The Federal Home Loan Bank of Seattle on Wednesday said it is considered "undercapitalized" based on its risk-based capital deficiency as of March 31.

The bank received preliminary notification of its status last Wednesday, according to a Securities and Exchange Commission filing.

The Seattle bank said it has 30 calendar days to submit information for consideration and will then receive its final capital classification.

According to the filing, the bank could be subject to restrictions on dividend payments and share repurchases, among other things, if it's ultimately classified as undercapitalized.

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