DALLAS, March 12, 2008 (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 first quarter of 2008 at an annualized rate of 4.50 percent, which equates to the average effective federal funds rate for the fourth quarter of 2007. The first quarter dividend, applied to average capital stock held during the period from October 1, 2007 through December 31, 2007 and based upon operating results for that same period, will be paid on March 31, 2008.
On April 30, 2008, 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 $58.9 billion as of September 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 fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3013