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  • Comment Detail

  • Date: 07/11/24
    First Name: Erick
    Last Name: Gandrud
    Email: egandrud@eaglebankmn.com
    Organization Type: individual
    Organization: Eagle Bank

  • Comment

    This comment is intended to offer input on the FHFA review of the mission and operation of the FHLB.
    I am the CEO of a $220M bank in rural Minnesota. We have five banking locations in communities ranging in population from 296 to 2,564. Much of our economy is based on agriculture and tourism. We are the only financial institution in two of the communities. Our lending programs encompass a wide spectrum of products, including residential real estate, agricultural operating loans, ag real estate loans, commercial loans and all types of consumer loans. Our primary objective is to serve the citizens of our local communities for all their banking needs.
    The Federal Home Loan Bank of Des Moines has been a vital part of our bank operation for nearly 40 years. Having immediate availability to liquidity from FHLB allows our bank to meet the needs of our communities for housing, small business lending and all types of community development loans. Letters of credit provided by FHLB support collateralization of public funds deposits necessary for our local governmental entities.
    In conclusion, our bank relies heavily on the FHLB of Des Moines to help us accomplish our goal of providing credit for our communities. I strongly support the current mission of the FHLBs and encourage the FHFA to maintain the products and services the FHLB provides to its member banks.