2011 Member News

2011 Director Election Results

November 21, 2011

Dear Seattle Bank Members,

The Federal Home Loan Bank of Seattle (Seattle Bank) is pleased to announce the results of its 2011 Board of Directors elections, including the election of the member director in Montana and the district-wide election of two independent directors.

  • Gordon Zimmerman, president, assistant corporate secretary, and a member of the Board of Directors of Community Bank, Inc., in Ronan, Montana, was re-elected as the bank’s member director from Montana.
  • Marianne M. Emerson, chief information officer for the Seattle Housing Authority in Seattle, Washington, was re-elected to serve as an independent public-interest director.
  • Michael W. McGowan, chairman and chief executive officer of Daniel Capital Management in Missoula, Montana, was elected as an independent director. Mr. McGowan previously served on our board in 2007 and 2008.

All have been elected to four-year terms beginning January 1, 2012, and ending December 31, 2015.

We welcome Mr. McGowan to the Seattle Bank’s Board of Directors and congratulate Ms. Emerson and Mr. Zimmerman on their re-elections to the board.

We appreciate your participation in the director election process and your ongoing support of the Seattle Bank. Please refer to the elected directors’ qualifications and election results provided with this Member News for more detailed information.

Sincerely,

William V. Humphreys
Chairman of the Board

2011 Director Election Results

The member director nominee for the state of Montana was unopposed and was elected by default. The two independent director candidates were nominated by the Seattle Bank’s Board of Directors in consultation with the Affordable Housing Advisory Council and also ran unopposed. When running unopposed, a successful candidate must receive at least 20 percent of district-wide eligible votes.

  • Indicates Director(s) Elected

Montana (By Default)

  • Gordon Zimmerman, President and Director, Community Bank, Inc., Ronan, MT
    Term Expiration Date: December 31, 2015

Independent Director Election District-Wide Statistics

Total Number of Eligible Votes District-Wide: 2,249,991 for each nominee

Total Number of Ballots Received and Votes Cast: 133 valid ballots received on or before November 10, 2011, with a total of 907,760 eligible votes for each nominee

2 void ballots received after November 10, 2011, or incomplete

Public Interest Director

  • Marianne M. Emerson, Bellevue, WA
    883,233 votes received (39.25% of eligible votes)
    Term Expiration Date: December 31, 2015

Non-Public Interest Director

  • Michael W. McGowan, Missoula, MT
    888,818 votes received (39.50% of eligible votes)
    Term Expiration Date: December 31, 2015
Elected Director Qualifications

The Seattle Bank's Board of Directors comprises financial service, business, and community leaders from across our district. The 2012 Board of Directors will include 14 directors: eight member directors and six independent directors. Three of the independent directors will be designated as public interest directors.

  • Member directors must be officers or directors of Seattle Bank member institutions.
  • Independent directors are required to have knowledge or experience in one or more of the following areas: auditing and accounting, derivatives, financial management, organizational management, project development, risk management practices, or the law.
  • Public interest directors are required to have at least four years of experience representing consumer or community interests on banking services, credit needs, housing, or financial consumer protections.

Marianne M. Emerson is chief information officer for the Seattle Housing Authority, a public corporation providing affordable housing to more than 25,000 low-income Seattle residents. Prior to joining the Seattle Housing Authority, she served as chief information officer at the Federal Reserve Board in Washington, D.C. Ms. Emerson earned a bachelor’s degree from Bryn Mawr College and master’s of science and master’s of business administration degrees from the University of Maryland, where she also served as an adjunct lecturer in information security at the Smith School of Business. Ms. Emerson has served on the Seattle Bank’s board since 2008.

Michael W. McGowan is chairman and chief executive officer of Daniel Capital Management, Ltd., a Missoula, Montana-based firm that provides public and private technology companies with data-driven operational processes and access to strategic capital sources. His extensive experience in capital markets also includes his work as a portfolio manager at USA Capital, LLC. In addition, Mr. McGowan is co-chairman of the Biomass Coordinating Council for renewable fuels in Washington, D.C. Mr. McGowan earned a bachelor’s degree in history and international relations from the University of Montana, where he was a Rhodes Scholar Nominee in 1991. Mr. McGowan previously served on the Seattle Bank’s board in 2007 and 2008.

Gordon Zimmerman is president, assistant corporate secretary, and a member of the board of directors of Community Bank, Inc., a $100 million community financial institution in Ronan, Montana. Prior to joining Community Bank, Mr. Zimmerman served as chief financial officer, president, and director of Pend Oreille Bank in Sandpoint, Idaho. He has also served as chief financial officer for several venture capital entities, and as an audit department manager at KPMG, where he specialized in matters relating to real estate, financial institutions, SEC regulation, and technology. Mr. Zimmerman holds a bachelor of arts in accounting and finance from the University of Montana, a graduate degree in banking from the University of Colorado, and a professional master of banking degree from the Executive Banking Institute at Louisiana State University. He is a licensed CPA, a member of the American Institute of Certified Public Accountants, and a member of the Montana Bankers Association. Mr. Zimmerman has served on the Seattle Bank’s board since 2007.

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