For the first time in more than a decade, Oregon’s seat on the FHLB Board of Directors will be occupied by a credit union representative. OnPoint’s Rob Stuart joins BECU’s Benson Porter on the board in January.
The merger, the first voluntary merger in the history of the FHLB system, closed on May 31.
The combined bank will be the largest in the FHLBank system, serving nearly 1,500 financial institutions.
The rule would create an unfair advantage for FDIC-insured financial institutions.
When he was named president and CEO of Verity Credit Union last month, John Zmolek talked about continuing “Verity’s mission of enhancing members’ lives.” Anthem asked him to expand on that idea, to reflect for a moment on his time at Verity, and to tell us what he sees in the credit union’s future.
Credit union representation on the FHLB Seattle Board reaches a new milestone in January. Denali Alaskan FCU’s Bob Teachworth becomes the second credit union representative to serve on the board, joining BECU’s Benson Porter.
The FHLB Seattle has declared a cash dividend payable July 30, 2013. The Seattle Bank hasn’t issued a cash dividend in many years, and this is considered a “milestone in the bank’s turnaround” according to a news release issued this week.
BECU’s Benson Porter was elected to the Federal Home Loan Bank of Seattle’s board of directors, it was announced today, becoming the first credit union professional to serve on the member-owned cooperative bank’s board.
The NWCUA is supporting BECU CEO Benson Porter as a candidate to become the first-ever credit union professional on the FHLB Seattle board of directors. Ballots were mailed to eligible credit unions Friday and must be returned by Nov. 13.
The Federal Home Loan Bank of Seattle released its latest three- and six-month financial results Monday, reporting a return to profitability as well as the restoration of normal operations after suffering losses during the same periods in 2011.