank of Chicago since 2023, and is Chairman and Chief Executive Officer of Solutions Bank, Forreston, Illinois. She joined the bank, then Forreston State Bank, as an executive assistant in 1996 and advanced through nearly every discipline within it, including mortgage, consumer, and agricultural lending, human resources, asset/liability management, risk management, and regulatory examination and reporting. She was named President and Chief Operating Officer in 2018, President and CEO in 2020, and Chairman and CEO in November 2025. She has served on the boards of the bank and its holding company since 2010. Solutions Bank employs 65 bankers, holds $490 million in assets, and serves customers from five locations across four northern Illinois counties. Under her leadership, the bank acquired and integrated two institutions, in 2020 and 2022.
At the Federal Home Loan Bank of Chicago, Ms. Johnson currently serves on the Human Resources and Compensation Committee and as Vice Chair of the Risk Management Committee and previously served on the Affordable Housing Committee and as Vice Chair of the Operations and Technology Committee. That work has given her direct familiarity with the Bank's risk framework, its technology and operational infrastructure, and the housing, community development, and liquidity programs its members rely on. As a sitting director, she also has visibility into the work of the Audit Committee and the Executive and Governance Committee.
Through the Illinois Bankers Association, Ms. Johnson has chaired numerous committees, joined the Board of Directors in 2017 and the Executive Committee in 2019, and served as Chair of the Association from 2022 to 2023. She remains active on the IBA PAC Board and its Government Relations Committee. From 2021 to 2022 she served on the FDIC Community Banking Advisory Committee, one of a small group of community bankers advising the agency nationally. A 2003 graduate of the Graduate School of Banking–Madison, she served on its Banker Advisory Board from 2017 to 2024, chairing it from 2022 to 2024.
Outside of banking, Ms. Johnson is a past zone chair and current treasurer of her local Lions Club, has served the Forrestville Valley School Foundation as a member and treasurer, and has served on its fundraising committee for 22 years. She has also served her church as council president and chair of the pastoral search and building committees.Paul W. Otto
Executive Vice President Chief Financial Officer, First American Bank
Paul W. Otto is the Executive Vice President Chief Financial Officer of First American Bank located in Elk Grove Village. First American Bank is the largest privately held bank in Illinois, with over $8.5 billion in assets. Mr. Otto has been an executive banking professional for over 25 years. He began his career at Southport Bank moving up through the ranks ultimately becoming the Executive Vice President Chief Financial Officer prior to the bank being sold to First American Bank. Mr. Otto has served on the boards of several nonprofit organizations in southeast Wisconsin and is currently a candidate for the Thrivent Board and the Federal Home Loan Bank of Chicago. Mr. Otto earned an undergraduate degree in Accounting from Carthage College and is a Certified Public Accountant.
Adam Steinback
President,
Albank NA
Adam Steinback is President of Albank NA and Vice Chairman of Albank Corporation, the bank’s holding company. Chartered by the OCC in 1953, Albank is ranked by Newsweek magazine as Chicago’s Best Regional Bank. Adam focuses on managing Business, Community, and Corporate Development.
As a community-oriented banking executive, Adam guides Albank’s lending focus on multi-family and affordable housing. This experience, combined with strong skills in Board governance in organizational management and oversight, position Adam as the right candidate to be a Board of Directors Member of the Federal Home Loan Bank of Chicago. As a Board member, Adam would help lead and further innovate FHLBank Chicago’s mission to promote housing finance, proudly representing from Chicago all the Members throughout Illinois.
Under his leadership as CRA Officer, Albank recently earned an Outstanding CRA Rating, a Member highlight story on affordable housing in the latest Federal Home Loan Bank of Chicago’s Impact Report, and selection as the first local bank to be designated a Municipal Depository by the Treasurer of the City of Chicago in an ongoing partnership prioritizing community development lending impact.
Adam has been with Albank for 21 years serving on the Bank’s Board and previously in two Senior Vice President positions. He’s a Member of the Federal Reserve Bank of Chicago’s Community Depository Institutions Advisory Council, the Community Bankers Association of Illinois, and The Bankers Club of Chicago. He serves on the Executive Advisory Council of Kadince, a company that develops software to manage CRA and compliance data at financial institutions. Adam enjoys philanthropically serving the community and is the Board Vice Chairman at the Orthogenic School at the University of Chicago and at the Hyde Park Day School, and is a Foundation Board Member at Choose Chicago. He is a Certified Real Estate Finance Development Professional, and earned a B.A. in Economics & Communications from The American University in Washington D.C.
Independent Director Candidate
There is one open seat for a Public Interest Independent Director in 2026.
Kevin L. Newell
Founder and CEO, Royal Capital Group
Kevin L. Newell is the founder of the Royal Capital Group and has served as the company’s CEO since 2010. Royal Capital Group is a real estate development firm focused on the creation of economic development and housing in the urban core. As the CEO of Royal Capital Group, Mr. Newell has led the company’s efforts on business development, strategy, and investments. Mr. Newell also serves on the Greater Milwaukee Foundation Impact Investment Committee, as a Board member of the Guest House of Milwaukee, and as a Board member of the MLK Economic Development Corporation. Mr. Newell continues to be an active Board member of the Wisconsin Preservation Fund since 2017. He has a BBA and is an MBA graduate of the University of Wisconsin-Whitewater, with an emphasis in Finance and Management, and an ACRE Alum at Marquette University. Mr. Newell served on the Federal Home Loan Bank of Chicago Community Investment Advisory Council from 2019 to 2022.
Wisconsin Member Director Announcement
FHLBank Chicago is pleased to announce that James H. Hegenbarth, President and Director of Bank CMG, in Madison, Wisconsin, has been deemed elected as the Wisconsin Member Director on FHLBank Chicago’s Board of Directors. Because Mr. Hegenbarth was the only nominee to accept the nomination for the Wisconsin member directorship up for election in 2026, the directorship is being filled without an election. He is deemed elected effective September 15, 2026. Mr. Hegenbarth will serve a four-year term beginning January 1, 2027, and expiring December 31, 2030.
FHLBank Chicago congratulates Mr. Hegenbarth and thanks Wisconsin members for their continued engagement in the director election process.
James H. Hegenbarth
President and Director of Bank CMG
James H. Hegenbarth is a respected community banking executive with more than four decades of experience in financial services. Since beginning his banking career in 1985, he has built a reputation for leadership, relationship banking, and a strong commitment to serving businesses, families, and communities throughout Wisconsin.
Hegenbarth currently serves as the President and Director of Bank CMG and is a member of the Board of Directors of Greenwoods Financial Group, Inc. Before assuming this role, he served for more than 32 years as President, Chief Executive Officer, and a member of the Board of Directors of Park Bank in Madison, Wisconsin, where he helped guide the institution’s growth and reinforced its position as one of the region’s leading community banks. Earlier in his career, he held leadership positions at First Bank N.A., now U.S. Bank.
Throughout his career, Hegenbarth has been recognized for his contributions to the banking industry and civic leadership. In 2020, he was named the Wisconsin Bankers Association Banker of the Year, one of the state’s highest honors for banking professionals. He has served on the Wisconsin Bankers Association Board of Directors and Government Relations Committee. His leadership has also extended to the American Bankers Association and numerous nonprofit and community organizations, including the American Family Children’s Hospital at the University of Wisconsin.
A graduate of the University of Wisconsin-Madison with a bachelor’s degree in economics, Hegenbarth also completed the prestigious Graduate School of Banking at the University of Wisconsin-Madison. He is widely recognized for his dedication to community banking, sound financial stewardship, and fostering strong economic growth through strong local partnerships.
Hegenbarth has been married for 36 years, and has two children, Drew, 26, and Cate, 23. He is a resident of Middleton, WI.
Member and Independent Director 2026 Election Schedule
June 22 | Start of the 2026 Election of Federal Home Loan Bank of Chicago Member and Independent Directors. Nomination process opens for member institutions in the voting states for 2026. |
July 23 | Member Director Nomination deadline. All nominations for member directorship must be received by 5:00 PM CT, July 23, 2026. |
July 23 | Independent Director Application deadline. All applications for independent directorship must be received by 5:00 PM CT, July 23, 2026. |
August 24 | Member Director nominee acceptance deadline. Candidates running for election must return the completed Member Director Eligibility Form. All forms must be received by 5:00 PM CT, August 24, 2026. |
September 3 | Independent Director nominees will be confirmed. Applicants who submitted applications for independent directorship will be notified of ballot placement determination. |
September 15 | Voting begins. Member and Independent Director ballots will be sent to eligible member institutions in the designated voting states for 2026. |
October 20 | Voting deadline. Ballots must be received by 5:00 PM CT, October 20, 2026. The Federal Home Loan Bank of Chicago will announce the results of the 2026 Election of Federal Home Loan Bank of Chicago Member and Independent Directors once the results have been confirmed. Newly elected Directors take office January 1, 2027. |
Director Election Info and Materials
To serve as a Member Director, each Member Director nominee must satisfy the following eligibility criteria at all times including, if elected, throughout their term of service as director:
- Be a citizen of the United States, and
- Hold the position of officer or director at a current FHLBank Chicago member institution, located in Illinois or Wisconsin, that meets their current minimum regulatory capital requirements.
Nominees are expected to represent current member institutions that will continue to satisfy applicable minimum regulatory capital requirements. If the member director nominee also serves as an officer or director of another FHLBank Chicago member institution, that institution must also meet the applicable minimum regulatory capital requirements.
To serve as an Independent Director, each Independent Director nominee must satisfy the following eligibility criteria at all times including, if elected, throughout their term of service as director:
- Be a citizen of the United States,
- Be a bona fide resident of Illinois or Wisconsin, and
- Meet one of the following qualifications based on the particular Independent Directorships sought:
- Independent Directorship: have knowledge of or experience in one or more of the following areas: auditing and accounting, derivatives, financial management, organizational management, project development, risk management practices, and the law.
- Public Interest Independent Directorship: have more than four years’ experience directly representing consumer or community interests in banking services, credit needs, housing, or consumer financial protections.
Please note that if a nominee is elected for an Independent Directorship, they will be prohibited from serving as an officer of any Federal Home Loan Bank or as a director, officer, or employee of any member of FHLBank Chicago or of any entity that receives advances from FHLBank Chicago, for the duration of their term of service on the FHLBank Chicago’s Board of Directors.
Residency requirements are subject to strict scrutiny and review, and supporting documentation may be requested to substantiate that the Independent Director applicant satisfies these residency requirements.
Individuals interested in being considered for nomination for the Independent Director seat on the FHLBank Chicago Board of Directors must first submit an Independent Director Application Form. Please note that all Application Form submissions must include a resume.
Independent Director Applications received after the deadline will not be considered; therefore, please allow ample time for delivery. The window to submit an Independent Director Application is closed for 2026, and the next application cycle will begin in Summer 2027.
2026 Application for Independent Director
Member Director nominations are administered through Survey & Ballot Systems (SBS). The nomination window for Member Directors has closed for 2026, and the next nomination window will open in Summer 2027.
The 2026 Director Elections will be conducted electronically through Survey & Ballot Systems (SBS). Ballots will be sent by email to participating member institutions approximately Tuesday, September 15, 2026.
All completed ballots must be received by FHLBank Chicago by 5:00 p.m. CT, Tuesday, October 20, 2026.
For more information, Director Election questions can be sent to Dana Gibbs, at directorelections@fhlbc.com.