DES MOINES, Iowa, April 6, 2006 (PRIMEZONE) -- Neil Fruechte, acting President and Chief Executive Officer of the Federal Home Loan Bank of Des Moines, today announced the realignment of the Bank's financial functions and accepted the resignations of Amy Angle, Chief Operating Officer, and Jamie Bishop, Chief Risk Officer. This announcement follows last month's creation of the position of Chief Financial Officer, held by interim CFO James Huston.
In making the announcement, acting President and Chief Executive Officer Neil Fruechte, stated, "The changes to our management structure will streamline our operations while we continue in our effort to complete the restatement of previous-years financial statements and our registration with the Securities and Exchange Commission."
"The Home Loan Bank of Des Moines team will continue to work hard to provide excellent value to our more than 1,200 member banks in the five-state region. Under the expert leadership of the management team, I know the Federal Home Loan Bank of Des Moines will continue to provide outstanding and dedicated service to its member institutions," Fruechte concluded.
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.