Southeast Member Financial Institutions and Communities Benefit From Steady
Flow of Funds
ATLANTA, Sept. 4 /PRNewswire/ -- The Federal Home Loan Bank of Atlanta
today announced that it has increased its outstanding advances to members
by approximately $29.1 billion since June 30, 2007 to support their lending
and residential mortgage operations.
FHLBank Atlanta disclosed information about its recent advance activity
following a statement by the Federal Home Loan Bank's Office of Finance
that noted the 12 FHLBanks provided about $110 billion of liquidity in the
form of advances to their member institutions during recent disruptions in
the credit markets.
"Member institutions and the consumers they serve benefited greatly
from access to FHLBank liquidity during a period of unusual credit
turmoil," said Richard Dorfman, president and chief executive officer of
FHLBank Atlanta. "We provided a reliable and dependable source of liquidity
at a critical juncture, and we remain committed to supporting this mission
through all business cycles."
Dorfman, who joined the Bank in June, noted that FHLBank Atlanta
experienced strong demand from a variety of its member institutions, from
credit unions to commercial lenders, and that activity was spread
throughout the Bank's district. FHLBank Atlanta also affirmed its guidance
to pay an annualized dividend in the range of 5.75 percent to 6.0 percent
for the quarter ending September 30, 2007.
About the Federal Home Loan Bank of Atlanta
The Bank is a cooperative financial services organization that provides
funding, community development grants, and other banking services to more
than 1,200 member financial institutions in Alabama, Florida, Georgia,
Maryland, North Carolina, South Carolina, Virginia, and the District of
Columbia. The Bank is one of 12 district banks in the Federal Home Loan
Bank System (the FHLB System), which since 1990 has contributed more than
$2 billion to affordable housing development in the United States.
Some of the statements made in this announcement, including, without
limitation, those statements that relate to the Bank's dividend guidance
for the third quarter of 2007, are "forward-looking statements," which
include statements with respect to the Bank's beliefs, plans, objectives,
goals, expectations, anticipations, assumptions, estimates, intentions, and
future performance, and involve known and unknown risks, uncertainties and
other factors, many of which may be beyond the Bank's control, and which
may cause the Bank's actual dividend payment, results, performance or
achievements to be materially different from the future results,
performance or achievements expressed or implied by the forward-looking
statements.
The forward-looking statements may not be realized due to a variety of
factors, including, without limitation: the Bank's actual net income
results, which drive the determination of actual dividend payments;
legislative and regulatory actions or changes; future economic and market
conditions; changes in demand for advances or consolidated obligations of
the Bank and/or the FHLB System; changes in interest rates; political,
national and world events; and adverse developments or events affecting or
involving other Federal Home Loan Banks or the FHLB System in general.
Additional factors that might cause the Bank's results to differ from these
forward-looking statements are provided in detail in our filings with the
Securities and Exchange Commission, which are available at
http://www.sec.gov.
You should not place undue reliance on forward-looking statements,
since the statements speak only as of the date that they are made. The Bank
has no obligation and does not undertake to publicly update, revise or
correct any of the forward-looking statements after the date of this
announcement, or after the respective dates on which such statements
otherwise are made, whether as a result of new information, future events
or otherwise, except as may be required by law.
SOURCE Federal Home Loan Bank of Atlanta
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Related links:
http://www.fhlbatl.com
http://www.prnewswire.com/comp/149931.html/
CONTACT:
Christopher McEntee of Federal Home Loan Bank
of Atlanta, +1-404-888-8158, cmcentee@fhlbatl.com
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