WASHINGTON — Michael Wilson officially assumed the titles of president and chief executive of the merged Federal Home Loan Bank of Des Moines on Monday, a little sooner than expected.
Richard Swanson became the first president and CEO of the merged Des Moines and Seattle Home Loan banks when the merger was finalized in May 2015. But he was always expected to retire by June 2017, handing the reins to Wilson, who previously served as head of the Seattle bank.
The bank said Monday that the merger had gone smoothly, moving up the timetable.
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The Chicago, Des Moines and Cincinnati FHLBs have grown their life insurance company membership the most in recent years.
February 12 -
The details of the final Des-Moines-Seattle Home Loan Bank deal made it clear why this merger worked when past attempts had not and gave clues as to whether other institutions could one day follow suit. Following are three items that jumped out.
June 9 -
WASHINGTON The Federal Housing Finance Agency said Monday it has approved the merger of the Federal Home Loan banks of Des Moines and Seattle, giving approval to the first voluntary combination in the history of the system.
December 22
"This is a natural progression of a good merger, but happened more quickly than we anticipated," Swanson said in a statement. "Our focus is no longer on merger-related activities but rather forward-looking initiatives designed to improve operations, enhance business processes and expand opportunities for the members in our district. The timing is right to have Mike take sole leadership of the bank."
Swanson will continue to serve as an executive on the board until June 30.
"As the new president and CEO, Mike's goal is make sure FHLB Des Moines continues to fulfill our mission — satisfy our members' liquidity and funding requirements so they can meet the credit needs of their communities, while safeguarding the capital they have entrusted to us," said spokeswoman Angela Richards.
The bank has also hired a new executive vice president and chief financial officer, Joseph Amato, and a new vice president and director of mortgage programs, Dan Mahlum. Amato is a former Freddie Mac chief financial officer. Mahlum previously worked at Nationwide Bank.
The Des Moines bank reported $131 million in net income for 2015, up from $121 million in 2014.
The Des Moines bank has 1,445 members, including 1,088 commercial banks, 65 thrifts, 221 credit unions, 67 insurance companies and four community development financial institutions. The Des Moines bank is the largest of the 11 by membership and territory, which stretches over 13 states and the U.S. Pacific territories.
