Southeast Member Financial Institutions and Communities Benefit From Steady Flow of Funds
ATLANTA , Sept. 4 /PRNewswire/ — The Federal Home Loan Bank of Atlanta today announced that it has increased its outstanding advances to members by approximately $29.1 billion since June 30, 2007 to support their lending and residential mortgage operations.
FHLBank Atlanta disclosed information about its recent advance activity following a statement by the Federal Home Loan Bank’s Office of Finance that noted the 12 FHLBanks provided about $110 billion of liquidity in the form of advances to their member institutions during recent disruptions in the credit markets.
“Member institutions and the consumers they serve benefited greatly from access to FHLBank liquidity during a period of unusual credit turmoil,” said Richard Dorfman , president and chief executive officer of FHLBank Atlanta . “We provided a reliable and dependable source of liquidity at a critical juncture, and we remain committed to supporting this mission through all business cycles.”
Dorfman, who joined the Bank in June, noted that FHLBank Atlanta experienced strong demand from a variety of its member institutions, from credit unions to commercial lenders, and that activity was spread throughout the Bank’s district. FHLBank Atlanta also affirmed its guidance to pay an annualized dividend in the range of 5.75 percent to 6.0 percent for the quarter ending September 30, 2007 .
About the Federal Home Loan Bank of Atlanta
The Bank is a cooperative financial services organization that provides funding, community development grants, and other banking services to more than 1,200 member financial institutions in Alabama, Florida, Georgia , Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. The Bank is one of 12 district banks in the Federal Home Loan Bank System (the FHLB System), which since 1990 has contributed more than $2 billion to affordable housing development in the United States .
Some of the statements made in this announcement, including, without limitation, those statements that relate to the Bank’s dividend guidance for the third quarter of 2007, are “forward-looking statements,” which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual dividend payment, results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by the forward-looking statements.
The forward-looking statements may not be realized due to a variety of factors, including, without limitation: the Bank’s actual net income results, which drive the determination of actual dividend payments; legislative and regulatory actions or changes; future economic and market conditions; changes in demand for advances or consolidated obligations of the Bank and/or the FHLB System; changes in interest rates; political, national and world events; and adverse developments or events affecting or involving other Federal Home Loan Banks or the FHLB System in general. Additional factors that might cause the Bank’s results to differ from these forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov .
You should not place undue reliance on forward-looking statements, since the statements speak only as of the date that they are made. The Bank has no obligation and does not undertake to publicly update, revise or correct any of the forward-looking statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise, except as may be required by law.
SOURCE Federal Home Loan Bank of Atlanta
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