Bulletin No.: 2009-01
January 15, 2009

TO: STOCKHOLDERS

SUBJECT: Excess Stock Repurchase: January 30, 2009

On January 30, 2009, the Bank will repurchase the portion of members’ excess stock identified as surplus stock as of that date.  Surplus stock is currently defined as the amount of capital stock held by a member that exceeds 120 percent of its minimum investment requirement. A member’s surplus stock will not be repurchased if the amount of surplus stock is $250,000 or less. A current estimate of your institution’s excess stock subject to repurchase can be found on SecureConnect (at the bottom of the Capital Stock Worksheet, labeled “Eligible for Mandatory Repurchase”), or by calling your Member Sales Officer at 800.442.9841.

Sincerely,

Terry Smith
President and Chief Executive Officer

###