DALLAS, Sept. 27, 2007 (PRIME NEWSWIRE) -- The Board of Directors of the Federal Home Loan Bank of Dallas (Bank) has declared a dividend in the form of capital stock for the third quarter of 2007 at an annualized rate of 5.25 percent, which equates to the average effective federal funds rate for the second quarter of 2007. The third quarter dividend, applied to average capital stock held during the period from April 1, 2007 through June 30, 2007 and based upon operating results for that same period, will be paid on September 28, 2007.
On October 31, 2007, the Bank will repurchase the portion of members' excess stock identified as surplus stock as of that date. Surplus stock is currently defined as the amount of capital stock held by a member that exceeds 105 percent of its minimum investment requirement. A member's surplus stock will not be repurchased if the amount of surplus stock is $250,000 or less.
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. The Bank, with total assets of $52.0 billion as of June 30, 2007, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the Bank's website at www.fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3013