Press Release

For Immediate Release:
January 9, 2007

Contact:
Angie Richards
515.281.1014
arichards@fhlbdm.com

Two Public Interest Directors Reappointed to FHLB Des Moines Board of Directors

(Des Moines, Iowa) – The Federal Housing Finance Board, the Washington, DC based regulator for the 12 Federal Home Loan Banks, reappointed two public interest directors to serve on the Federal Home Loan Bank of Des Moines’ (FHLB) board of directors. Gerald D. Eid, president of Eid-Co Buildings, Inc. in Fargo, North Dakota and David R. Frauenshuh, CEO and founder of Frauenshuh, Inc. in Minneapolis, Minnesota, will each fill the remaining year of a three-year term that began January 1, 2005 and concludes December 31, 2007.

Mr. Eid has been in the building business and a licensed realtor for more than 30 years. He is a second-generation builder and maintains leadership of Eid-Co Buildings, Inc., an organization founded by his father in 1951. Mr. Eid is actively involved in several professional and community organizations, serving as a member of the North Dakota Housing Finance Agency Advisory Board since 1994 and representing the state of North Dakota on the executive committee of the National Association of Home Builders.

With more than 30 years of experience in medical and commercial real estate, Mr. Frauenshuh has built a reputation for himself as well as Frauenshuh, Inc. Frauenshuh, Inc. specializes in the development, ownership and financing of medical buildings, inpatient hospitals and ambulatory centers as well as headquarters development and the acquisition of commercial real estate. Mr. Frauenshuh is involved with many nonprofit and national boards.

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

 

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The Federal Home Loan Bank of Des Moines is a wholesale cooperative bank that provides low-cost short and long-term funding and community lending to more than 1,200 members, including commercial banks, saving institutions, credit unions and insurance companies. The Bank is wholly owned by its members and receives no taxpayer funding. The Des Moines Bank serves Iowa, Minnesota, Missouri, North Dakota and South Dakota and is one of twelve regional Banks that make up the Federal Home Loan Bank System.