Federal Register / Vol. 63, No. 142 / Friday, July 24, 1998 / Notices 39875

(FHLBank) System consolidated

obligations receive information

consistent, in the judgment of the

Finance Board and to the extent

practicable, with disclosures required to

be made by Securities and Exchange

Commission (SEC) registrants. The

Finance Board has the explicit statutory

responsibility to ensure that the

FHLBanks are able to raise funds in the

capital markets, and assuring that it is

providing industry-standard disclosures

facilitates the issuance of this debt.

2. General Policy

It is the policy of the Finance Board

that in preparing the combined

FHLBank System annual and quarterly

financial reports the Finance Board will

maintain consistency to the extent

practicable with the requirements of the

SEC’s Regulations S-K and S-X (see 17

CFR Parts 229 and 210). With respect to

the combined FHLBank System annual

and quarterly reports, consistency with

the SEC’s regulations will be

determined solely by the Finance Board.

The Finance Board will comply with

Statement of Financial Accounting

Standards No. 131, ‘‘Disclosures about

Segments of an Enterprise and Related

Information’’ (FASB 131). It will include

in the quarterly combined financial

report the combining schedules required

by FASB 131.

3. Exceptions to the General Policy

a. Derivatives. Item 305, Regulation SK, 17 CFR 229.305, requires certain

registrants to present information about

their derivatives holdings and activities.

The requirement includes a discussion

of accounting policy for derivatives, a

qualitative discussion about derivatives

by management, and an analysis that

presents quantitative information about

derivatives. The presentation of the

quantitative information will be

deferred until the 1998 combined

annual report of the FHLBank System.

b. Related-Party Transactions. Item

404 of Regulation S-K, 17 CFR 229.404,

requires the disclosure of certain

relationships and related party

transactions. In light of the cooperative

nature of the FHLBank System, relatedparty transactions are to be expected,

and a disclosure of all related-party

transactions that meet the threshold

would not be meaningful. Instead, the

combined annual report will provide

disclosures on (1) the percent of

advances to members an officer of

which serves and an FHLBank director,

and (2) a listing of the top 10 holders of

advances in the FHLBank System and

the top 5 holders of advances by

FHLBank, with a further disclosure that

indicates which of these members had

an officer that served as an FHLBank.

c. Biographical Information. The

biographical information required by

Items 401 and 405 of Regulation S-K, 17

CFR 229.401, 229.405, will be provided

only for the members of the Board of

Directors of the Finance Board,

FHLBank presidents, the managing

director of the Office of Finance, and

FHLBank chairs and vice chairs.

d. Compensation. The information on

compensation required by Item 402 of

Regulation S-K, 17 CFR 229.402, will be

provided only for members of the

FHLBank presidents and the managing

director of the Office of Finance. Since

stock in each FHLBank trades at par, the

Finance Board will not include the

performance graph specified in Item

402(l) of Regulation S-K, 17 CFR

229.402(l).

e. Submission of Matters to a Vote of

Stockholders. No information will be

presented on matters submitted to

shareholders for a vote, as otherwise

required by Item 4 of the SEC’s form 10-

K, 17 CFR 249.310. The only item

shareholders vote upon is the annual

election directors.

f. Exhibits. The exhibits required by

Item 601 of Regulation S-K, 17 CFR

229.601, are not applicable and will not

be provided.

g. Per Share Information. The

statement of financial information as

required by Items 301 and 302 of Rule

S-K , 17 CFR 229.301 and 302, is

inapplicable because the shares of the

FHLBanks are subscription capital that

trades at par, and the shares expand or

contract with changes in member assets

or advance levels.

h. Beneficial Ownership. Item 403 of

Rule S-K, 17 CFR 229.403, requires the

disclosure of security ownership of

certain beneficial owners and

management. The combined financial

report will provide a listing of the 10

largest holders of capital stock and a

listing of the 5 largest holders of capital

stock by FHLBank. This listing will also

indicate which members had an officer

that served as a director of an FHLBank.

i. Dates. The Finance Board generally

intends to make the annual combined

financial report available within 180

days from the end of the previous year.

It plans to make quarterly reports

available 90 days from the end of the

previous quarter.

4. Distribution

The Finance Board will distribute a

copy of the annual and quarterly

combined financial reports to each

FHLBank member.

Dated: June 24, 1998.

By the Board of Directors of the Federal

Housing Finance Board.

Bruce A. Morrison,

Chairperson.

[FR Doc. 98–19809 Filed 7–23–98; 8:45 am]

BILLING CODE 6725–01–P

FEDERAL RESERVE SYSTEM

Change in Bank Control Notices;

Acquisitions of Shares of Banks or

Bank Holding Companies; Correction

This notice corrects a notice (FR Doc.

98-19292) published on page 38836 of

the issue for Monday, July 20, 1998.

Under the Federal Reserve Bank of

Chicago heading, the entry for State

Financial Services Corporation, Hales

Corners, Wisconsin, is revised to read as

follows:

A. Federal Reserve Bank of Chicago

(Philip Jackson, Applications Officer)

230 South LaSalle Street, Chicago,

Illinois 60690-1413:

1. State Financial Services

Corporation, Hales Corners, Wisconsin;

to acquire Home Bancorp of Elgin, Inc.,

Elgin, Illinois, a savings and loan

holding company, and indirectly

acquire Home Federal Savings and Loan

Association of Elgin, Elgin, Illinois,

pursuant to § 225.28 (b)(4)(ii) of

Regulation Y.

Comments on this application must

be received by August 13, 1998.

Board of Governors of the Federal Reserve

System, July 20, 1998.

Robert deV. Frierson,

Associate Secretary of the Board.

[FR Doc. 98–19709 Filed 7–23–98; 8:45 am]

BILLING CODE 6210–01–F

FEDERAL RESERVE SYSTEM

Change in Bank Control Notices;

Acquisitions of Shares of Banks or

Bank Holding Companies

The notificants listed below have

applied under the Change in Bank

Control Act (12 U.S.C. 1817(j)) and §

225.41 of the Board’s Regulation Y (12

CFR 225.41) to acquire a bank or bank

holding company. The factors that are

considered in acting on the notices are

set forth in paragraph 7 of the Act (12

U.S.C. 1817(j)(7)).

The notices are available for

immediate inspection at the Federal

Reserve Bank indicated. The notices

also will be available for inspection at

the offices of the Board of Governors.

Interested persons may express their

views in writing to the Reserve Bank

indicated for that notice or to the offices

of the Board of Governors. Comments