Letter From Our CEO

In a year where interest rates remained elevated and the state of the economy was top of mind, FHLBank Chicago remained constant in its unwavering support for our financial institution members, their customers, and communities. Throughout the year, and as always, we made sure our members had the necessary financial support to navigate any situation. That is central to our purpose—to be a stabilizing force through both turbulence and routine, constancy and change. 

We are in a strong position to address housing affordability and supply across our district. FHLBank Chicago has been closely collaborating with the Federal Housing Finance Agency (FHFA), Congress, our Board, members, and key stakeholders to set ourselves on a solid trajectory for the future. While planning for the future, we continued actively serving homebuyers, renters, housing developers, and small businesses across Illinois and Wisconsin in partnership with our members. Read more >

 

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

2024 Impact at a Glance

Impact at a Glance for Web

Story Highlights From the Report

Building Dreams of Lifelong Homeownership

 

Molly and Joseph Anderer dreamed of owning a home to provide stability and accessibility for their family of five. Living on a single income and caring for a child with disabilities, the Anderers sought support from local housing counseling agency La Casa de Esperanza, a beneficiary of FHLBank Chicago’s Housing Counseling Resource Program. The Anderers were already working with Habitat for Humanity of Waukesha and Jefferson Counties, who referred them to La Casa de Esperanza for homebuyer education classes and personalized counseling. 

“The support we received from La Casa de Esperanza made what once felt impossible a reality,” said Molly Anderer. “Our new home is more than just a place to live—it’s a foundation for our children to grow and a space tailored to meet the unique needs of our family.” La Casa de Esperanza’s partnership with FHLBank Chicago member Tri City National Bank also enabled the Anderers to access FHLBank Chicago’s Downpayment Plus program, which provided $10,000 toward their downpayment and closing costs.

“Tri City National Bank was instrumental in helping the Anderers access the financial boost they needed from FHLBank Chicago to achieve homeownership,” said Crystal Monsivais, HUD Certified Housing Counselor at La Casa de Esperanza. In October 2024, after months of preparation and construction, Molly and Joseph proudly closed on a home tailored to their family’s needs. Newly equipped with knowledge and resources, they are on the path to sustainable homeownership—demonstrating the transformative impact of housing counseling and down payment assistance.

 

 
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“Our partnership with FHLBank Chicago has been instrumental in helping us expand access to affordable housing. From innovative mortgage solutions to impactful community investment programs, our engaged membership enables us to make a meaningful difference for our customers and communities across Wisconsin.”

Tim Schinkten, AVP, Loan Servicing Manager,
Nicolet National Bank
 


Empowering Affordable Homeownership and Community Growth

 

Nicolet National Bank has grown from a local Green Bay startup to one of Wisconsin’s top banks with $8.6 billion in assets. Key to this growth has been its longstanding partnership with FHLBank Chicago. For over a decade, Nicolet has leveraged FHLBank Chicago’s MPF and community investment programs, providing with affordable paths to homeownership even in a challenging housing market.

With the MPF Traditional product, Nicolet can offer competitive rates without loan-level price adjustments, making loans more affordable for creditworthy borrowers. Nicolet has also taken advantage of FHLBank Chicago’s new MPF Traditional Conventional Housing Impact Pricing to make loan terms that are more within reach for low- and very low-income households.

Additionally, since 2013, Nicolet has provided more than $4 million in forgivable grants for down payments and closing costs to income-eligible borrowers through our Downpayment Plus Programs.



Local Bank Extends Liquidity Directly into Community

First Community Bank of Hillsboro is well-versed in the unique needs of its primarily rural community in Illinois. And as one of the top users of FHLBank Chicago’s Community Small Business Advance, they have been able to expand their lending territory, both geographically and to a wider variety of clients. 

Nick Kuhns, Vice President and Chief Credit Officer at First Community Bank of Hillsboro, has leveraged their partnership with FHLBank Chicago to intentionally extend support to the small businesses that shape the community. For about three years, Kuhns worked closely with local business owners Nick and Michelle Seabaugh of Griffith Trucking to fund a loan that helped them take over the family business from Michelle’s uncle and keep the small, family-run business intact.

A portion of Griffith Trucking’s business is transporting military service people who are reassigned, helping them pack up and move across the country to their next base. Nick Seabaugh handles the bookings and even gets behind the wheel from time to time. The additional funding from the Community Small Business Advance also allowed for much-needed updates to the vehicle fleet. 

Between tight balance sheets and interest rates hovering around 7%, the loan would not have been possible for either Griffith Trucking or First Community Bank of Hillsboro without FHLBank Chicago’s Community Small Business Advance.

 

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“This opportunity came at the ideal time when all banks were struggling with liquidity. After the pandemic, as the economy started to slow down, a lot of deposits left our community banks. The Community Small Business Advance gave us the liquidity we needed to help our customers grow—it was a true win-win.”

Nick Kuhns, VP, Chief Credit Officer,
First Community Bank of Hillsboro