FHLBank Chicago Announces 2024 Director Election Results

Rhea-AI Summary

The Federal Home Loan Bank of Chicago (FHLBank Chicago) has announced the results of its 2024 Director Election. Members elected five directors to serve four-year terms beginning January 1, 2025:

1. Dean A. Ahlers from Illinois, President and CEO of Sterling Federal Bank

2. Michelle L. Gross (re-elected) from Illinois, Executive Vice President/COO of State Bank of Bement

3. Joseph Fazio III (re-elected) from Wisconsin, Chairman of Bristol Morgan Bank

4. John W. Pietrowicz as independent director, former CFO of CME Group

5. Andrea L. Zopp (re-elected) as public interest independent director, Managing Partner at Cleveland Avenue

The elected directors bring diverse experience in banking, finance, and community leadership to the FHLBank Chicago board.

Positive

• Diverse board composition with experienced professionals from banking and finance sectors
• Continuity in leadership with re-election of three existing board members
• Addition of new perspectives with two newly elected directors

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- The Federal Home Loan Bank of Chicago (FHLBank Chicago) is pleased to announce the results of its 2024 Director Election. Members elected two directors from Illinois, one director from Wisconsin, one independent director and one public interest independent director. Each director will serve a four-year term beginning January 1, 2025.

Illinois members elected Dean A. Ahlers. Ahlers has served as President and CEO and member of the Board of Directors for Sterling Federal Bank in Sterling, Illinois since 2013. Previously, he served as the bank’s Vice President of Operations from 2007-2013. Prior to joining Sterling Federal Bank, Ahlers had a successful career in the financial services industry for over 17 years, earning several certifications of distinction including the CFP (Certified Financial Planner), ChFC (Chartered Financial Consultant), CLU (Chartered Life Underwriter), and CSA (Certified Senior Advisor) designations. Ahlers graduated with honors from the Graduate School of Banking at the University of Wisconsin-Madison and earned his undergraduate degree in Finance from Iowa State University. Sterling Federal Bank is a mutual Federal Savings Bank that has focused on housing finance since its inception in 1885. Sterling Federal Bank is an active participant in the FHLBank Chicago Affordable Housing Program.

Illinois members re-elected Michelle L. Gross. Gross has served as Executive Vice President/Chief Operating Officer, Information Systems Officer, and Director of the State Bank of Bement since 2012 in addition to being Community Bank President of the State Bank of Bement – Monticello facility since 2017. Gross has worked at the State Bank of Bement since 1996 and serves as a Director and Assistant Treasurer for Bement Bancshares, Inc. She is a former director of the State Bank of Cerro Gordo and First National Bank of Ivesdale. She is active in a variety of community service activities including as Past Chairman of the Illinois Bankers Association (IBA) and Community Bankers Association of Illinois member. Currently, Gross is on the boards of Kirby Medical Center and the Bement Foundation, Choir Director at First Presbyterian Church, Bement, member of the Monticello Rotary Club, founding board member of the Sangamon Valley CEO Entrepreneurial Program and a former Village of Bement Trustee. Gross is a graduate of the Graduate School of Banking in Madison, Wis., and earned a Bachelor of Science degree from Western Illinois University. She has served on the FHLBank Chicago Board of Directors since 2015 and is currently Vice Chair.

Wisconsin member re-elected Joseph Fazio III. Fazio is currently a Chairman of the Board of Directors for Bristol Morgan Bank in Oakfield, Wis. and Oakfield Bancorp, Inc., positions he's held since April 2023. Fazio was the founder, Chairman of the Board of Directors, and CEO of Commerce State Bank from 2005 to 2022, when it was acquired by Summit Credit Union. Fazio previously led a privately held marketing company, was Director of Corporate Marketing for Metavante (now FIS), led Personal Trust Administration for M&I Trust Company (now BMO), and held several management positions with IBM. Fazio is a graduate of St. Norbert College and earned his master's degree from Edgewood College. He is a former board director of the Wisconsin Bankers Association. Fazio also served as an elected official for the City of Cedarburg. He is the past President of the Greater Cedarburg Community Foundation and chaired the Washington County United Way Campaign. He has served on nonprofit boards such as St. Francis Borgia School, Walker's Point Youth and Family Center, and the Cedarburg Athletic Booster Club. Fazio founded the Wisconsin Chapter of the Private Directors Association, is a member of the National Association of Corporate Directors and a NACD Board Leadership Fellow. He has served on the FHLBank Chicago Board of Directors since 2017 and is currently Chair.

FHLBank Chicago members elected independent director John W. Pietrowicz and re-elected public interest independent director Andrea L. Zopp.

John W. Pietrowicz had a 20-year career at CME Group where he served as Chief Financial Officer from 2014 until his retirement from that position in April 2023. Pietrowicz currently serves on the board of Marex, a global financial services company headquartered in London, and previously served as a director on the boards of the World Federation of Exchanges, Bolsa Mexicana de Valores, and S&P Dow Jones Indices. He also served as a member of the Financial Accounting Standards Advisory Committee. Before CME Group, Pietrowicz held financial leadership positions for Ameritech, after beginning his career as an auditor for Arthur Andersen. Pietrowicz holds a Bachelor of Business Administration in Accountancy from the University of Notre Dame and a Master of Business Administration in Finance from Loyola University Chicago. He is also a Certified Public Accountant.

Andrea L. Zopp is an accomplished executive, board member, and civic leader. She has served as Managing Partner at Cleveland Avenue in Chicago since 2021, leading the organization’s work investing in and supporting minority and women entrepreneurs and their companies. Zopp also currently serves as a director of Relativity, a global e-discovery, and data management software company and as a director of Intelligent Growth Solutions, a Scotland-based manufacturer of vertical farms and related technology. Zopp previously served as a director of Empowerment and Inclusion Capital Corp (NYSE: EPWR), a special purpose acquisition company 2021 to 2022. From 2017 to 2020, Zopp was CEO and President of World Business Chicago. From 2016-2017, she served as Deputy Mayor, Neighborhood Development and Community Engagement for the City of Chicago and from 2010-2015, she served as President and CEO of the Chicago Urban League. She is an experienced business leader and attorney serving as a trusted advisor to the CEO and executive teams at three publicly traded companies. Zopp holds a BA in History of Science from Harvard College and a J.D. from Harvard Law School, and she served on the Harvard Alumni Association Board and the Board of the Chicago Chapter of the Harvard Alumni Association. She has served on the FHLBank Chicago Board of Directors since 2021.

About the Federal Home Loan Bank of Chicago

FHLBank Chicago is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with a focus on providing solutions that support the housing and community development needs of members’ customers. FHLBank Chicago is a self-capitalizing cooperative, owned by its Illinois and Wisconsin members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. To learn more about FHLBank Chicago, please visit fhlbc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241016109721/en/

Heather Bockstruck

312.565.5282

hbockstruck@fhlbc.com

Source: Federal Home Loan Bank of Chicago

FAQ

When will the newly elected FHLBank Chicago directors begin their terms?

The newly elected directors will begin their four-year terms on January 1, 2025.

How many directors were elected to the FHLBank Chicago board in the 2024 election?

Five directors were elected to the FHLBank Chicago board in the 2024 election.

Who was elected as the independent director for FHLBank Chicago in the 2024 election?

John W. Pietrowicz, former CFO of CME Group, was elected as the independent director for FHLBank Chicago in the 2024 election.

What is Andrea L. Zopp's current role outside of the FHLBank Chicago board?

Andrea L. Zopp currently serves as Managing Partner at Cleveland Avenue in Chicago, leading investments in minority and women entrepreneurs.