ATLANTA – The Federal Home Loan Bank of Atlanta announced it will not pay a dividend for its fourth quarter of 2008 because of large losses on its mortgage backed securities.
The Atlanta Bank reported a 39% decline in fourth quarter net to $74.6 million, and a 43% decline in fiscal year net to $253.8 million, due to an other-than-temporary impairment charge of $98.7 million on private label MBSs in the fourth quarter.
The Atlanta Bank also announced that it will repurchase 50% of each member's excess activity-based stock outstanding as of March 16, 2009, but not to exceed the amount of such member's excess activity-based stock on the date of repurchase. The Bank previously had informed its members that it would no longer conduct repurchases of excess activity-based stock on a daily basis, but would make such determinations quarterly.
