2012 Member News

Upcoming Seattle Bank Election of Independent Directors

June 12, 2012

Dear Seattle Bank Members,

The Seattle Bank is governed by its Board of Directors, which is composed of 14 individuals: eight member directors representing and elected by the members of the cooperative in their respective states, and six independent directors elected by the members from all states in the Seattle Bank’s district. In July 2012, the Seattle Bank cooperative will begin the process of electing new member directors from Oregon and Washington and two independent directors.

Oregon and Washington members will receive separate communications regarding the nomination and election of member directors in their respective states.

At this time, in preparation for the 2012 independent director election, the Seattle Bank is seeking names of qualified candidates who are able and willing to serve as independent directors on the Seattle Bank’s board. Each of the two independent directors to be elected in 2012 is expected to serve a four-year term.

Independent directors consist of two classes: public interest directors and non-public interest directors. The two positions to be filled in this year’s election are for non-public interest directors. Eligible candidates must be citizens of the United States and bona fide residents within the Seattle Bank’s district. Additionally, each must have experience in, or knowledge of, one or more of the following areas: auditing and accounting, derivatives, financial management, organizational management, project development, risk management practices, and the law.

The Seattle Bank’s Board of Directors will nominate the independent director candidates for election, after consulting with the bank’s Affordable Housing Advisory Council and determining that the nominee’s knowledge or experience is commensurate with that needed to oversee a financial institution with a size and complexity that is comparable to that of the Seattle Bank.

The current members of the Seattle Bank’s board have considerable experience and expertise in the areas of executive leadership, financial statement preparation, affordable housing, economic development, market risk management, and regulatory matters. Although additional experience in these areas is desirable, the areas identified as most likely to add strength and depth to the bank’s Board of Directors include capital markets, information technology or operational risk management, human resources/compensation, and the law.

The Seattle Bank seeks to ensure, to the maximum extent possible in balance with safe and sound business practices, the inclusion of minorities, women, and individuals with disabilities at all levels in the organization, including its board. Consequently, in addition to looking for candidates with the knowledge and experience described above, the board will be looking for candidates for the independent director positions who are minorities, women, and individuals with disabilities.

If you know of any individuals you believe meet the criteria described above, especially in the areas where the board is seeking to add strength, we encourage you to contact Mike Brandeberry by June 20, 2012. We will follow up with that individual and provide them with additional information regarding this opportunity.

We appreciate your input on this important matter for the cooperative.

Sincerely,

Michael L. Wilson
President and Chief Executive Officer

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