Norman Rice will retire as president and chief executive of the Seattle Federal Home Loan Bank after the bank submits a three-year capital and business plan to its regulator.The Seattle bank, which operating under a supervisory agreement, announced that its president will step down on March 15. Mr. Rice was the mayor of Seattle before joining the Seattle Bank six years ago. Until an interim CEO is named, executive vice president David Bley will lead the bank's management team. The Seattle Bank developed the Mortgage Purchase Program during Mr. Rice's tenure, but the bank has seen its profits shrink. The FHLBank entered into a supervisory agreement with the Federal Housing Finance Board on Dec. 10. The bank is "on track" to submit its capital and business plan to the Finance Board by Feb. 28, Mr. Daly said.
