DES MOINES, Iowa, Sept. 16, 2005 (PRIMEZONE) -- As previously announced, the Federal Home Loan Bank of Des Moines did not meet the Federal Housing Finance Board's (Finance Board) August 29, 2005 deadline for obtaining effective registration statement status with the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934, as amended (Exchange Act). The Finance Board has stated that a Home Loan Bank that does not have effective Exchange Act reporting status with the SEC may only declare a dividend upon consultation with and the approval by the Finance Board's Office of Supervision.
On September 14, 2005 the Bank's Board of Directors authorized the Bank to submit a request to the Finance Board's Office of Supervision for the Bank to be approved to pay a cash dividend of 1.40 percent per annum for the three month period that ended August 31, 2005. However, the Bank is unable to predict when and if it will receive approval to declare the dividend. Accordingly, the Bank did not declare or pay a dividend on its historic target date of September 15. The Bank cannot predict the amount or timing of any future dividend.
Statements contained in this announcement, including statements describing the objectives, projections, estimates or future predictions in our operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as anticipates, believes, could, estimate, may, should and will or their negatives or other variations on these terms. By their nature forward-looking statements involve risk or uncertainty and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate or prediction is realized.
The Federal Home Loan Bank of Des Moines is a AAA-rated wholesale bank that provides low-cost short and long-term funding and community lending to more than 1,200 stockholder commercial banks, saving institutions, credit unions and insurance companies. The Bank is wholly owned by its members and receives no taxpayer funding. The Des Moines Bank serves Iowa, Minnesota, Missouri, North Dakota and South Dakota and is one of twelve regional Banks that make up the Federal Home Loan Bank System.