ATLANTA – The Federal Home Loan Bank of Atlanta, which lost $1.5 million in the first quarter, announced yesterday the cancellation of a first quarter dividend.
"The Bank acknowledges the importance of paying a dividend to our members, and we are working diligently to balance the dividend's value with our ongoing risk management efforts," said Richard Dorfman, President and CEO, in a statement. "The Bank continues to manage operations conservatively as it provides liquidity to members, actively monitors credit and collateral requirements in a difficult economy, and institutes significant accounting changes within its operations."
The Atlanta Bank, which has more than 1,200 bank and credit union members, saw its net income plunge 43% in 2008 to $253.8 million.
