Membership
To use the HLB's credit, housing and community development, mortgage finance, and correspondent programs and services, a financial institution must first become a member. Regulated financial institutions, including savings banks, savings and loan associations, commercial banks, credit unions and insurance companies located in New Jersey, New York, Puerto Rico or the U.S. Virgin Islands may apply for membership.
When an institution's application is approved, it must purchase capital stock. The stock may pay a quarterly dividend as determined by HLB's Board of Directors.
Members of the HLB have access to a number of unique benefits:
- Reliable, low-cost funding to meet your liquidity needs
- Fixed- and floating-rate advance products and derivative products with flexible terms and maturities to assist your interest rate risk management
- Community Investment, Rural and Urban Economic Development Advances, First Home Clubsm, and Affordable Housing Program to aid your CRA efforts
- Triple-A-rated letters of credit to secure various obligations, which include municipal deposits, bond issues, and private placements
- Deposit products for your excess funds
- Innovative mortgage participation, funding and purchase products to enhance your competitive position
- High-quality correspondent services to meet your daily operating needs
- A community-building partner that understands the needs of members and offers financial strength, quality service and competitive pricing