January 31, 2015 3:52 AM ET

Diversified Financial Services

Company Overview of Federal Home Loan Bank of Des Moines

Company Overview

Federal Home Loan Bank of Des Moines, a member-owned cooperative, provides financial services to its members and eligible housing associates in Iowa, Minnesota, Missouri, North Dakota, and South Dakota. It offers overnight, fixed rate and variable rate, callable, putable, and community investment advances, as well as advances for mortgage lending, housing and other community lending, and general asset-liability management. The company also provides collateralized loans for secured small business, small agri-business, or small farms; and standby letters of credit to facilitate business transactions with third parties, as well as invests in mortgage loans through the Mortgage Partnership Finan...

Skywalk Level

Suite 200

801 Walnut Street

Des Moines, IA 50309

United States

Founded in 1932

213 Employees

Phone:

515-281-1000

Fax:

515-699-1293

Key Executives for Federal Home Loan Bank of Des Moines

Chief Executive Officer and President
Age: 64
Chief Financial Officer and Executive Vice President
Age: 62
Chief Business Technology Officer and Senior Vice President
Age: 50
Chief Risk Officer and Executive Vice President
Age: 54
Chief Business Officer and Executive Vice President
Age: 48
Compensation as of Fiscal Year 2014.

Federal Home Loan Bank of Des Moines Key Developments

Federal Housing Finance Agency Approves Federal Home Loan Bank of Des Moines and Federal Home Loan Bank of Seattle Merger Application

The Federal Home Loan Bank of Des Moines (FHLB Des Moines) and the Federal Home Loan Bank of Seattle (FHLB Seattle) announced that the Federal Housing Finance Agency (FHFA) has approved their merger application submitted on October 31, 2014, subject to satisfaction of specific closing conditions set in the FHFA approval letter, including the receipt of approvals by members of both Banks. The merger application addresses all material aspects of the merger. Approval of the application by the FHFA triggers the next step in the merger process, which is ratification of the merger agreement by the members of the Des Moines and Seattle cooperatives. Members of both the Des Moines and Seattle Banks must separately ratify the merger agreement by majority vote in the manner prescribed by the FHFA merger rules.

Federal Home Loan Bank of Des Moines Announces Executive Changes; Approves Third Quarter Dividend, Payable on November 14, 2014

The Federal Home Loan Bank of Des Moines announced that the Board declared certain individuals elected in the Bank's 2014 election of directors with each term to commence January 1, 2015. W. Douglas Hile, president and chief executive officer of KleinBank in Big Lake, was elected to fill a member directorship designated for the State of Minnesota for a four-year term ending December 31, 2018. Steven L. Bumann, chief financial officer of BankWest Inc., was elected to fill a member directorship designated for the State of South Dakota for a three-year term ending December 31, 2017. Michelle M. Keeley, was elected to fill an independent directorship for a four-year term ending December 31, 2018. Elsie M. Meeks, SD State Director/Rural Development U.S. Department of Agriculture, was elected to fill a public interest directorship for a four-year term ending December 31, 2018. The Board of Directors has approved a third quarter 2014 dividend for both the average activity-based capital stock and average membership capital stock outstanding during the quarter. The dividend approved for activity-based capital stock was at an annualized rate of 3.50%. The dividend approved for membership capital stock was at an annualized rate of 0.50%. The effective combined annualized dividend rate for both subclasses of capital stock outstanding was 2.87%. However, the effective combined dividend rate on the total stock held by each member will depend on their level of activity with the Bank during the third quarter. These dividends will total $22.2 million, which represents 84% of net income for the third quarter, and are expected to be paid on November 14, 2014.

Federal Home Loan Bank of Des Moines Reports Preliminary Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Federal Home Loan Bank of Des Moines reported Preliminary unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the Bank recorded net income of $26.6 million compared to $30.1 million for the same periods in 2013. The Bank's net income was primarily driven by net interest income and other (loss) income. The Bank's net interest income totaled $64.0 million for the three compared to $50.7 million for the same periods last year. The increase was primarily due to an increase in interest income resulting from higher advance and mortgage-backed security volumes. Return on average equity was 2.69% compared to 4.12% a year ago. Return on average assets was 0.12% compared to 0.23% a year ago. For nine months ended September 30, 2014, the Bank recorded net income of $90.6 million compared $73.1 million for the same periods in 2013. The Bank's net interest income totaled $176.7 million compared to $154.7 million for the same periods last year. Return on average equity was 3.32% compared to 3.45% a year ago. Return on average assets was 0.15% compared to 0.20% a year ago.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 25, 2014
Federal Home Loan Bank of Seattle
 

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