SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|Date of Report (Date of Earliest Event Reported):||June 14, 2021|
Federal Home Loan Bank of Des Moines
(Exact name of registrant as specified in its charter)
|Federally Chartered Corporation||000-51999||42-6000149|
|(State or other jurisdiction||(Commission||(I.R.S. Employer|
|of incorporation)||File Number)||Identification No.)|
|909 Locust Street|
Des Moines, IA
|(Address of principal executive offices)||(Zip Code)|
|Registrant's telephone number, including area code:||515-412-2100|
|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 registrant 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))
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading Symbol(s)||Name of each exchange on which registered|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if they registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 14, 2021, the Federal Home Loan Bank of Des Moines (the "Bank") appointed Duane Creel as Executive Vice President and Interim Chief Risk and Compliance Officer (“Interim CRCO”). As previously disclosed, George Collins, the Bank’s former CRCO, notified the Bank of his resignation on May 14, 2021.
Mr. Creel, age 56, previously served for nearly 20 years and in several leadership roles at the Federal Housing Finance Agency (“FHFA”), most recently as Examiner-in-Charge for Fannie Mae from November 2015 to December 2020. Prior to his tenure at the FHFA, Mr. Creel served in financial research, auditor and examiner roles at the Office of Federal Housing Enterprise Oversight, Freddie Mac, and the Federal Deposit Insurance Corporation. Mr. Creel holds the Chartered Financial Analyst designation.
Mr. Creel will be an at-will employee of the Bank. The Bank has entered into an employment agreement with Mr. Creel for a term commencing June 21, 2021 and ending on December 31, 2021. During the term of his employment agreement, Mr. Creel will receive a base annual salary of $415,000 and a sign-on payment of $70,000. Mr. Creel will also be eligible to earn an incentive award under the Bank’s executive incentive plan. Mr. Creel’s maximum potential incentive award will be 80 percent of his salary on a prorated basis.
The foregoing description of Mr. Creel’s employment agreement does not purport to be complete and is qualified in its entirety by reference to his employment agreement which is incorporated herein by reference as Exhibit 10.1.
Mr. Creel has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. There are no family relationships between Mr. Creel and any of the Bank’s directors or executive officers, and there are no arrangements or understandings between Mr. Creel and any other person pursuant to which he was selected as Interim CRCO of the Bank.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number 10.1 Employment Agreement of Duane Creel, Effective June 21, 2021
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.
|Federal Home Loan Bank of Des Moines|
|June 15, 2021||By:||/s/ Aaron B. Lee|
|Name: Aaron B. Lee|
|Title: Senior Vice President, General Counsel and Corporate Secretary|