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August 7, 1998
Federal Home Loan Bank of Seattle Gains
its 300th Financial Institution Customer
Seattle -- With the addition of Bank of Pullman, Pullman, Washington, the Federal Home Loan Bank of Seattle welcomed its 300th financial institution customer. The Seattle Bank, which serves customers in eight states and two U.S. territories, has tripled its customer base since the passage of the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in 1989, announced James R. Faulstich, president and chief executive officer.
“Financial institutions continue to look to the Federal Home Loan Bank for the tools and resources they need to be competitive in their markets and serve their communities’ credit needs,” explains Faulstich. “The fact that we have achieved this milestone proves that banks, savings institutions and credit unions value the services we provide and benefit from their partnership with us.”A wide range of financial institutions have come to rely on the Federal Home Loan Bank’s products and services, including low-cost funding, correspondent and community lending services. Community banks are leading the charge by using wholesale funding to boost liquidity and fund residential housing and other community credit needs as deposit growth continues to lag. This trend is expected to continue as more rural banks become eligible to access Federal Home Loan Bank services as a result of new regulatory guidelines benefiting agricultural lenders.
Bank of Pullman is a $64 million community bank with seven offices in the heart of eastern Washington farm country and in Moscow, Idaho. Vice President and Cashier Bryan Olson says that as a customer of the Federal Home Loan Bank of Seattle, his institution will have access to a new source of low-cost liquidity to help meet cash flow needs as well as a place to invest excess cash at favorable rates. “Wholesale funding will help us respond to an array of credit needs in our communities,” says Olson, who also plans to utilize the Seattle Bank’s Securities Safekeeping and Community Lending services. “We’re very happy to be a new customer of the Federal Home Loan Bank of Seattle and we anticipate utilizing as many services as we can.”
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