INDIANAPOLIS, Jan. 24, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Indianapolis ("Bank") announced today that it will repurchase up to $250,000,000 in par value of excess stock from shareholders that are former members (or their successors-in-interest) with excess stock (provided that no fractional shares will be repurchased). This repurchase is in accordance with Section VI.C of the Bank's Capital Plan dated September 19, 2002 (as amended) and is being undertaken for general capital management purposes. The excess stock that is subject to the repurchase is currently subject to mandatory redemption requests and in the ordinary course of business would have been redeemed by April 2014. Letters of repurchase were sent to affected shareholders that held excess stock as of December 31, 2012. The letters were mailed on January 24, 2013, and the repurchase will occur on or about February 8, 2013, provided that such repurchase meets all of the terms and conditions of the Bank's Capital Plan as of the date of the repurchase.
The Bank's fourth quarter dividend declaration and fourth quarter and year 2012 earnings will be announced on or about February 21, 2013.
Building Partnerships. Serving Communities.
The Federal Home Loan Bank of Indianapolis (FHLBI) is one of 12 regional banks that make up the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. The FHLBI is owned by its Indiana and Michigan financial institution members, which include commercial banks, credit unions, insurance companies, and savings banks. For more information about the FHLBI, visit www.fhlbi.com.