BECU’s Porter Elected to FHLB Board
January 11, 2013
January 11, 2013
BECU President and CEO Benson Porter was elected to the Federal Home Loan Bank (FHLB) of Seattle’s board of directors, it was announced today. Porter is the first credit union professional to serve on the board for the Seattle Bank, which is itself a member-owned cooperative, and was opposed by five different bankers in his bid for the open Washington member director position.
“It is an honor to be elected to the board of directors for the Federal Home Loan Bank of Seattle,” Porter said. “I want to thank everyone who supported a true industry effort to gain a seat at the table, and I will work hard to ensure that credit unions and all FHLB members are well represented.”
The 2013 board includes 14 directors—eight member directors and six independent directors, two of whom are public-interest directors—representing financial service, business and community leaders from across the bank’s district. The Seattle Bank serves Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming, American Samoa, Guam and the Northern Mariana Islands.
Porter took the helm at BECU in April of last year, taking over for longtime President and CEO Gary Oakland. Through his previous post as the president and CEO of Addison Avenue Federal Credit Union, which later merged with First Tech Federal Credit Union, Porter was elected to the board of the San Francisco FHLB in 2009, making him the first credit union representative elected to the San Francisco board as well.
In addition to Porter’s election, William Humphreys, head of Citizens Bancorp in Corvallis, Ore., was re-elected to serve as the bank’s member director from Oregon. Elected to serve as independent directors were Debora Horvath, principal of Horvath Consulting, LLC, in Shoreline, Wash.; Thomas Potiowsky, professor and chair of the Economics Department and director of the Northwest Economic Research Center at Portland State University in Portland, Ore.; and David Wilson, CEO of Wilson Construction, LLC, a residential and commercial development company in Ketchum, Idaho.
Prior to joining First Tech in February 2007, Porter served in several positions at Washington Mutual Bank, including as executive vice president and chief administrative officer beginning May 1996. Porter has also held positions as regulatory counsel at Key Bank and as staff director for the Washington State Senate Banking Committee. He is currently a member of the board of overseers of Whitman College and of the CO-OP Financial Services board of directors.
A complete listing of the Seattle Bank’s 2013 Board of Directors is available on the bank’s website at www.fhlbsea.com.
About the Federal Home Loan Bank of Seattle
The Federal Home Loan Bank of Seattle is a member-owned cooperative, serving 338 community financial institutions, which include commercial banks, savings institutions, credit unions, and insurance companies. The Seattle Bank provides its members with access to wholesale funding, which they use to make home mortgages, small business, and other loans in their communities.
The Seattle Bank also works with its members and their community partners to promote affordable housing and economic development. Each year, the bank provides 10 percent of its profits to fund affordable housing—both rental and homeownership—and provides millions of dollars in reduced-rate loans for affordable housing and community economic development.
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