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MEMBERSHIP – DEPOSITORY INSTITUTIONS

To take advantage of the Federal Home Loan Bank of Boston's flexible credit, community-development and mortgage-finance products, a financial institution must first become a member of the Bank.

Benefits of Membership
Membership in the Federal Home Loan Bank of Boston offers:

  • Reliable low-cost credit products

  • Innovative asset-purchase programs

  • Discounted funding for affordable-housing and economic-development initiatives

  • Highly rated letters of credit

  • Highly rated deposit products

  • High quality correspondent services

  • Dividends on capital stock

Eligibility
Only regulated financial institutions — including savings banks, savings and loan associations, cooperative banks, commercial banks, credit unions, insurance companies, and community development financial institutions (CDFI) — headquartered in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont may apply for membership.

To be eligible for membership, a financial institution must also meet all of the following criteria:

  • It is duly organized under federal, state, or tribal laws.

  • It is subject to inspection and regulation under the banking laws, or similar laws, of any state or federal regulatory agency, or to certification by the CDFI Fund.

  • It originates or purchases long-term home-mortgage loans. A long-term home-mortgage loan is defined as a home-mortgage loan with a maturity of five years or more.

  • Its financial condition is such that advances may be safely made.

  • The character of its management and home-financing policy is consistent with sound and economical home financing.

  • For an institution with assets greater than $1.108 billion, at least 10 percent of its total assets are in residential-mortgage loans or related assets.

Capital Stock
When an institution's application is approved, it must purchase capital stock. The Bank's capital stock carries a fixed par value of $100 per share and pays a quarterly dividend determined by the Federal Home Loan Bank of Boston's board of directors.

For more information, contact Vicki Benson, membership applications manager, at vicki.benson@fhlbboston.com or 617-292-9647.

 

 

 

 
 
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