Federal Home Loan Bank of Chicago announces leadership transition. Michael Ericson to conclude tenure as President and Chief Executive Officer effective December 31, 2026, and Virxhini Gjonzeneli appointed interim President and CEO effective January 1, 2027 The Federal Home Loan Bank of Chicago (FHLBank Chicago) today announced that Michael A. Ericson, President and Chief Executive Officer, will conclude his tenure effective December 31, 2026, following more than 20 years of dedicated service. "On behalf of the Board, I want to express our deep gratitude to Michael for his leadership and dedication to FHLBank Chicago," said Michelle L. Gross, Chairperson of FHLBank Chicago's Board of Directors. "Michael has been a tireless advocate for our members and the communities they serve, and his leadership helped translate the Bank's financial strength into greater mission scale. Throughout his tenure, the Bank has delivered strong financial performance, delivered exceptional value to members, championed affordable housing, and built a foundation for continued success. We are grateful for his contributions and wish him the best in his next chapter." "After more than two decades at FHLBank Chicago, I am proud of what we have accomplished together and the foundation we have laid for the Bank's long-term strength and resilience," said Mr. Ericson. "I look forward to supporting a smooth transition and wish Virxhini and the entire team continued success in strengthening the cooperative and delivering on our mission." The Board has appointed Virxhini Gjonzeneli, Executive Vice President, Chief Financial Officer, and Group Head, Financial Accounting and Markets, as interim President and CEO, effective January 1, 2027. "We are also pleased to announce Virxhini as interim President and CEO," continued Ms. Gross. "Having served FHLBank Chicago for 23 years, she brings deep institutional knowledge and a strong understanding of the Bank's operations, members, and mission. Her extensive experience and demonstrated leadership across the Bank make her well positioned to ensure continuity and build on the Bank's strong foundation during this transition." Ms. Gjonzeneli has served as FHLBank Chicago's Chief Financial Officer and Group Head, Financial Accounting and Markets since 2023. She joined the Bank in 2003 and was named an Executive Vice President in 2021, following previous roles as Group Head of Member Support and Strategy and Senior Vice President, Director of Enterprise Risk Management. She also serves on the boards of Legal Aid Chicago, Chicago Commons, and the Chicago Public Library Foundation. "Throughout my years with the Bank, I have seen firsthand the strength of this organization and its commitment to members and communities," said Ms. Gjonzeneli. "I look forward to working with Michael and our strong leadership team to ensure a smooth transition and continue delivering reliable funding, trusted partnership, and exceptional service to our members." In alignment with its succession planning process, the Board of Directors is initiating a comprehensive search for a permanent President and Chief Executive Officer. 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. Forward-Looking Information: This press release uses forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements other than statements of historical fact, including statements with respect to beliefs, plans, objectives, projections, estimates, or predictions. These statements are based on FHLBank Chicago's expectations as of the date hereof. The words "believe", "estimate", "expect", "preliminary", "continue", "remain", "commit", and similar statements and their plural and negative forms are used to identify some, but not all, of such forward-looking statements. For example, statements about future dividends and expectations for financial commitments are forward-looking statements. FHLBank Chicago cautions that, by their nature, forward-looking statements involve risks and uncertainties, including, but not limited to: legislative and regulatory developments that affect FHLBank Chicago, its members, or counterparties; instability in the credit and debt markets; economic conditions (including banking industry developments and liquidity in the financial system); prolonged inflation or recession; maintaining compliance with regulatory and statutory requirements (including relating to dividend payments and retained earnings); any decrease in levels of business which may negatively impact results of operations or financial condition; the reliability of projections, assumptions, and models on future financial performance and condition; political, national and world events (including geopolitical conflicts); changes in demand for advances or consolidated obligations; membership changes; changes in mortgage interest rates and prepayment speeds on mortgage assets; FHLBank Chicago's ability to execute its business model and pay future dividends (including enhanced dividends on activity stock); FHLBank Chicago's ability to protect the security of information systems and manage any failures, interruptions, or breaches in its technology, controls or operating processes; and the risk factors set forth in FHLBank Chicago's periodic filings with the Securities and Exchange Commission (SEC), which are available through the SEC's reporting website. FHLBank Chicago assumes no obligation to update any forward-looking statements made herein. In addition, FHLBank Chicago reserves the right to change its business plan or plans for any programs for any reason, including but not limited to, legislative or regulatory changes, changes in membership or member usage of programs, or changes at the discretion of the board of directors. Accordingly, FHLBank Chicago cautions that actual results could differ materially from those expressed or implied in these forward-looking statements or could impact the extent to which a particular plan, objective, projection, estimate or prediction is realized. New factors may emerge, and it is not possible to predict the nature of each new factor or assess its potential impact. Given these uncertainties, undue reliance should not be placed on forward-looking statements.

Community First october 2026 newsletter. Published on Oct 29, 2026 One year later: FHLBank Chicago's $2 million AHP grant helps deliver 40 new homes in rural Wisconsin. One year after breaking ground, Trailview Cottages, a 40-unit affordable and workforce housing community in Hayward, Wisconsin, is fully occupied and connecting residents with on-site workforce training opportunities. Supported by a $2 million Affordable Housing Program (AHP) grant awarded through FHLBank Chicago member IFF, Trailview Cottages was developed by Impact Seven with additional financing from Cinnaire. The community offers cottage-style homes and access to education and technical training through Northwood Technical College, helping address housing and workforce needs in northwest Wisconsin. Located near Tamarack Health, the development combines affordable housing with opportunities for career training, helping support the region's workforce and connect residents with pathways to employment. Read the Trailview Cottages story FHLBank Chicago awards $5 million to expand Affordable Housing Developer pipeline. FHLBank Chicago has awarded $5 million through its 2026 Community First(R) Developer Program to expand the pipeline of real estate developers advancing affordable housing across Illinois and Wisconsin. Delivered through FHLBank Chicago member institutions, this year's grants will support an estimated 95 fellowships and internships across 27 organizations. The program provides emerging developers with hands-on experience in project management, predevelopment planning, construction and financing while helping organizations build capacity to advance affordable housing projects. Since launching in 2022, the Developer Program has awarded $17 million to support the next generation of affordable housing professionals. Read the announcement and view the full list of 2026 grant recipients Urban Institute study on homeownership trends in FHLBank Chicago district. A new Urban Institute study released in late September examines homeownership trends across Illinois and Wisconsin. This data-driven look at the challenges and opportunities shaping the region's housing supply highlights the impacts of aging housing stock, limited new construction, rehabilitation financing needs, and barriers that make it harder for families to find homes to purchase. The research also identifies potential pathways to increase supply and preserve existing housing. The findings incorporate insights from FHLBank Chicago members and housing stakeholders across its district, helping connect market data with real-world community needs. Read the full report to explore the findings. Additionally, tune in to the latest episode of the Banking on Connections podcast, where Urban Institute Fellow Laurie Goodman and FHLBank Chicago's Katie Naftzger discuss the study's key findings, what they mean for Illinois and Wisconsin communities, and opportunities worth exploring to support future homeownership. FHLBank Chicago and WHEDA recognize Housing Counseling grants supporting Milwaukee and Waukesha area homebuyers. FHLBank Chicago joined the Wisconsin Housing and Economic Development Authority (WHEDA) for two events recognizing several of the 14 Wisconsin organizations receiving grants through the Community First(R) Housing Counseling Resource Program (HCRP). The first event took place on August 20 in Milwaukee where three HCRP grant recipients were recognized: Acts Housing, Housing Resources Inc. and United Community Center. The second event took place August 31 in Waukesha where La Casa de Esperanza was celebrated. Funded by FHLBank Chicago and administered through partnerships with WHEDA in Wisconsin and the Illinois Housing Development Authority (IHDA) in Illinois, the HCRP provides grants to support HUD-certified housing counseling agencies that help individuals and families prepare for and sustain successful homeownership. These services also help connect FHLBank Chicago members with mortgage-ready homebuyers. To learn more about the HCRP, tune in to a recent episode of the Banking on Connections podcast where FHLBank Chicago's Jamie Lutton sits down with Sharon Legenza, Executive Director of Housing Action Illinois, and David Young, Director of Capacity Building, to explore how housing counseling helps prospective and current homeowners make informed decisions throughout their homeownership journey. FHLBank Chicago hosts Community Investment officer convening. FHLBank Chicago recently hosted the inaugural Affordable Housing Advisory Council (AHAC) Leadership Summit, bringing together Community Investment Officers from across the Federal Home Loan Bank System, AHAC leaders and representatives from the Federal Housing Finance Agency. The summit provided an opportunity for participants to discuss affordable housing priorities, strengthen collaboration and share perspectives on challenges and opportunities facing communities nationwide. Through these conversations, participants explored opportunities for greater coordination and alignment across the FHLBank System to support affordable housing needs across the country. Coming soon: 2026 AHP General Fund awards announcements. FHLBank Chicago will announce its 2026 Affordable Housing Program (AHP) General Fund awards in November. Applicants have been notified of award decisions following this year's competitive application round. Through the AHP General Fund, FHLBank Chicago provides grants through its member institutions to support the development and preservation of affordable housing across Illinois and Wisconsin. Stay tuned for more details about this year's awards and the projects that will help expand affordable housing opportunities in communities across the region.