8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 1, 2020

Federal Home Loan Bank of Des Moines

__________________________________________

(Exact name of registrant as specified in its charter)

Federally Chartered Corporation	000-51999	42-6000149
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)
909 Locust St. Des Moines, Iowa		50309
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: 515-412-2100

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if they registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 1, 2020, the Federal Home Loan Bank of Des Moines (the “Bank”) provided a notice of termination of employment without cause to Daniel D. Clute, the Bank’s current Executive Vice President and Chief Business Officer (“CBO”), and Sunil U. Mohandas, the Bank’s current Chief Risk and Compliance Officer (“CRCO”). The effective date of separation from the Bank for Messrs. Clute and Mohandas is August 31, 2020. Messrs. Clute and Mohandas are expected to receive the applicable severance benefits provided in their employment agreements with the Bank, effective November 10, 2014 and January 1, 2018, respectively, as previously disclosed in the Bank’s current reports on Form 8-K, filed November 12, 2014 and January 19, 2018, respectively, which descriptions are incorporated herein by reference.

In connection with the departure of Mr. Clute, effective August 3, 2020, the Bank has appointed Mr. William W. Osborn, age 55, as its Chief Business Officer. Mr. Osborn currently serves as Senior Vice President and Chief Financial Officer of the Federal Home Loan Bank of Topeka (“FHLB Topeka”), a position he has held since 2010. Mr. Osborn joined FHLB Topeka in 2006 as Director of Product Profitability and Pricing, and was promoted to Director of Banking Strategies in 2008. Prior to Joining the FHLB Topeka, Mr. Osborn served as Director of Profitability and Performance Measurement at Bank of the West in Omaha, NE from 2001 to 2006. Mr. Osborn’s prior experience also includes positions of Investment Portfolio Manager at ASBC Investment Corp., and Portfolio Manager at ALM First Financial Advisors. In his role as the Bank’s CBO, Mr. Osborn will oversee business activities and departments involving member relations, funding and mortgage products, marketing communications, and the Bank’s Affordable Housing Program.

As the Bank’s CBO, Mr. Osborn will be paid an annual base salary of $425,000 and will be eligible to earn incentive awards under the Bank’s executive incentive plan. Mr. Osborn’s maximum potential incentive award will be 80 percent of his base salary. In addition, the Bank will pay Mr. Osborn a hiring bonus of $50,000, payable on his first payroll date, and an additional $50,000 on the first payroll date following completion of his first year employed with the Bank. Further, he will be eligible to receive the Bank’s standard executive relocation benefits up to a maximum of $250,000.

In connection with the departure of Mr. Mohandas, effective July 8, 2020, the Bank has appointed Mr. George H. Collins, age 60, as its Chief Risk and Compliance Officer. Mr. Collins served as Executive Vice President and Chief Risk Officer at the Federal Home Loan Bank of Boston (“FHLB Boston”) from 2015 to his retirement at the end of 2019. Mr. Collins also served as the FHLB Boston’s Chief Compliance Officer. Mr. Collins previously served as Senior Vice President and Chief Risk Officer of FHLB Boston since November 2006, and as Director of Market Risk Management from 2005 to 2006. Mr. Collins joined the FHLB Boston in July 2000 as Vice President and Assistant Treasurer. Prior to Joining the FHLB Boston, Mr. Collins served as Vice President, Strategic Planning and Marketing at the Federal Home Loan Bank of Pittsburgh from 1997 to 2000, and as Treasurer/Vice President, Financial Analysis at First Federal Savings & Loan Association in Rochester, NY from 1984 to 1997. In his role as the Bank’s CRCO, Mr. Collins will oversee the Bank’s enterprise risk management and compliance departments.

As the Bank’s CRCO, Mr. Collins will be paid an annual base salary of $400,000 and will be eligible to earn incentive awards under the Bank’s executive incentive plan. Mr. Collins’ maximum potential incentive award will be 80 percent of his base salary. In addition, the Bank will pay Mr. Collins a hiring bonus of $50,000, payable on his first payroll date, and an additional $50,000 on the first payroll date following completion of his first year employed with the Bank. Further, he will be eligible to receive the Bank’s standard executive relocation benefits up to a maximum of $250,000.

Neither Mr. Osborn nor Mr. Collins has any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. There are no family relationships between either Mr. Osborn or Mr. Collins and any of the Bank’s directors or executive officers, and there are no arrangements or understandings between Mr. Osborn or Mr. Collins and any other person pursuant to which they were appointed to their respective roles at the Bank.

Item 7.01 Regulation FD Disclosure.

On July 1, 2020, the Bank issued a news release announcing the appointments of Messrs. Osborn and Collins to their respective roles at the Bank. A copy of the news release is furnished with this report as Exhibit 99.1.

The information in Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number 99.1         News Release

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of Des Moines
July 1, 2020	By:	/s/ Kristina K. Williams
		Name: Kristina K. Williams
		Title: President and Chief Executive Officer

Exhibit Index

Exhibit No.	Description
99.1	News Release

EX-99.1

Federal Home Loan Bank of Des Moines
news release
FOR IMMEDIATE RELEASE
Contact: Angie Richards
515.412.2344
arichards@fhlbdm.com

Federal Home Loan Bank of Des Moines Announces Executive Team Changes

(Des Moines, Iowa) - Federal Home Loan Bank of Des Moines (FHLB Des Moines or the Bank) announced changes to its executive management team today. Effective July 1, 2020, Daniel Clute, chief business officer (CBO), and Sunil Mohandas, chief risk and compliance officer (CRCO), are no longer with the Bank.

“We appreciate the years of service, countless contributions and leadership that Mr. Clute and Mr. Mohandas have both provided to FHLB Des Moines, and wish them all the best in their future plans,” said FHLB Des Moines President and CEO Kris Williams.

A transition plan is in place. George Collins will join FHLB Des Moines on July 8 as the new CRCO. Wil Osborn has been hired as the new CBO and will start on August 3.

Mr. Collins is a financial executive with over 30 years of industry experience. For nearly two decades, he served in a number of roles at the Federal Home Loan Bank of Boston, most recently as executive vice president and chief risk officer, before retiring in 2019. Prior to that, he spent three years at FHLB Pittsburgh in strategic planning and marketing and 13 years at First Federal Savings & Loan Association in Rochester, New York as treasurer/vice president, financial analysis. He is a Chartered Financial Analyst (CFA).

Mr. Osborn has extensive financial service industry experience. He joined the Federal Home Loan Bank of Topeka in 2006, serving as senior vice president and chief financial officer for the last decade. Prior to joining FHLB Topeka, Mr. Osborn served as vice president, director of profitability and performance measurement for Bank of the West. He is a CFA and member of the CFA Institute.

Ms. Williams commented, “I am confident that the level of experience, extensive background and proven leadership that Mr. Collins and Mr. Osborn bring to these key positions will be instrumental in making the Bank even stronger and positioning us well for the future.”

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The Federal Home Loan Bank of Des Moines is a member-owned cooperative that provides funding solutions and liquidity to nearly 1,350 financial institutions to support mortgage lending, economic development and affordable housing in their communities. Serving 13 states and three U.S. Pacific territories, FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. FHLB Des Moines is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.

Statements contained in this announcement, including statements describing the objectives, projections, estimates, or future predictions in the Bank’s operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements.