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Charter One Bank Wins National Housing Award
Charter One Bank Wins National Housing Award
Published 08-29-01
Submitted by Charter One Finl Inc
The Federal Home Loan Bank of Cincinnati (FHLBank) presented Charter One Financial, Inc. (NYSE: CF) today with the FHLBank System's 2001 Community Partnership Award for affordable housing and community development achievement. The presentation was made to Charter One's president, chairman and CEO, Charles J. Koch, Jr., by FHLBank president Charles L. Thiemann at an awards luncheon in Cleveland.
"Charter One Bank is a leader in Cleveland and throughout its service area in meeting the affordable housing needs of its customers and the economic development needs of its communities," said Thiemann. "Through our Community Investment and Economic Development programs, Charter One has used $43 million to fund 19 economic development projects, including the construction of an inner-city fitness center in Cleveland, and $485 million to assist with affordable homeownership and rental housing."
Since 1990, the FHLBank has awarded Charter One Bank $5 million in Affordable Housing Program direct grants or below-market rate loans used to fund more than 1,300 affordable housing units.
"Charter One believes that community partnerships play an integral role in our business success," said Koch. "Together with the Federal Home Loan Bank's Affordable Housing and Community and Economic Development programs, we are able to serve residents who would not otherwise be able to afford stable, safe housing, or the purchase of their first home. We are honored to have been chosen for this award and remain committed to the growing number of communities we serve."
Rob Curry, executive director, Cleveland Housing Network said, "Our partnership with Charter One Bank has made a tremendous impact on the productivity and involvement of Cleveland Housing Network for many families in need of affordable, safe housing."
Charter One has approximately $37 billion in total assets, making it one of the 30 largest bank holding companies in the country. The Bank has 436 branch locations in Ohio, Michigan, New York, Illinois, Massachusetts and Vermont. The branch locations operate under the Charter One name in all areas except in Michigan, where the Bank is known as First Federal of Michigan. The Company's diverse product set includes: consumer banking, indirect auto finance, commercial leasing, business lending, commercial real estate lending, mortgage banking and retail investment products. For additional information, including press releases and investor presentations, investors are directed to Charter One's Web site: www.charterone.com .
The Federal Home Loan Bank of Cincinnati (FHLBank) is a $59 billion, triple-A rated regional wholesale bank providing financial services for residential housing and economic development to over 750 member financial institutions located in the Fifth FHLBank District of Kentucky, Ohio and Tennessee. The FHLBank has contributed over $100 million for the creation of 20,000 units of lower-income housing through its Affordable Housing Program, since 1990. The FHLBank System, including 12 district FHLBanks, was chartered in 1932 by the U.S. Congress to promote housing finance but is wholly owned by its member institution stockholders and does not use taxpayer dollars.
