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Hefty penalty seems 'puzzling' since the Seattle and Des Moines FHLB merger seems on track to be the first voluntary merger in the 82-year history of the Federal Home Loan Bank System.
September 29 -
Ginnie Mae President Ted Tozer is urging credit unions and community banks to contact their Federal Home Loan Bank so they can participate in a conduit program for government-backed loans.
September 12
WASHINGTON Dean Schultz, the long-time head of the Federal Home Loan Bank of San Francisco, is planning to retire next spring once his successor has been appointed, the bank said Friday.
Schultz has served as the president and chief executive for 23 years. The San Francisco bank's board of directors has selected executive search firm Spencer Stuart to begin the search for a new president and CEO.
Schultz plans to step down "after April 30, 2015 once his successor has been appointed," the bank said.
Schultz became president and CEO of the Home Loan Bank in April 1991.
The announcement comes after the Seattle and Des Moines Home Loan Banks have reached a tentative agreement for a voluntary merger. If completed, it would to be the first voluntary merger in the history of the FHLB System.