Federal Home Loan Bank Of Chicago (FHLBC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Federal Home Loan Bank Of Chicago

CIK: 1331451

Exhibit 99.1


February 22, 2010

To Our Members:

The Federal Home Loan Bank of Chicago (Bank) expects to file its 2009 Form 10-K Annual Report with the Securities and Exchange Commission next month; you will be able to access it through our website,, or the SEC’s reporting website, This letter will update you on our progress in remediating the condition of the Bank. Specifically, our goals continue to be:



Return to profitability;



Stabilize our capital base through a capital stock conversion;



Grow retained earnings;



Simplify the business model and operations of the Bank; and,



Restore an appropriate dividend and full liquidity to our stock.

In the numerous interactions we have had with our members around Illinois and Wisconsin, it is clear that achieving these outcomes while continuing to provide competitively priced liquidity and term financing is what you expect — and what you deserve — from your Home Loan Bank. This is precisely what we are focused on achieving to enhance the value of your Bank membership.

The results discussed here are preliminary and unaudited. Please refer to the attached Condensed Statements of Income and Statements of Condition. Also, please review the discussion of the market value of the Bank’s equity, level of retained earnings, and return on regulatory capital that follows the summary of financial results. (See “Remediation Dashboard.”)

Summary of Financial Results

Impact of Credit Crisis and Slow Economy on Members and Bank

We began 2009 focused on the potential impact of the credit crisis and slowing economy on our members and on our balance sheet. Through careful monitoring of members’ financial conditions and their collateral positions, as well as coordination with banking regulators, we have successfully managed through 19 member resolutions without credit losses. We continue to work with many members challenged by the current environment, balancing the needs of individual members against the health of the overall member investment in the Bank.

We managed the potential negative impact of a government-supported lower-rate environment by restructuring our balance sheet, lowering our funding costs, improving our net interest income, and helping to position the Bank for consistent net interest income in the future. In addition, the restructuring of the balance sheet, along with a general improvement in credit spreads during the second half of 2009, have led to an improvement in our market value of equity.



The following information was filed by Federal Home Loan Bank Of Chicago on Monday, February 22, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Federal Home Loan Bank Of Chicago's Definitive Proxy Statement (Form DEF 14A) filed after their 2010 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors


CIK: 1331451
Form Type: 10-K Annual Report
Accession Number: 0001193125-10-060383
Submitted to the SEC: Thu Mar 18 2010 2:08:08 PM EST
Accepted by the SEC: Thu Mar 18 2010
Period: Thursday, December 31, 2009
Industry: Federal And Federally Sponsored Credit Agencies

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