Seattle FHLBank Taps Ex-CEO as Interim Chief

James R. Faulstich, who served as president and chief executive officer of the Federal Home Loan Bank of Seattle from 1979 to 1999, has been appointed interim president and CEO of the Seattle FHLBank to replace the retiring Norman Rice.Mr. Faulstich, 71, will direct bank operations until the board names a permanent president and CEO. Mr. Rice was scheduled to step down March 15, but the bank said Mr. Faulstich's appointment takes effect immediately. He will focus on improving financial performance and on implementing the bank's supervisory agreement with its regulator, the Federal Housing Finance Board, the FHLBank said. Under the supervisory agreement, the Seattle FHLBank is required to build retained earnings, limit the growth of its Mortgage Purchase Program, and submit a three-year capital and business plan to the Finance Board by Feb. 28.