UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
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FORM 8-K |
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CURRENT REPORT |
Pursuant to Section 13 or 15(d) of |
The Securities Exchange Act of 1934 |
Date of Report (Date of earliest event reported) : May 13, 2011 |
FEDERAL HOME LOAN BANK OF ATLANTA |
(Exact name of registrant as specified in its charter) |
Federally chartered corporation |
000-51845 |
56-6000442 |
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
1475 Peachtree Street, NE |
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Atlanta, GA 30309 |
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(Address of principal executive offices) |
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(404) 888-8000 |
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(Registrant's telephone number, including area code) |
Not Applicable |
(Former name or former address, if changed since last report.) |
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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 (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. Regulation FD Disclosure.
On May 13, 2011, the Federal Home Loan Bank of Atlanta (the "Bank") announced that it will repurchase up to $600 million of subclass B1 membership excess capital stock and B2 activity-based excess capital stock on June 7, 2011. The amount of excess stock to be repurchased from any individual shareholder will be based on the shareholder's total excess capital stock as of May 31, 2011, and an allocation methodology described in the notice. Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of the form notice.
Item 8.01. Other Events.
Effective March 23, 2011, the board of directors of the Federal Home Loan Bank of Atlanta declared an annualized dividend rate for the first quarter of 2011 equal to .81 percent. Attached as Exhibit 99.2 to this Current Report on Form 8-K is a copy of the related press release.
Item 9.01. Exhibits.
99.1 |
Form of Notice to Current Shareholders, dated May 13, 2011. |
99.2 |
Press Release, dated May 13, 2011. |
SIGNATURES
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 Atlanta |
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Date: May 13, 2011 |
By: /s/ Kirk R. Malmberg |
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Kirk R. Malmberg |
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Executive Vice President and |
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Chief Financial Officer |
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[FHLBank Atlanta logo]
Member Notice No. 2011-03
Subject: Repurchase of Subclass B1 Membership Excess Capital Stock and Subclass B2 Activity-based Excess Capital Stock
Dated: May 13, 2011
The Bank will repurchase up to $600 million of Subclass B1 Membership excess capital stock and Subclass B2 Activity-based excess capital stock on June 7, 2011 (the Repurchase Date). The amount of excess stock to be repurchased from any shareholder will be based on the shareholder's total excess capital stock as of May 31, 2011.1
If a shareholder had no excess stock on May 31, 2011, or has no excess stock on the Repurchase Date, the Bank will not repurchase any excess stock from that shareholder on the Repurchase Date. Shareholders with excess stock on the Repurchase Date may not opt out of the repurchase.
The Bank will credit the proceeds from the repurchase of any excess stock to each shareholder's daily investment account at the close of business on June 7, 2011. Funds will be available on the next business day. The repurchase of excess capital stock is subject to the Bank continuing to meet all applicable statutory and regulatory conditions for an excess stock repurchase and all other conditions provided in the Bank's Capital Plan.
For questions about the excess stock repurchase, please call the Funding Desk at 800.536.9650, extension 8011.
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The Bank will use the following allocation methodology to determine the amount of excess stock to repurchase from each shareholder:
[FHLBank Atlanta logo]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: Sharon Cook
Federal Home Loan Bank of Atlanta
scook@fhlbatl.com
(404) 888-8173
Federal Home Loan Bank of Atlanta Declares First Quarter 2011 Dividend,
Announces an Increase in Quarterly Excess Stock Repurchase
ATLANTA, May 13, 2011 - The Board of Directors of Federal Home Loan Bank of Atlanta (the Bank) has approved an annualized dividend rate for the first quarter of 2011 of .81 percent.
"We are very pleased to continue to provide a return on our members' investment while simultaneously meeting member needs. Our conservative capital and financial management approach has led to eight consecutive quarters of profitability and consecutive dividend payments," said Scott C. Harvard, Chairman of the FHLBank Atlanta Board of Directors.
For the second consecutive quarter, the dividend rate is equal to average three-month LIBOR plus .50 percent. For the period of Jan. 1, 2011, to March 31, 2011, the dividend payout is applicable to capital stock held during that period. The dividend will be credited to members' daily investment accounts at the close of business on May 19, 2011.
The Bank also announced that it will repurchase up to $600 million of membership excess capital stock and activity-based excess capital stock on June 7, 2011 (the Repurchase Date). The amount of excess stock to be repurchased from any shareholder will be based on the shareholder's total excess capital stock as of May 31, 2011. Members will be notified regarding the details of this repurchase.
If you have questions, please contact FHLBank Atlanta's Funding Desk at 1.800.536.9650, ext. 8011.
About FHLBank Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank's members-its shareholders and customers-are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System which since 1990 has contributed more than $4 billion to the Affordable Housing Program.
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