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U.S. BANK OF WASHINGTON JOINS FEDERAL HOME LOAN BANK OF SEATTLE

U.S. BANK OF WASHINGTON JOINS FEDERAL HOME LOAN BANK OF SEATTLE
 SEATTLE, April 16 /PRNewswire/ -- U.S. Bancorp (NASDAQ: USBC) through its subsidiary, U.S. Bank of Washington, has become a stockholder and customer of the Federal Home Loan Bank of Seattle, announced James R. Faulstich, president of the Federal Home Loan Bank. With $5.6 billion in assets, U.S. Bank is the largest commercial bank stockholder and customer of the Federal Home Loan Bank of Seattle and the fourth largest institution nationwide to join the Federal Home Loan Bank System since commercial banks were authorized to purchase stock and access services in 1989.
 "U.S. Bank's decision provides further evidence of the value of Federal Home Loan Bank services and further establishes the Seattle Bank as the wholesale lender to the region's housing finance industry," said Faulstich. "One of the state's premier financial institutions, U.S. Bank is gaining access to an array of funding and community investment resources that will enable it to better serve its customers and shareholders."
 "We are delighted to become a member of the Federal Home Loan Bank," said Gerry Cameron, president and chief executive officer of U.S. Bank of Washington. "This will give us an additional source of funds at attractive, long-term fixed rates, allowing us greater flexibility to serve the needs of our communities."
 The Federal Home Loan Bank of Seattle provides financial services to federally insured housing lenders and is part of the Federal Home Loan Bank System, the nationwide network of 12 regional banks created by Congress to promote housing finance. The Seattle Bank has $9.9 billion in assets.
 "Actually, our bank has enjoyed a long-term relationship with the Federal Home Loan Bank through another U.S. Bancorp subsidiary, U.S. Savings Bank of Washington. They have participated in, among other programs, low-income multi-family housing loans and a downpayment assistance grant program provided by the Federal Home Loan Bank through its Affordable Housing Program," said Cameron. "We are pleased to expand our ties with the Federal Home Loan Bank and extend Federal Home Loan Bank benefits to all of our customers statewide."
 Nearly 60 housing lenders have become stockholders and customers of the Federal Home Loan Bank of Seattle since the passage of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 authorized commercial banks and credit unions to purchase Federal Home Loan Bank stock and access its services.
 "We are very encouraged by the tremendous interest among commercial banks," said Faulstich. "There is a growing recognition that our low-cost funding and community investment services can strengthen a lender's financial performance and its ability to provide affordable housing finance in the communities it serves." He adds, "An expanded customer base is very important because it is only through our customers that the Federal Home Loan Bank can reach the families and individuals in need of affordable home mortgage credit."
 Nationwide, nearly 700 commercial banks, ranging in size from $1 million to over $11 billion in assets, have become stockholders and customers of the Federal Home Loan Bank System. To qualify to purchase Federal Home Loan Bank stock and access its services, a financial institution must hold 10 percent or more of its total assets in residential mortgage loans.
 "We are looking forward to expanding our relationship with the Federal Home Loan Bank," said Cameron, "and the opportunity to use its financial resources and programs, as well as staff expertise, particularly in the area of affordable housing."
 As stockholders in the Federal Home Loan Bank, financial institutions earn a competitive rate of return on their investment. The Seattle Bank paid stockholders an average annualized dividend of 10.01 percent in 1991, the 12th consecutive year of dividends greater than 10 percent.
 U.S. Bank of Washington is a subsidiary of U.S. Bancorp, the largest financial services company headquartered in the Pacific Northwest, with assets of $18.9 billion as of March 31, 1992. Other U.S. Bancorp subsidiaries include U.S. Bank of Oregon and U.S. Bank of California.
 U.S. Bank is an equal opportunity housing lender.
 U.S. Bank of Washington joins more than 135 financial institutions in Alaska, Hawaii, Idaho, Montana, Oregon, Utah, Washington, Wyoming and the Territory of Guam that are stockholders and customers of the Federal Home Loan Bank of Seattle. Nationwide, the Federal Home Loan Bank System serves more than 3,000 financial institutions.
 -0- 4/16/92
 /CONTACT: Mary Grace Helsper of the Federal Home Loan Bank of Seattle, 206-340-8704; or Cynthia Duryee of U.S. Bank of Washington, 206-344-5311/
 (USBC) CO: Federal Home Loan Bank of Seattle; U.S. Bank of Washington ST: Washington IN: FIN SU:


LM -- SE002 -- 9191 04/16/92 10:38 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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