UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Date of Report (Date of Earliest Event Reported): | | September 24, 2010 | |
Federal Home Loan Bank of Des Moines
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(Exact name of registrant as specified in its charter)
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| | Federally Chartered Corporation | 000-51999 | 42-6000149 | |
| | _____________________ (State or other jurisdiction | _____________ (Commission | ______________ (I.R.S. Employer | |
| | of incorporation) | File Number) | Identification No.) | |
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| | Skywalk Level , 801 Walnut Street -- Suite 200, Des Moines, Iowa | | 50309 | |
| | ____________________________ (Address of principal executive offices) | | ___________ (Zip Code) | |
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| Registrant's telephone number, including area code: | | 515-281-1000 | |
No t Applicable
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Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the re gistrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240. 14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Deemed Election of Certain Member Director
On September 24, 2010, Mr. Eric A. Hardmeyer, president and chief executive officer of Bank of North Dakota in Bismarck, North Dakota, was declared re-elected as a member director by the Federal Home Loan Bank of Des Moines ("Bank") for a four-year term commencing January 1, 2011. Mr. Hardmeyer is an incumbent member director with his current term expiring December 31, 2010. The 2011 board committees on which Mr. Hardmeyer will be named to serve has not yet been determined as of the date of this filing.
Legal Framework for the Deemed Election
The election of Mr. Hardmeyer took place in accordance with the rules governing the election of Federal Home Loan Bank member directors specified in the Federal Home Loan Bank Act of 1932, as amended ("Bank Act"), and the related regulations of the Federal Housing Finance Agency ("Finance Agency"). Finance Agency regulations provide that if the number of eligible nominations for member directorships is equal to or fewer than the number of member directorships to be filled, an election is unnecessary and such nominees are deemed elected without further action.
Compensation of Directors for 2011
The Bank expects to compensate Mr. Hardmeyer in accordance with the Bank's Director Fee Policy for 2011, a policy that has not yet been adopted. Directors are also entitled to participate in the Bank's nonqualified, unfunded deferred compensation plan, under which each Bank director has the opportunity to defer all or a portion of the amount of compensation. Directors are also eligible to be reimbursed for reasonable travel, subsistence and other related expenses incu rred in connection with service as a Bank director.
Certain Relationships, Related Transactions, and Director Independence
Pursuant to the Bank Act and Finance Agency regulations, the Bank's member directors serve as officers or directors of a member of the Bank. The Bank is a cooperative and conducts business primarily with its members, who are required to own capital stock in the Bank as a prerequisite to transacting certain business with the Bank. Subject to the Bank Act and Finance Agen cy regulations, the Bank also issues consolidated obligations through the Office of Finance, maintains a portfolio of short-term and long-term investments, enters into derivative transactions, and provides certain cash management and other services; in each case, with members, housing associates, or other third parties of which directors may serve as officers or directors. All such transactions are made in the ordinary course of the Bank's business and are subject to the same Bank policies as transactions with the Bank's members, housing associates, and third parties generally. For further information, see Item 13-Certain Relationships and Related Transactions, and Director Independence of the Bank's Annual Report filed on Form 10-K with the Securities and Exchange Commission on March 18, 2010.
Item 7.01 Regulation FD Disclosure.
Attached as Exhibit 99.1 to this Form 8-K is a copy of a member announcement dated September 24, 2010, regarding Mr. Hardmeyer's re-election, as well as the commencement of the Bank's 2010 director election for member and independent directorships to be filled for terms beginning January 1, 2011. The information contained in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any re gistration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number 99.1
Member Announcement, dated September 24, 2010, issued by the Bank.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | Federal Home Loan Bank of Des Moines |
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| September 24, 2010 | | By: | | /s/ Richard S. Swanson |
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| | | | | Name: Richard S. Swanson |
| | | | | Title: President and Chief Executive Officer |
