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April 20, 2015 11:18 PM ET

Diversified Financial Services

Company Overview of Federal Home Loan Bank of Seattle

Company Overview

Federal Home Loan Bank of Seattle, a member-owned cooperative, provides liquidity, funding, and services to members and housing associates in the United States. It offers variable interest-rate, fixed interest-rate, and structured advances; letters of credit; demand and term deposit products; mortgage loans; and securities safekeeping and other miscellaneous services. The company, through its members and other entities consisting of nonprofit organizations, also provides housing and community economic development funds through direct subsidy grants and low- or no-interest loans for individuals and communities. It serves regulated depositories, insurance companies, and community development f...

1001 Fourth Avenue

Suite 2600

Seattle, WA 98154

United States

Founded in 1964

150 Employees

Phone:

206-340-2300

Fax:

206-340-2485

Key Executives for Federal Home Loan Bank of Seattle

Chief Executive Officer and President
Age: 57
Chief Financial Officer and Senior Vice President
Age: 54
Chief Accounting & Administrative Officer and Senior Vice President
Age: 49
Senior Vice President, Chief Counsel and Corporate Secretary
Age: 63
Chief Risk Officer and Senior Vice President
Age: 42
Compensation as of Fiscal Year 2014.

Federal Home Loan Bank of Seattle Key Developments

The Federal Home Loan Bank of Seattle to Cut 100 Jobs as Headquarters Moves After Merger

The Federal Home Loan Bank of Seattle is going to lay off 109 employees, or more than two-thirds of its workforce, a FHLB Seattle spokesperson confirmed on April 2, 2015 The news comes after years of financial struggles and declining income, and just weeks before the wholesale lender plans to merge with a much larger bank on May 31, 2015. After next month's merger, the combined organization's headquarters will move to Des Moines and the Seattle location will become a regional office. The layoffs are intended to eliminate duplication, a spokesperson said. Some employees will relocate to Des Moines and about 40 will stay on to staff the Seattle location. Layoffs for the remaining 109 workers will start around June and be complete by January 2016.

Federal Home Loan Bank of Seattle Announces Board Changes

On March 10, 2015, the Board of Directors of the Federal Home Loan Bank of Seattle elected Michael J. Blodnick to serve as the Montana member director on the Board, filling the vacancy to be created by the resignation of Gordon Zimmerman. Mr. Blodnick's election will become effective upon Mr. Zimmerman's resignation from the Board, which is expected at the end of March 2015. Mr. Blodnick has served in various capacities at Glacier Bancorp Inc., since 1978 and became its president and chief executive officer in 1998. Mr. Blodnick has been a member of the board of directors of Glacier Bancorp Inc. since 1993. He is also the co-chairman of the Kalispell Regional Healthcare Foundation Emergency Services Campaign. On March 10, 2015, the Board also designated Thomas P. Potiowsky to fill the role of vice chair of the Audit and Compliance Committee of the Seattle Bank Board (Audit Committee) upon Mr. Zimmerman's resignation. David P. Bobbitt, the current vice chair of the Audit Committee, is expected to fill the role of chair of the Audit Committee upon Mr. Zimmerman's resignation.

Federal Home Loan Bank of Seattle Announces Executive Changes, Effective on or Prior to March 30, 2015

Until recently, Gordon Zimmerman served as president and director of Community Bank Inc. and is the Montana member director and vice chairman of the Federal Home Loan Bank of Seattle board of directors (Seattle Bank Board). Mr. Zimmerman also serves as the chairman of the Audit and Compliance Committee of the Seattle Bank Board (Audit Committee). Effective February 28, 2015, Community Bank was acquired by Glacier Bancorp Inc. and as a result, Mr. Zimmerman is expected to resign from the Seattle Bank Board, on or prior to March 30, 2015. Pursuant to applicable laws and regulations, the Seattle Bank Board directorship vacancy (with a term expiring on December 31, 2015) created by Mr. Zimmerman's resignation are to be filled by the Seattle Bank Board. In addition, David P. Bobbitt, the current vice chairman of the Audit Committee is expected to fill the role of chairman of the Audit Committee.

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