The New York Times rambles, and mangles mortgages along the way

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FHLB Des Moines, FHLB Seattle in merger talks

Brings 12 FHLB down to 11

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The Federal Home Loan Bank of Des Moines and the Federal Home Loan Bank of Seattle entered into a potential arrangement regarding a merger of the two banks.

If it goes through, the merger would require approval from the Federal Housing Finance Agency, as well as member-owners of FHLB Des Moines and FHLB Seattle.

The combined entities would provide funding solutions for more than 1,500 member financial institutions in 13 states

"The members of FHLB Des Moines and FHLB Seattle would become members of a combined institution that, in our view, would be in a stronger financial position than if both Banks were to remain stand-alone entities,” said Michael Wilson, FHLB Seattle president and CEO.

“We also believe that the combined Bank would be better able to maintain an appropriate mission focus and strong financial condition  in the long run through the challenges of different economic cycles and regional economic conditions," he added.

Congress created both banks in 1932 as a strong and reliable source of funds for local lenders to finance housing, community development, jobs and economic growth.

Currently, there are 12 Federal Home Loan Banks, each of which is a cooperative owned by member financial institutions.

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