8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2012

FEDERAL HOME LOAN BANK OF CHICAGO

(Exact name of registrant as specified in its charter)

Federally chartered corporation	000-51401	36-6001019
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)
200 East Randolph Drive Chicago, Illinois		60601
		(Zip Code)
(Address of principal executive offices)

Registrant's telephone number, including area code:

(312) 565-5700

Former name or former address, if changed since last report:

Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On October 23, 2012, the Federal Home Loan Bank of Chicago (the “Bank”) announced that the Bank's Board of Directors has declared a cash dividend at an annualized rate of 0.35% per share, based on the Bank's preliminary financial results for the third quarter of 2012.

The Bank is sending to its members a letter informing them of the recent declaration of dividends. The text of this letter is included as Exhibit 99.1 to this report.

The information being furnished pursuant to Item 2.02 on this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

This Current Report contains forward-looking statements which are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “anticipates,” “believes,” “expects,” “could,” “plans,” “estimates,” “may,” “should,” “will,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty, that actual results could differ materially from those expressed or implied in these forward-looking statements, and that actual events could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, instability in the credit and debt markets, economic conditions (including effects on, among other things, mortgage-backed securities), changes in mortgage interest rates and prepayment speeds on mortgage assets, the Bank's ability to successfully transition to a new business model and to pay future dividends, and the Bank's ability to successfully implement our plan to repurchase excess stock, and the risk factors set forth in the Bank's periodic filings with the Securities and Exchange Commission, which are available on the Bank's website at www.fhlbc.com. The Bank assumes no obligation to update any forward-looking statements made in this release.

Item 9.01 Financial Statements and Exhibits

Exhibit No.	Description
99.1	Letter to Members, dated October 23, 2012, from President and CEO of the Bank

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of Chicago
Date: October 23, 2012	By: /s/ Peter E. Gutzmer
	Peter E. Gutzmer Executive Vice President, General Counsel &   Corporate Secretary

EX-99.1

EXHIBIT 99.1

October 23, 2012

To Our Members,

I am pleased to announce that the Board of Directors of the Federal Home Loan Bank of Chicago declared a cash dividend at an annualized rate of 0.35% per share, based on the Bank's preliminary financial results for the third quarter of 2012. The dividend will be paid by crediting your account as of November 14, 2012. We expect to file our third quarter Form 10-Q Report prior to November 15, 2012, but you can read information about our preliminary third quarter results in the member letter we emailed on October 16, 2012, and posted on our website.

Our fourth quarter excess capital stock repurchase process is underway. If you would like to request the repurchase of all or a portion of your excess capital stock, please return the Repurchase Request Form by 5:00 p.m. Central Time on October 31, 2012. The form was emailed to you and is also available on our member website, eBanking. If you have any questions about the repurchase process, please call your sales coverage team or the Member Transaction Desk at (toll-free) 855-FHLB-CHI or 855-345-2244, Option 1.

We are pleased that the Bank's financial performance supports another increase in the dividend payment, as well as the excess stock repurchase.

Best regards,

/s/ Matt Feldman

Matt Feldman

President and CEO

This letter contains forward-looking statements which are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “anticipates,” “believes,” “expects,” “could,” “plans,” “estimates,” “may,” “should,” “will,” or their negatives or other variations on these terms. We caution that, by their nature, forward-looking statements involve risk or uncertainty, that actual results could differ materially from those expressed or implied in these forward-looking statements, and that actual events could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, instability in the credit and debt markets, economic conditions (including effects on, among other things, mortgage-backed securities), changes in mortgage interest rates and prepayment speeds on mortgage assets, our ability to successfully transition to a new business model and to pay future dividends, our ability to successfully implement our plan to repurchase excess stock, and the risk factors set forth in our periodic filings with the Securities and Exchange Commission, which are available on our website at www.fhlbc.com. We assume no obligation to update any forward-looking statements made in this letter.