J. Benson Porter, chief executive officer at the $2.4 billion Addison Avenue Federal Credit Union, was elected to the board of the Federal Home Loan Bank of San Francisco earlier this week. Porter said he will begin serving his four-year term Jan. 1.
He is the first credit union executive elected to the FHLB of San Francisco.
"Credit unions are becoming more important to the home loan bank system, and in California, it's one of the bank's fasting growing membership segments," he said. "More and more credit unions are using the bank, either as a liquidity or borrowing source. The increasing influence of credit unions was reflected in their ability to get me elected."
The Palo Alto, Calif.-based executive said he had "broad industry support," particularly from NAFCU and the California Credit Union League.
Credit unions are a good partner for the federal home loan banking system because both are cooperatives, he said.
"Credit unions understand the importance of participation in a cooperative's future success, and they will benefit from my election by participating in the governance of the home loan bank, and helping to shape its future direction, both in the form of strategy and operations," he said.