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State Automobile Mutual Insurance Company Welcomed as Member of FHLBank of Cincinnati



John Byczkowski, FHLBank Cincinnati

513-852-7085 (office) or 513-382-7615 (cell)

Kyle Anderson, State Auto
614-917-5497 (office)

State Automobile Mutual Insurance Company Welcomed
as Member of FHLBank of Cincinnati

CINCINNATI, OHIO – December 22, 2008 – State Automobile Mutual Insurance Company (State Auto) of Columbus, Ohio, has been approved for membership at Federal Home Loan Bank of Cincinnati (FHLBank). With $1.9 billion in assets and rated A+ (Superior) by A.M. Best, State Auto is the 20th insurance company to join FHLBank and is among more than 180 insurance companies in the 12-district FHLBank system.

Membership allows State Auto to take advantage of FHLBank’s product line of financial services, including low-cost advances that can be used for liquidity management and general asset/liability management.

"We are pleased that a high-quality insurance company such as State Auto has chosen to join the Federal Home Loan Bank of Cincinnati,” said David Hehman, CEO of FHLBank. “Membership offers State Auto an excellent source of reliable, low-cost wholesale credit that provides an efficient alternative for managing liquidity, expanded product offerings, interest rate risk mitigation and overall asset/liability management.”
Steve English, Vice President and CFO of State Auto commented, “By partnering with the Federal Home Loan Bank of Cincinnati we have expanded State Automobile Mutual’s sources of low-cost capital to help grow our company, including through mergers and acquisitions.  The liquidity added through membership is especially important now, allowing us to take advantage of attractive growth opportunities despite the current economic conditions.”

About State Automobile Mutual Insurance Company
The State Auto Insurance Companies, headquartered in Columbus, are  engaged primarily in writing personal and business insurance products exclusively through approximately 3,400 independent insurance agencies in 33 states. Founded in 1921, The State Auto Insurance Companies include State Auto Financial Corporation (NASDAQ:STFC) and State Automobile Mutual Insurance Company, which is one of only 13 companies to be rated A+ (Superior) by the A.M. Best Company every year since 1954. Additional information can be found online at StateAuto.com.

About the Federal Home Loan Bank of Cincinnati
The FHLBank is a $97 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 725 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $295 million for the creation of 46,404 units of lower-income housing through its Affordable Housing Program since 1990, and $9 million to help 1,108 persons become first-time homebuyers through the American Dream Homeownership Challenge. The FHLBank System includes 12 district Banks, is wholly owned by its 8,100 member institution stockholders and does not use taxpayer dollars.

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This news release may contain forward-looking statements that are subject to risks and uncertainties including, but not limited to, the effects of economic market conditions on demand for the FHLBank’s products or the financial condition or results from operations of Protective Life, legislative or regulatory developments concerning the FHLBank System, competitive forces and other risks detailed from time to time in the FHLBank’s and Protective Life’s  filings with the Securities and Exchange Commission.  The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLBank and Protective Life undertake no obligation to update any such statements.


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