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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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
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Des Moines policies and applicable
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