The Federal Home Loan Bank of Cincinnati (FHLB) has announced the deemed election of Michael P. Pell to serve as an Ohio member director on its board of directors. The election was declared on September 4, 2026, and is effective for a four-year term beginning January 1, 2027.
Mr. Pell currently serves as the President and CEO of First State Bank in Winchester, Ohio. For the 2026 fiscal year, he has been serving as the Chair of the Board and as a member on both the Audit Committee and the HR, Compensation and Inclusion Committee. The filing notes that the specific committees he will serve on for the 2027 term have not yet been determined.
The election was processed in accordance with the Federal Housing Finance Agency (Finance Agency) regulations. Because Mr. Pell was the only candidate nominated for the single open Ohio Member Director seat, balloting was unnecessary, and he was deemed elected upon notice to the FHLB’s Ohio members. The FHLB sent this notice to members on September 8, 2026.
The FHLB expects to compensate Mr. Pell in accordance with its 2027 Director compensation and expense reimbursement policy, which is anticipated to be substantially similar to the 2026 policy. The filing also references the FHLB’s 2025 Annual Report on Form 10-K for further details regarding director independence and related transactions.
