First Bank CEO Scott Harvard Re-Elected to FHLBank Atlanta Board

Rhea-AI Summary

First Bank announced the re-election of CEO Scott C. Harvard to the board of the Federal Home Loan Bank of Atlanta for a second four-year term starting January 1, 2021. Harvard, who previously served from 2003 to 2012, expressed gratitude for the continued opportunity to represent Virginia's financial institutions. FHLBank Atlanta, a cooperative bank with over $125 billion in assets, supports housing finance and community lending, having provided over $151 million in affordable housing grants in Virginia over the last decade. First Bank operates across Virginia, offering various banking services.

Positive

• Re-election of CEO Scott C. Harvard to FHLBank Atlanta board enhances First Bank's influence in financial matters.
• FHLBank Atlanta has a strong financial foundation with over $125 billion in assets, beneficial for member institutions.
• First Bank's community involvement highlighted by the $151 million in grants from FHLBank Atlanta for affordable housing in Virginia.

Negative

• None.

STRASBURG, Va., Oct. 14, 2020 (GLOBE NEWSWIRE) -- First Bank announced today that CEO Scott C. Harvard has been re-elected to the board of directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) for a second consecutive four-year term, beginning January 1, 2021. Harvard previously served as a member of FHLBank Atlanta’s board from 2003 through 2012, serving as chair from 2007 through 2012.

Elizabeth Cottrell, chairman of the board of First Bank stated: “We are so pleased to have Scott represent Virginia financial institutions on the board of FHLBank Atlanta, and we are proud that he has the strong support of financial institutions across the Commonwealth.”

Harvard added, “It has been a privilege to represent Virginia financial institutions on the board of the Atlanta home loan bank, and I am thankful for the opportunity to continue to work with what I consider the finest board and management team in the FHLB system.”

FHLBank Atlanta is one of 11 cooperative banks within the Federal Home Loan Bank System. Formed in 1932 by an act of Congress, the Federal Home Loan Banks have a mission of supporting housing finance and community lending.

With assets in excess of $125 billion, including outstanding advances of over $60 billion to financial institution members as of June 30, 2020, FHLBank Atlanta fulfills its mission by offering liquidity via competitively priced financing, as well as community development grants, and other banking services that help financial institutions and their communities grow and prosper.

Over the last decade, FHLBank Atlanta has provided over $151 million in affordable housing grants in Virginia resulting in over 24,500 housing units developed across the Commonwealth.

First Bank is a community bank serving the top of Virginia, the Shenandoah Valley, south central Virginia, and Richmond. First Bank first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community, and 14 bank branch office locations located throughout the Shenandoah Valley and central regions of Virginia.

In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which invests in entities that provide investment services and title insurance.

Contact info: Kirstie Svehla, Marketing Manager, ksvehla@fbvirginia.com 540-465-9121

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e9ec6f92-59d3-4269-822c-c0163524222e

FAQ

What recent announcement did First Bank make regarding its CEO?

First Bank announced the re-election of CEO Scott C. Harvard to the board of the Federal Home Loan Bank of Atlanta.

When does Scott C. Harvard's new term on the FHLBank Atlanta board begin?

Scott C. Harvard's new term on the FHLBank Atlanta board begins on January 1, 2021.

What is the significance of FHLBank Atlanta's funding for Virginia?

FHLBank Atlanta has provided over $151 million in affordable housing grants in Virginia, supporting the development of over 24,500 housing units.

How many terms has Scott C. Harvard served on the FHLBank Atlanta board?

Scott C. Harvard has served two terms on the FHLBank Atlanta board, previously from 2003 to 2012 and now starting a second term.

What role does FHLBank Atlanta play in community development?

FHLBank Atlanta offers liquidity through competitively priced financing and community development grants, aiding financial institutions and community growth.