FHLBank Indianapolis to repurchase up to $200 million in excess stock
INDIANAPOLIS, Aug. 22, 2023 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “Bank”) announced today that it will repurchase, on a voluntary basis and for a limited time, up to $200 million in par value of excess stock from members by Sept. 27, 2023.
Interested members must make repurchase requests in writing during a 14-day period beginning Sept. 6, 2023. Members can identify the specific shares to be repurchased; otherwise, the Bank will repurchase the most recently acquired shares of excess stock not already subject to a redemption request. Should total requests exceed $200 million, excess stock repurchases will be made on a pro-rata basis. Members first received notice of the repurchase opportunity on Aug. 22, 2023.
Safe Harbor Statement
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements about and including the plan to repurchase excess stock are forward-looking statements. The Bank undertakes no obligation to publicly update any forward-looking statement, except as may be required by applicable law. These statements speak only as of the date of the news release; are based on management’s current beliefs and expectations; and are subject to factors beyond management’s control. Notably, the repurchase of excess stock is subject to the Bank’s Capital Plan, the Federal Home Loan Bank Act of 1932 (12 U.S.C. §1421 et seq) and regulations issued thereunder, and any other applicable law. Accordingly, the Bank will postpone or cancel the repurchase of excess stock if it cannot be completed in conformance with the requirements of its Capital Plan or applicable law. Further, management may determine to postpone or cancel the excess stock repurchase for any reason including if management determines the excess stock is needed to support member activity. Accordingly, no member has a right to require the Bank to complete the repurchase of excess stock.
Federal Home Loan Bank of Indianapolis: Building Partnerships. Serving Communities
FHLBank Indianapolis is a regional bank in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and they receive no Congressional appropriations. One of 11 independent regional cooperative banks across the U.S., the FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com and follow the Bank on LinkedIn and Twitter (@FHLBankIndy).
Contact: Scott Thien
Corporate Communications
317-902-3103
[email protected]
