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February 22, 2008
Each year, the Seattle Bank is required to verify the membership stock requirement of each of its stockholder institutions. In accordance with the Seattle Bank’s Capital Plan, the membership stock requirement is the greater of 0.50% of residential mortgage assets or $500. This calculation also determines the minimum number of votes your institution will cast in this year’s director election, assuming an election is held in your state this year.
As we begin the membership stock verification process for 2008, we request your assistance with the stock calculation for your institution. To initiate the verification process, please complete the 2008 stock requirement worksheet appropriate for your institution. The forms can be found on the Member Services/Forms and Manuals/Capital Stock page on our Web site.
Please complete the appropriate worksheet, based on your year-end 2007 balance sheet, and email it to our Member Services Department by February 29, 2008. The new membership stock requirement will go into effect on April 1, 2008, and we will confirm your new requirement on or before April 8, 2008.
If you have any questions regarding the membership stock verification process, please contact Member Services at 800.426.7538 or 206.340.8666.
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