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FHLB Des Moines Highlights 


FHLB Des Moines Update

The ongoing turbulence in the financial markets has generated a number of questions from our members about the FHLB Des Moines’ access to funding and ability to meet our members’ credit needs. We believe that we have a strong capital position, ample liquidity, and contingency plans in place to enable us to continue to meet all of our members' funding needs.

Since the onset of the credit crisis we have reached record levels in supporting our members with needed funding and liquidity. In the quarter just ended, for example, our par value of total advances to members increased 39%, from $45.6 billion as of June 30, 2008, to $63.5 billion as of September 30, 2008. Our capital stock totaled $3.8 billion as of September 30, 2008, up 27% from $3.0 billion at June 30, 2008. The Bank will issue complete third quarter results on or about November 12. More...

 



FHLB Des Moines Resumes Board of Director Elections
South Dakota Banker Van D. Fishback elected to fill four-year term on FHLB Board


The Bank resumed the 2008 member director election, which had been temporarily suspended on September 3, 2008 pending the issuance of regulations to implement certain provisions of the Housing and Economic Recovery Act of 2008. The balloting process for the 2008 election resumed on October 2, 2008. Eligible members in Iowa will elect one director in the 2008 election to serve a four-year term that begins on January 1, 2009, and eligible members in Minnesota will elect one director in the 2008 election to serve a three-year term that begins on January 1, 2009. Members will soon receive an email communication and ballot with instructions on how to vote.

The State of South Dakota also had one member directorship to fill in the 2008 election process. Mr. Van D. Fishback, Executive Vice President of First Bank & Trust in Brookings, South Dakota, was the only eligible candidate from the state of South Dakota who chose to stand for election and was, therefore, declared elected to his first term on the Bank’s board in accordance with Federal Housing Finance Agency regulations.
Read entire press release announcement...

 



Register today!


Mortgage Partnership Finance (MPF) Users Conference

 

Don’t get sidelined. Take this opportunity to strategize with your peers and gain a broader understanding of the MPF Program by registering for the 2008 Mortgage Partnership Finance Users Conference, October 22 - 23, at the Embassy Suites Des Moines - On the River. MPF experts have developed a game plan designed to keep your financial institution competitive in the mortgage market. For additional details or to register, click here.

 


 

Weekly Market Update

 

The markets remained on edge last week as investors waited for Washington lawmakers to reach an agreement on the Treasury’s proposed $700 billion bailout plan. Over the weekend, an agreement was formed, putting in place the largest government intervention since the Great Depression. The plan will give Treasury the ability to purchase a wide range of assets the Treasury deems “troubled,” the ability to buy assets from banks affected by the crisis, and access to $700 billion. Click here for additional market commentary.
 


The Des Moines Register features article about FHLB Des Moines

The Des Moines Register published two articles on Friday, September 26 about FHLB Des Moines. Both articles feature President & CEO, Dick Swanson. To read these articles, click here.
 


September Edition of Advancing Your Success® Available
 

FHLB Des Moines sent its third quarter electronic newsletter, Advancing Your Success®, to members on Thursday, September 25. Our September edition includes a letter to members from Mike Wilson, EVP & CBO, as well as details about upcoming events and business updates including:

  • Third Party Drawdown Requests

  • Letters of Credit

  • Time Deposits

  • Expanded Field Reviews

  • Collateral Maintenance Levels

  • Financial Highlights

  • Rural Homeownership Fund

  • The Bank’s Mortgage Partnership Finance Users Conference


Federal Home Loan Banks Continue to Prosper Amid Housing Market Turmoil  - Industry Report Card from Standard & Poor’s

 

Standard & Poor's Industry Report Card for the Federal Home Loan Banks was published on September 23, 2008. The Industry Report Card states:

 

"The FHLBs had another fruitful period in second quarter 2008 as they continued to profitably provide necessary liquidity to their members, U.S. housing market participants." Read more...

 



MHDC Signs Bond Agreement with FHLB Des Moines

 

During a visit to FHLB Des Moines on Friday, September 19, 2008, Marilyn Lappin, Director of Finance, and Ron Hill, Fiscal and Accounting Manager, with the Missouri Housing Development Commission (MHDC) signed a bond purchase agreement contract with the Bank. The agreement, which aligns with the Bank’s mission to support housing finance and community development, allows for the potential purchase of up to $75 million in MHDC General Obligation Bonds over a six month period. Single-family homeowners who qualify under the MHDC program can use the proceeds to purchase or refinance a home. Loans will also be available for qualifying homeowners affected by natural disasters.

 

 

Pictured l to r (back row): Steve Schuchmann, VP/Member Services, FHLB Des Moines; Gary Dodge, VP/Director of Community Investment, FHLB Des Moines; Ron Hill, Fiscal & Accounting Manager, MHDC; Jason Swim, Short Term Trader, FHLB Des Moines. (front row) Mike Wilson, EVP & CBO, FHLB Des Moines and Marilyn Lappin, Director of Finance, MHDC.
 


 

Lutheran Family and Children’s Services of Missouri Receives Donation

 

Lutheran Family and Children’s Services of Missouri received a $3,000 contribution from three members of the Board of Directors of FHLB Des Moines – John F. Kennedy Sr., SVP and CFO of St. Louis Equity Fund, Dale E. Oberkfell, President and COO of Reliance Bank in Frontenac, MO and Joseph C. Stewart III, CEO of Bank Star in Pacific, MO. The donation, which was used for the Helping Hands Auction, was made as part of the Bank’s Corporate Citizenship Policy which supports programs for underprivileged families and individuals as well as housing and economic development projects.

 

 

Pictured l to r: Michael J. Finley, President of Janesville State Bank, Janesville, MN; Joseph C. Stewart, III, CEO of Bank Star in Pacific, MO; Reverend Alan Erdman, President of Lutheran Family and Children’s Services of Missouri; and John F. Kennedy, Sr., SVP and CFO of St. Louis Equity Fund (not pictured: Dale E. Oberkfell, President and COO of Reliance Bank in Frontenac, MO)
 


 

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Copyright © 1998 - 2008 Federal Home Loan Bank of Des Moines. All rights reserved. This material is provided as general information. The terms and conditions related to the FHLB Des Moines' products and services are governed by various agreements between the FHLB Des Moines and its customers as well as certain FHLB Des Moines policies and applicable regulations. In the event of any inconsistencies between this website material and the agreements, policies and regulations, the terms of such agreements, policies and regulations shall be determinative. Only member institutions and certain eligible financial institutions may transact business with the Home Loan Bank.

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