ATLANTA, Sept. 29 /PRNewswire/ -- The board of directors of Federal
Home Loan Bank of Atlanta (FHLBank Atlanta) has approved an annualized
dividend rate for the third quarter of 2.89 percent. This rate is equal to
average three-month LIBOR (London Interbank Offered Rate) for the period
July 1, 2008 to Sept. 29, 2008. The dividend is applicable to capital stock
held during the period of July 1, 2008 to Sept. 30, 2008, and will be
credited to members' daily investment accounts at close of business on Oct.
1, 2008.
The annualized dividend rate is lower than previous third quarter
guidance because of recent volatility in the financial markets and a more
conservative financial management approach in light of these conditions. In
addition, the Bank will change its dividend declaration and payment
schedule beginning in the fourth quarter of 2008 so a dividend can be
declared and paid to member accounts after net income is calculated for the
preceding quarter. To accommodate this change, the Bank will declare any
fourth quarter dividend at the end of Jan. 2009 and pay it into member
accounts at that time.
The Bank recognizes the value our dividend provides to member financial
institutions. During the first three quarters of 2008, the Bank has paid an
annualized dividend rate of 4.88 percent, which exceeds average three-month
LIBOR by approximately 190 basis points. "Dividends are an attractive
aspect of our cooperative, and we anticipate that once we move beyond this
transition period, members will appreciate the certainty associated with
the new dividend schedule," said Richard A. Dorfman, President and CEO of
FHLBank Atlanta.
If you have additional questions, please contact FHLBank Atlanta's
Funding Desk at 1.800.536.9650, ext. 8011.
About FHLBank Atlanta
The Bank is a cooperative financial services organization that provides
funding, community development products, and a host of 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.
Some of the statements made in this announcement are "forward-looking
statements," which include statements with respect to FHLBank Atlanta'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 FHLBank Atlanta'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 FHLBank Atlanta's actual net
income results; legislative and regulatory actions or changes; future
economic and market conditions; changes in demand for advances or
consolidated obligations of FHLBank Atlanta and/or the FHLBank 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 FHLBank System in general. Additional factors that might
cause FHLBank Atlanta'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 .
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:
Sharon Cook of Federal Home Loan Bank of
Atlanta, +1-404-888-8173, scook@fhlbatl.com
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