2009 News Releases

    Federal Home Loan Bank of Seattle Announces First Interstate Bank as Recipient of 2009 Community Spirit Award

    News Release: June 2, 2009
    Contact: Connie Waks
    206.340.2305

    Seattle – The Federal Home Loan Bank of Seattle (Seattle Bank) has named First Interstate Bank, headquartered in Billings, Montana, as the recipient of the Seattle Bank’s 2009 Community Spirit Award. The award recognizes a member of the Seattle Bank cooperative that exemplifies the spirit of community partnership in creating affordable housing and economic development opportunities within the Seattle Bank’s district.

    “In this challenging time, as the need for affordable housing continues to grow, community resources that effectively address the need are more important than ever,” said Seattle Bank President and CEO Richard M. Riccobono. “First Interstate Bank is an excellent example of a company that works hard—in all economic times—to ensure the availability of affordable housing for individuals and families in the communities it serves. We are deeply honored to present this award to First Interstate Bank and very proud to have played a role in supporting their efforts.”

    First Interstate Bank’s commitment to the community is exemplified by its use of the Seattle Bank’s affordable housing and community investment programs. As of December 31, 2008, First Interstate Bank has received $1.6 million in Affordable Housing Program (AHP) subsidy to develop, acquire, and/or rehabilitate 199 units of affordable rental and owner-occupied housing, $1.3 million in Home$tart Program grants to serve 257 first-time homebuyers, and $697,500 in discounted loans through the Community Investment Program (CIP) to finance eight additional units of affordable housing.

    The 2009 Community Spirit Award, which includes a $5,000 contribution to First Interstate Bank’s community investment efforts, was presented to First Interstate Bank President and Chief Executive Officer Lyle Knight at the Seattle Bank’s 2009 Management Conference on May 13.

    “We are honored to have received the 2009 Community Spirit Award and thank the Federal Home Loan Bank of Seattle for its recognition and support of our affordable housing efforts,” said Knight. “At First Interstate, helping to improve the quality of life in the communities we serve has always been a key component of our strategic vision. Simply, it’s who we are. Throughout our history, our commitment to community has remained constant and strong.”

    Since 1968, First Interstate Bank has grown from a single location in Sheridan, Wyoming, to a $6.6-billion institution with more than 70 locations across Montana, Wyoming, and western South Dakota. In 2008 alone, the company provided $690 million in single-family loans, $10 million in multi-family loans, and more than $34 million in community development loans. These loans include support for affordable housing and community and economic development that benefits low- to moderate-income communities.

    In addition to providing deposit and loan services, First Interstate Bank continually reinvests in the community through the First Interstate BancSystem Foundation, a charitable affiliate of First Interstate BancSystem. The Foundation, along with First Interstate’s branch offices and employee volunteerism, provides resources and leadership to neighborhood projects and activities by focusing resources to community development efforts that assist low- and moderate-income communities and individuals.

    About the Seattle Bank
    The Federal Home Loan Bank of Seattle is a financial cooperative that provides liquidity, funding, and services to enhance the success of its members and support the availability of affordable homes and economic development in the communities they serve. Our funding and financial services enable 380 member institutions to provide their customers with greater access to mortgages, commercial lending, and affordable housing.

    The Seattle Bank supports affordable housing and economic development through a number of community investment programs. The Affordable Housing Program (AHP) and Home$tart Program, which provide direct subsidy for affordable housing, are funded with 10 percent of the bank’s annual net income. The Community Investment Program (CIP) and Economic Development Fund (EDF) are discounted loan programs that are available on a continuous basis.

    Since 1990, the Seattle Bank’s AHP has provided $139.9 million in funding to serve more than 27,000 households, and the CIP/EDF programs have provided $3.4 billion in low-interest loans to serve more than 48,000 households. Since its inception in 1995, the Home$tart Program has provided $37.5 million to help more than 7,600 homebuyers purchase their first homes.

    The Seattle Bank serves eight states, American Samoa, Guam, and the Northern Mariana Islands. Our members include commercial banks, credit unions, thrifts, industrial loan corporations, and insurance companies.

    The Seattle Bank is one of 12 Federal Home Loan Banks in the United States. Together, the Federal Home Loan Banks represent one of the country’s largest private sources of liquidity and funding for community financial institutions, as well as funding for affordable housing.

    This press release includes forward-looking statements regarding events that may impact the bank's future financial performance. Forward-looking statements are subject to known and unknown risks and uncertainties, which are discussed in the Seattle Bank's 2008 Form 10-K filing with the SEC, which is available on the Seattle Bank’s Web site at www.fhlbsea.com. The Seattle Bank does not undertake to update any forward-looking statements made in this announcement.

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