Two NW CU Leaders Elected to FHLB Des Moines Board

Benson Porter (left) is joined by Rob Stuart of OnPoint Community CU.

Porter, President/CEO of Tukwila, Washington-based BECU, was originally elected to the FHLB Board of Directors in 2013. During his first term, the former FHLB Seattle was successfully merged into the FHLB Des Moines. The merger created the largest FHLB in terms of members and resources available to serve the liquidity needs of financial institutions. Porter was unopposed in this fall’s election.

Oregon’s seat on the FHLB board was occupied by banker William Humphreys for more than a decade, and reached term limits. Stuart, President/CEO of Portland-based OnPoint Community CU, entered the race and defeated a candidate from Eugene-based Pacific Continental Bank. Oregon now joins Alaska and Washington in having credit union industry representation on the FHLB Des Moines Board—the most credit union presence on all 11 FHLB boards in the country. Both Porter and Stuart will serve four-year terms.

“I am humbled and honored by the vote of confidence my election to the FHLB board represents,” said Stuart. “I look forward to the opportunity to serve member financial institutions in the FHLB Des Moines’ 13-state district, and to working for solutions that will benefit our industry long term.”

“I look forward to working with Rob on the Board to ensure we preserve this important liquidity and funding source for all community lenders,” said Porter. “The combination of the FHL Banks has gone well, and the former FHLB Seattle members have seen a return to normal operations with additional products, payment of a competitive dividend, and redemption of stock.” The coming year will bring additional funds for the Affordable Housing Grant programs available to members, as well, Porter said.

Ruth Bennett, Principle of Vancouver-based RB Bennett Enterprises LLC, was elected to a second term as an Independent Director.  She is a 40-year member of Pacific Northwest Federal Credit Union and was the only Northwest at-large candidate selected by the FHLB Board’s nominating committee.

Questions about this story? Contact Eric Horvath: 503.350.2222,

Posted in Around the NW, NWCUA.