By Melissa Allison, Seattle Times
Two directors of the Federal Home Loan Bank of Seattle have resigned at the board’s request, following an investigation into whether their banks improperly sold stock back to the home-loan bank last fall before its deteriorating financial picture became widely known.
The investigation concluded that while there was “the appearance of impropriety” about the transactions, directors Roy Whitehead, chief executive of Washington Federal Savings, and Allan Landon, chief executive of Bank of Hawaii, had no “conscious motivation to harm anyone.” Seattle-based Washington Federal and Honolulu-based Bank of Hawaii have agreed to undo the sales, effectively reinvesting about $48 million and $25 million, respectively, in the home-loan bank.
For this complete story, please visit Federal Home Loan Bank Directors Resign, Deny Wrongdoing.
