Press Release

For Immediate Release:
November 9, 2006

Contact:
Angie Richards
515.281.1014
arichards@fhlbdm.com

Clair J. Lensing Re-elected to Home Loan Bank’s Board of Directors
Iowa banker to fill second three-year term on Bank board

(Des Moines, Iowa) – The Federal Home Loan Bank of Des Moines recently held its 2006 director elections for open seats on its board of directors. Clair J. Lensing, president and chief executive officer (CEO) of Security State Bank in Waverly, Iowa, was re-elected to his second term on the Bank’s board. His three-year term begins January 1, 2007.

Mr. Lensing has over 50 years of experience in the banking industry beginning his career in 1954 at State Bank of Lawler in Lawler, Iowa. He later worked as a bank examiner for the Iowa Division of Banking before accepting the position of president and CEO of Farmers State Bank in Marion, Iowa. In 1999, Mr. Lensing became president, CEO and owner of Security State Bank. He also owns Citizens Savings Bank in Hawkeye, Iowa and Maynard Savings Bank in Maynard, Iowa.

Mr. Lensing has been active in numerous professional, educational and community organizations. He is the past president of the Iowa Bankers Association, Linn County Bankers Association and the Marion Chamber of Commerce. He also served on the board of directors for the Iowa Independent Bankers Association and is the past chairman of the board of the Shazam Network.

The Home Loan Bank’s board of directors is comprised of both industry and public interest directors from Iowa, Minnesota, Missouri, North Dakota and South Dakota. Bank members elect the industry directors while the Federal Housing Finance Board, the Bank’s Washington, DC based regulator, is responsible for appointing the public interest directors from both the public and private sector. As a $43 billion financial institution, the Home Loan Bank provides low-cost funding to more than 1,200 member banks, thrifts, credit unions and insurance companies for housing and community credit needs.

Dale Oberkfell, president and chief operating officer of Reliance Bank in Des Peres, Missouri, was elected to his first term on the Bank’s board of directors while D.R. Landwehr, president and CEO of Community Bank of Missouri in Richmond, Missouri and Lynn Schneider, president of American Bank & Trust in Huron, South Dakota, were re-elected to their second terms. Each director will serve a three-year term beginning January 1, 2007.

 

###