The Des Moines and Seattle Federal Home Loan Banks agreed on Thursday to merge, in a move the companies said would make the lenders stronger as a combined entity. The two banks said in July that they were in merger discussions.The Federal Home Loan Bank System is made up of 12 regional banks that help finance mortgages made to consumers by their members that include banks, credit unions and insurance companies.FHLB Des Moines is the larger of the two banks by assets with $82.2 billion at the end of June. FHLB Seattle had $36.5 billion.The combined entity, to be headquartered in Des Moines, will serve nearly 1,500 member financial institutions, 13 states and the U.S. Pacific territories, according Thursday's press release.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 1.4% or $-0.32/share to $22.61. In the past year, the shares have traded as low as $19.72 and as high as $26.59. On average, 43167 shares of FISI exchange hands on a given day and today's volume is recorded at 15443.
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