DES MOINES, Iowa, Jan. 26, 2006 (PRIMEZONE) -- The board of directors of the Federal Home Loan Bank of Des Moines elected Kevin E. Pietrini to serve as a director on January 12, 2006. Mr. Pietrini, chairman of Queen City Federal Savings Bank (QCF) in Virginia, Minnesota, will fill a three-year term left vacant by Neil N. Fruechte until December 31, 2008. Mr. Fruechte resigned from the Bank's board of directors in December 2005 to assume the position of interim president for the Home Loan Bank. Previously, Mr. Pietrini served a one year term on the Bank's board.
Prior to joining Queen City Federal in 1978, Mr. Pietrini, a Certified Public Accountant, worked at the accounting firm KPMG. Mr. Pietrini currently serves on the board of directors of several professional and civic organizations including America's Community Bankers, Northeast Ventures Corporation and Northern Diagnostics Corporation. He is also active in various community organizations such as the Virginia Charter Commission, Kiwanis Club of Virginia, Virginia Chamber of Commerce and the American Legion.
The Bank's board of directors is comprised of both industry and public interest directors from Iowa, Minnesota, Missouri, North Dakota and South Dakota. Bank members elect the industry directors while the Federal Housing Finance Board, the Bank's Washington, DC based regulator, is responsible for appointing the public interest directors from both the public and private sector. As a $50 billion financial institution, the Bank provides low-cost funding to more than 1,200 member banks, thrifts, credit unions and insurance companies for housing and community credit needs.
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.