Federal Home Loan Bank of Chicago Announces Leadership Transition (Form 8-K)

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

Chicago, Illinois (November 2, 2026) - 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.