UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM 8-K |
CURRENT REPORT |
Pursuant to Section 13 or 15(d) of |
The Securities Exchange Act of 1934 |
Date of Report (Date of earliest event reported) September 22, 2016 |
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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 of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
1475 Peachtree Street, NE | ||
Atlanta, GA 30309 | ||
(Address of principal executive offices) | ||
(404) 888-8000 | ||
(Registrant's telephone number, including area code) | ||
Not Applicable |
(Former name or former address, if changed since last report.) |
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):
[] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 24, 2016, the Federal Home Loan Bank of Atlanta (the “Bank”) declared elected the following individuals in the Bank’s 2016 election of directors:
• | Suzanne S. DeFerie, President, CEO and Director, Asheville Savings Bank, Asheville, NC, an incumbent director, was re-elected to fill the member directorship that the Federal Housing Finance Agency (“Finance Agency”) designated for the state of North Carolina; |
• | Scott C. Harvard, Chief Executive Officer and Director, First Bank, Strasburg, VA, was elected to fill the member directorship that the Finance Agency designated for the commonwealth of Virginia; |
• | LaSalle D. (Donney) Leffall, III, President, LDL Financial LLC, Washington, DC, an incumbent director, was re-elected to fill an independent directorship; and |
• | F. Gary Garczynski, President, National Capital Land & Development, Inc., Woodbridge, VA, an incumbent director, was re-elected to fill a public interest independent directorship (together with Ms. DeFerie and Messrs. Harvard and Leffall, the “Directors-elect”). |
Each of the Directors-elect will begin serving a four-year term on January 1, 2017. The Bank has not yet determined on which committees each of the foregoing Directors-elect will serve beginning in 2017. The Bank conducted the director elections in accordance with the provisions of the Federal Home Loan Bank Act (the “Act”) and the rules and regulations of the Finance Agency.
The Bank is a cooperative and conducts business primarily with its members, which are required to own capital stock in the Bank as a prerequisite to transacting certain business with the Bank. Subject to the Act and Finance Agency regulations, the Bank also issues consolidated obligations through the Office of Finance, maintains a portfolio of short-term and long-term investments, enters into derivative transactions, and provides certain cash management and other services; in each case, with members, housing associates or other third parties of which directors may serve as officers or directors. All such transactions are made in the ordinary course of the Bank’s business and are subject to the same Bank policies as transactions with the Bank’s members, housing associates and third parties generally. Pursuant to Finance Agency regulation, the Bank’s member directors serve as officers or directors of a Bank member.
The Bank expects to compensate the Directors-elect in accordance with the Bank’s Directors’ Compensation Policy. They also will be entitled to participate in the Bank’s Non-qualified Deferred Compensation Plan, under which each Bank director has the opportunity to defer all or a portion of the amount of his or her compensation. The form and amount of any compensation to all directors, including the Directors-elect, is subject to approval by the board of directors of the Bank and subject to the Act and Finance Agency regulations.
Item 5.07. Submission of Matters to a Vote of Security Holders.
The 2016 election of directors was conducted by mail. No in-person meeting of the members was held in connection with the 2016 election of directors. On September 22, 2016, the Bank tallied the preliminary voting results for the 2016 election of directors, which the Bank declared final as described in Item 5.02 of this Current Report.
Member Director Election
As discussed in Item 5.02 of this Current Report, the Bank conducted an election for one member director in North Carolina and one member director in Virginia. The following is a tally of the votes for each of the North Carolina and the Virginia directorships:
North Carolina
Total Number of Members Eligible to Vote | 94 | ||
Number of Members Voting | 58 | ||
Total Number of Eligible Votes | 2,145,615 | ||
Number of Eligible Votes Cast | 1,791,280 | ||
Name | Member | Number of Votes Received | |
Suzanne S. DeFerie (Elected) | President, Chief Executive Officer and Director, Asheville Savings Bank, Asheville, NC | 1,196,922 | |
Timothy S. Maples | Executive Vice President, Chief Investment Officer, Director of Insurance, First Bank, Southern Pines, NC | 232,941 | |
Christopher G. Marshall | Executive Vice President, Chief Financial Officer and Director, Capital Bank Corporation, Raleigh, NC | 361,417 | |
Virginia
Total Number of Members Eligible to Vote | 125 | ||
Number of Members Voting | 85 | ||
Total Number of Eligible Votes | 3,450,860 | ||
Number of Eligible Votes Cast | 2,440,248 | ||
Name | Member | Number of Votes Received | |
Scott C. Harvard (Elected) | Chief Executive Officer and Director, First Bank, Strasburg, VA | 1,083,651 | |
Michael C. Doland | Executive Vice President, ABNB Federal Credit Union, Chesapeake, VA | 493,175 | |
George W. McCall, III | Executive Chairman, First Sentinel Bank, Richlands, VA | 18,453 | |
John C. Neal | Director, Union Bank & Trust, Richmond, VA | 844,969 | |
Independent Director Election
The Bank conducted an election for two at-large independent directors, one of which was designated as a public interest independent directorship. Under Finance Agency regulations, a candidate for an independent directorship must receive at least 20 percent of the number of votes eligible to be cast in the election to be elected when the number of nominees is equal to the number of independent directorships to be filled in an election. The results of the vote for the independent directors are as follows:
Total Number of Members Eligible to Vote Per Position | 932 | ||||
Total Number of Eligible Votes Per Position | 11,675,157 | ||||
Name | Affiliation | Number of Members Voting | Number of Votes Received | ||
F. Gary Garczynski (Elected Public Interest Independent Director) | President, National Capital Land & Development, Inc., Woodbridge, VA | 423 | 6,124,591 | ||
LaSalle D. Leffall, III (Elected) | President, LDL Financial LLC, Washington, DC | 406 | 5,978,411 | ||
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 | ||
Date: September 28, 2016 | By: /s/ Reginald T. O’Shields | |
Reginald T. O’Shields | ||
Senior Vice President and General Counsel | ||