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August 03, 2015 9:52 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

219 Employees

Phone:

515-281-1000

Fax:

515-699-1293

Key Executives for Federal Home Loan Bank of Des Moines

Chief Executive Officer
Age: 65
President
Age: 58
Chief Financial Officer, Chief Operations Officer and Executive Vice President
Age: 63
Chief Business Technology Officer and Senior Vice President
Age: 51
Chief Risk Officer and Executive Vice President
Age: 55
Compensation as of Fiscal Year 2015.

Federal Home Loan Bank of Des Moines Key Developments

The Federal Home Loan Bank of Des Moines Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

The Federal Home Loan Bank of Des Moines reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net interest income of $79.7 million against $60.3 million a year ago. Net income was $21.0 million against $27.0 million a year ago. Return on average equity was 1.85% against 3.02% a year ago. Return on average assets was 0.08% against 0.14% a year ago. For the six months, the company reported net interest income of $148.2 million against $112.7 million a year ago. Net income was $55.6 million against $64.0 million a year ago. Return on average equity was 2.54 % against 3.68 % a year ago. Return on average assets was 0.11 % against 0.17% a year ago. The bank's net income for the quarter and six months was primarily driven by net interest income, other income, and other expense. The increase net interest income for the quarter and six months was primarily due to an increase in interest income resulting from higher average advance and mortgage-backed security volumes.

Federal Home Loan Bank of Des Moines Appoints Steven T. Schuler, Chief Financial Officer to Serve as Chief Operations Officer

On May 27, 2015, the Federal Home Loan Bank of Des Moines appointed the Bank's chief financial officer, Steven T. Schuler, to also serve as the Bank's chief operations officer, effective June 1, 2015. On June 2, 2015, following completion of the merger with the Federal Home Loan Bank of Seattle on May 31, 2015, the Bank's board of directors ratified Mr. Schuler's appointment. Mr. Schuler has served as executive vice president and chief financial officer of the Bank since September of 2006.

Federal Home Loan Bank of Des Moines Announces Executive Changes

The Federal Home Loan Bank of Des Moines and the Federal Home Loan Bank of Seattle completed the first voluntary merger in FHLB system. In connection with the merger, Seattle FHLB President and CEO Michael Wilson was named president of the Des Moines FHLB. Richard Swanson, who was president and CEO of the Des Moines FHLB prior to the merger, will now serve as its CEO. Swanson plans to retire June 30, 2017, at which point Wilson will serve as president and CEO.

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