Director Election Results
FHLB Des Moines Releases 2010 Director Election Results
On November 9, 2010, the Board of Directors of FHLB Des Moines certified the resul ts of the 2010 Member and Independent Director Elections. We are pleased to announce the election results for director terms commencing January 1, 2011.
Member Director Election Results
Member director elections were held to fill one seat in the states of Minnesota, Missouri and North Dakota. In Minnesota, incumbent director Michael J. Finley has been re-elected to serve his third term on the Bank’s board. In Missouri, incumbent director Joseph C. Stewart III has been re-elected to serve his second term.
On September 24, 2010, Eric A. Hardmeyer was declared elected by the Bank for a four-year term commencing January 1, 2011. The directorship was filled without an election because only Mr. Hardmeyer accepted his nomination for the one North Dakota directorship. Mr. Hardmeyer was declared elected to the board in accordance with the rules governing the election of Federal Home Loan Bank directors specified in the Federal Home Loan Bank Act of 1932, as amended, and the related regulations of the Federal Housing Finance Agency.
The results of the member director election are as follows:
Minnesota - 1 elected seat
| | |
| Number of institutions eligible to vote | 375 | |
| Number of institutions who voted | 125 | |
| Total eligible votes per candidate | 2,045,934 | |
| | |
| Total Votes | Michael J. Finley, President | Elected – 4 year term |
| 410,448 | Janesville State Bank | 01/01/11 – 12/31/14 |
| | Janesville, MN | |
| |
| Total Votes | Teresa J. Keegan, SVP and CFO |
| 205,249 | Fidelity Bank |
| | Edina, MN |
| |
| Total Votes | Steven L. Droen, President, CEO and Director |
| 68,027 | Flagship Bank Minnesota |
| | Wayzata, MN |
| |
| Total Votes | Darrell E. Swanson, Director |
| 47,424 | Brainerd Savings and Loan Association |
| | Brainerd, MN |
| |
| Total Vot es | Mark W. Reiling, Director |
| 31,878 | Franklin National Bank of Minneapolis |
| | Minneapolis, MN |
Missouri - 1 elected seat
| | |
| Number of institutions eligible to vote | 329 | |
| Number of institutions who voted | 120 | |
| Total eligible votes per candidate | 2,147,515 | |
| | |
| Total Votes | Joseph C. Stewart III, CEO | Elected – 3 year term |
| 550,870 | Bank Star | 01/01/11 – 12/31/13 |
| | Pacific, MO | |
| |
| Total Votes | Rodney D. Stanley, EVP and CFO |
| 300,084 | Scottrade Bank |
| | St. Louis, MO |
Independent Director Election Results
District-wide - 3 elected seats, including public interest director
The 2010 independent director election was held to fill three seats in the Bank's five-state district, with one of the directorships designated to be filled as a public interest director. Independent directors Johnny A. Danos, David R. Frauenshuh an d Gerald D. Eid have been re-elected to new terms commencing January 1, 2011. Mr. Danos and Mr. Frauenshuh will serve four-year terms, and Mr. Eid will serve a one-year term as a public interest director. Mr. Frauenshuh and Mr. Eid have served as independent directors on the Bank's board since January 2004, and Mr. Danos has served as an independent director on the board since May 2007.
The district-wide independent election results are as follows:
Independent Directors - 2 seats available
| | |
| Number of institutions eligible to vote | 1,214 | |
| Number of institutions who voted | 402 | |
| Total eligible votes per candidate | 8,231,294 | |
| | |
| Total Votes | Johnny A. Danos, Director of Strategic Development | Elected – 4 year term |
| 2,251,352 | LWBJ Financial, LLC | 01/01/11 – 12/31/14 |
| | West Des Moines, IA | |
| | |
| Total Votes | David R. Frauenshuh, CEO and Owner | Elected – 4 year term |
| 1,981,646 | Frauenshuh, Inc. | 01/01/11 – 12/31/14 |
| | Bloomington, MN | |
| |
| Total Votes | Pamela J. Moret, SVP, Strategic Development |
| 929,315 | Thrivent Financial for Lutherans |
| | Arden Hills, MN |
| |
| Total Votes | Lorna P. Gleason, Retired |
| 513,815 | Minneapolis, MN |
Public Interest Director - 1 seat available
| | |
| Number of institutions eligible to vote | 1,214 | |
| Number of institutions who voted | 402 | |
| Total eligible votes per candidate | 8,231,294 | |
| | |
| Total Votes | Gerald D. Eid, CEO | Elected – 1 year term |
| 1,822,911 | Eid-Co. Buildings, Inc. | 01/01/11 – 12/31/11 |
| ; | Fargo, ND | |
| |
| Total Votes | Donna J. Fairbanks, Independent |
| 548,213 | Consultant |
| | Lengby, MN |
| |
| Total Votes | Lori J. Finnesand , CEO |
| 474,439 | Northeast SD Economic Corporation |
| | Sisseton, SD |
