Seattle FHLBank Withdraws SEC Registration

Announcing a request to withdraw its Form 10 registration statement, the Federal Home Loan Bank of Seattle has joined the ranks of FHLBanks missing the Aug. 29 regulatory deadline for filing their first quarterly financial statements with the SEC.The Seattle bank said it is reviewing issues related to accounting for derivatives under Statement of Financial Accounting Standards No. 133, and will refile the statement with the Securities and Exchange Commission when the issues have been resolved. (The registration statement was filed June 30.) "None of these issues are expected to affect the operations or financial soundness of the Seattle bank," the bank said. "However, the Seattle bank has not yet concluded whether the resolution of these issues will have a material impact on any previous financial statements." The Atlanta and Dallas FHLBanks announced Aug. 22 that they plan to restate their financial results for 2001 through the first quarter of 2005, and at least three others of the 12 FHLBanks (Des Moines, Indianapolis, and Topeka) have announced for various reasons that they will miss the Aug. 29 filing deadline.