FHLBs of Seattle and Des Moines Agree to Merge

The Federal Home Loan Bank of Seattle today announced that it has entered into an agreement to merge with the Federal Home Loan Bank of Des Moines.

The merger agreement was unanimously approved by the boards of directors of both Banks. The closing of the merger is subject to approval by the Federal Housing Finance Agency (FHFA) and ratification by the member-owners of the Des Moines and Seattle Banks.

“We believe that this merger of Federal Home Loan Banks will result in a cooperative that will be stronger than either the Seattle or Des Moines cooperative on an individual basis,” said FHLB Seattle President and CEO Mike Wilson in a press release. “While the combined Bank will be headquartered in Des Moines, it will be committed to serving its members and their communities across the new combined district, with at least one member director from each state on the board of directors and an ongoing customer-service presence in the Northwest.”

Under the terms of the merger agreement, Wilson and FHLB Des Moines President and CEO Dick Swanson would be co-executive leaders, with Wilson serving as president and Swanson as CEO.

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org.

Posted in Federal.