DES MOINES, Iowa, Sept. 29, 2005 (PRIMEZONE) -- The Federal Home Loan Bank of Des Moines (Bank) announced today that it has declared a cash dividend of 1.40 percent per annum for the three month period that ended August 31, 2005. The dividend amount in part reflects the Bank's desire to accelerate achievement of its previously announced retained earnings target by nine months to March 31, 2006. The dividend will be credited to members' demand accounts effective with the close of business on September 30, 2005. For members that are not eAdvantage customers, the specific amount of the payment will be reflected on an Advice of Credit that will be mailed.
The Bank is currently reviewing its retained earnings policy and anticipates making changes to the policy that could result in increased retained earnings and may result in lower dividends than historic targets.
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.