comscore Financial merger could bolster mortgage business | Honolulu Star-Advertiser
Top News

Financial merger could bolster mortgage business

Honolulu Star-Advertiser logo
Unlimited access to premium stories for as low as $12.95 /mo.
Get It Now

The Federal Home Loan Bank of Seattle and the Federal Home Loan Bank of Des Moines have entered into an exclusivity arrangement for a potential merger of the two banks, according to a joint announcement released today.

A merger would require approval from the Federal Housing Finance Agency, as well as member-owners of FHLB Des Moines and FHLB Seattle.

The merged bank would encompass more than 1,500 member-financial institutions in 13 states, American Samoa, Guam and the Commonwealth of the Northern Mariana Islands.

“Our organizations share similar values, member characteristics and corporate cultures,” said Richard Swanson, FHLB Des Moines president and CEO, in a statement.

“We believe that the members of both institutions stand to benefit from the financial strength and geographic reach of a combined institution, which would enable it to better fulfill its mission of funding the housing, economic and business development needs of its members and their communities.”

Comments have been disabled for this story...

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature

Scroll Up