Members of the Federal Home Loan Bank of Seattle and the Federal Home Loan Bank of Des Moines have ratified the merger approved by their respective boards of directors in September.
The combined bank will serve nearly 1,500 financial institutions in 13 states including Hawaii, as well as three U.S. territories. It will be the largest in the FHLBank System in terms of membership and geography, according to the announcement. Benefits of the merger include member access to an enhanced suite of products and services to help meet the housing, economic development and business needs of communities they serve.
"We are pleased to announce that we have completed the important step of receiving member ratification on schedule, which allows us to move forward with the final steps toward closing," said Dick Swanson, FHLB Des Moines president and CEO, in a statement. "This vote by the FHLB Des Moines and FHLB Seattle members demonstrates their understanding that a combined bank will result in a cooperative that is well-positioned to continue to fulfill our mission over the long run," he said.
The merger is expected to close once the banks satisfy conditions of the Federal Housing Finance Agency’s December approval of the merger application, and once the FHFA accepts the combined bank’s organization certificate.