"The floods of 2008 devastated our community with some parts of Cedar Rapids considered unrecoverable. Our bank is only as strong as the community it serves and that makes us committed to rebuilding the community and getting businesses thriving again."
Gary M. Becker, Senior Vice President,
Cedar Rapids Bank and Trust
Cedar Rapids Bank and Trust
Cedar Rapids, Iowa, was among the locations most significantly impacted by the catastrophic floods along the Cedar River in the summer of 2008. Since the flood, Federal Home Loan Bank of Des Moines (FHLB) member, Cedar Rapids Bank & Trust, is helping many flood-affected individuals and businesses recover by providing financing for repair or reconstruction.
To support this effort, Cedar Rapids Bank & Trust secured $3.2 million through FHLB’s Investment Advance Program. These funds have been used to provide low rate loans, which have been primarily used by downtown businesses and building owners as they work to reopen their doors. Together, banks and communities are showing that dedication and solidarity can help overcome any disaster.
Office of Finance
The Office of Finance is the centralized debt facility for the Federal Home Loan Bank. The Office of Finance raises money through the daily sale of debt securities in the global capital markets. The FHLBanks issue discount notes in maturities ranging from one day to one year. Bond maturities of six months to 30 years are offered, with the majority of issues between one and five years. Issue size can range from several million to $7 billion or more. FHLBank debt is sold through a broad, international network of approximately 100 underwriters.
Buyers of debt securities issued by the FHLBanks represent the entire spectrum of domestic and international fixed-income investors, including commercial banks, central banks, investment managers, major corporations, pension funds, government agencies and individuals.
Both Moody’s and Standard & Poor’s give FHLBank a triple-A credit rating. In its June 2008 ratings analysis, S&P stated, “The “AAA” rating on the debt of the Federal Home Loan Bank (FHLB) System reflects the System’s status as a government-sponsored enterprise (GSE), its important role in the U.S. mortgage market, and the combined financial strength of the 12 district banks (FHLBs), which issue debt on a joint and several basis through the Office of Finance, the System’s fiscal agent.”
© , Council of Federal Home Loan Banks