|Kansas City, MO.
Kansas City Life Insurance Company (the “Company”) announced today that the Board of Directors has elected Thomas M. Hoenig to the Board to fill an unexpired term. Mr. Hoenig will also join the Audit Committee.
Mr. Hoenig served as Vice Chairman of the Federal Deposit Insurance Corporation (“FDIC”) from 2012 until 2018. In that capacity, he had an oversight role for FDIC operations and policy related to deposit insurance pricing, bank supervision, and financial stability and bank resolution. He also served as Chair of the FDIC’s Bank Appeals and Audit Committees, and served as Director of NeighborWorks America, which was established by Congress to address housing issues nationwide. He also served as the President and Chairman of the International Association of Deposit Insurers (“IADI”) from October 2015 to October 2017 and as a member of its board from 2012 to 2017. IADI is the global standard-setting body for deposit insurance systems.
Mr. Hoenig was President and Chief Executive Officer of the Federal Reserve Bank of Kansas City and a member of the Federal Reserve System's Federal Open Market Committee from 1991 to 2011. Mr. Hoenig was with the Federal Reserve for 38 years, beginning as an economist and then as a senior officer in banking supervision. As President and Chief Executive Officer, he led the Federal Reserve Bank of Kansas City during the Great Recession and the banking crisis of 2008 and 2009. He was responsible for operations involving 1,300 employees across four offices in a seven-state region serving more than 2,000 financial institutions.
Mr. Hoenig also chaired several key committees while with the Federal Reserve System, including the Conference of Presidents, the Committee on Bank Supervision, Regulation and Legislation, and the Information Technology Oversight Committee.
President, CEO and Chairman of the Board R. Philip Bixby stated that: “Mr. Hoenig brings an outstanding record of achievement and expertise in the financial services industry to Kansas City Life. I believe we will benefit greatly from his broad perspectives on financial matters and leadership as the Company continues its promise of providing Security Assured to our customers.”
Mr. Hoenig will fill the vacancy on the Board created by the passing of Richard L. Finn. The term of the vacancy expires in April 2022.
Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company’s primary business is providing financial protection through the sale of life insurance and annuities. The Company operates in 49 states and the District of Columbia. For more information, please visit www.kclife.com.