Members of the the Federal Home Loan Bank of Des Moines and the Federal Home Loan Bank of Seattle today overwhelmingly ratified a merger agreement that was approved in September 2014 by their boards of directors. The merger is expected to close once the the agreement receives final approval from the Federal Housing Finance Agency, which also must accept the continuing bank's organization certificate. The combined bank will be based in Des Moines, with a western regional office in Seattle.
“The fact that 75 percent of our membership, representing 82 percent of the votable shares of Seattle Bank stock, participated in the voting process speaks to the important role your cooperative plays for your businesses, your customers, and your communities—and the potential for this combination to deliver greater value to you over the long term,” Michael Wilson, FHLB Seattle president, said in a release announcing the vote.
“The fact that 75 percent of our membership, representing 82 percent of the votable shares of Seattle Bank stock, participated in the voting process speaks to the important role your cooperative plays for your businesses, your customers, and your communities—and the potential for this combination to deliver greater value to you over the long term,” Michael Wilson, FHLB Seattle president, said in a release announcing the vote.
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