Under the terms of the agreement, signed in December 2004, the
Seattle Bank is required to deliver a three-year business and capital
plan acceptable to the Finance Board.
In the past 20 years, Ballesteros has helped deliver over $13 million in
capital that's assisted more than 3,200 local residents and entrepreneurs
start and grow businesses within their disadvantaged communities.

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"Frank Ballesteros has played a key role in bringing public and private
investment to communities that desperately need capital to start a small
business," says Bruce Thompson, SBA's regional administrator.

Guam was ceded to the US by Spain in 1898.

This category contains links to sites located in Guam.

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The
Seattle Bank is a member-owned cooperative, and the value generated by
the company benefits its member banks and the communities they serve.
A National Small Business Week program will take place April 13-14 in
Washington, D.

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Small Business Administration's (SBA) regional
Minority Small Business Champion of the Year.

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In considering its alternatives, the bank's Board of Directors and
senior management have focused on the company's traditional mission
assets, called "advances," to support housing and economic development
in the communities served by its member institutions.
The Seattle Bank serves financial institutions in Alaska, Hawaii,
Idaho, Montana, Oregon, Utah, Washington, Wyoming , American Samoa,
Guam and the Northern Mariana Islands.

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National Small Business Week recognizes outstanding small
business owners for their personal achievements and contributions to the
nation 's economy.

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Faulstich, the Seattle Bank's interim president and CEO."
In addition, the bank's Board of Directors and senior management
are developing strategies designed to improve the bank's financial
position by decreasing its exposure to interest-rate fluctuations.

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Seattle Bank Provides Update on Meeting Obligations of Its Regulatory Agreement: Business-Line Capital Plan Changes under Consideration

According to the agreement with the Finance Board, the plan cannot
increase the market, credit or operational risk profiles of the bank;
must specify a minimum capital-to-assets ratio that is consistent with
the strategic initiatives of the three-year plan; and must establish
appropriate capital stock, retained earnings, and dividend policies.

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Delivery of that plan,
originally scheduled for February 28, 2005, has been extended by the
Finance Board to April 5, 2005.

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The three-year business and capital plan and the strategies under
consideration are intended to have a positive effect, in the long
term, on earnings, retained earnings and the Seattle Bank's capital.
The Seattle Bank continues to exceed its minimum capital
requirements, has an excellent credit track record, and offers
continuous access to low-cost liquidity products and services. Region IX includes Arizona ,
California, Nevada, Hawaii and Guam and is headquartered in Los Angeles.C.

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Business Editors

SEATTLE----The Federal Home Loan
Bank of Seattle (Seattle Bank) announced today that its Board of
Directors is moving forward in meeting the obligations of a written
agreement with its regulator , the Federal Housing Finance Board
(Finance Board).
"That goes directly to our mission as a Home Loan Bank -- to provide
low-cost liquidity to our members so they can continue to build strong
communities and economies throughout our eight-state region.

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In December 2004, the bank implemented suspension of B(1) stock
repurchases and limited repurchases of B(2) stock, and placed limits
on dividend payouts.

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Until now, a portion of their stock -- called
"membership stock" -- could not be used to secure advances.

This press release contains forward-looking statements and
references regarding the Seattle Bank's future condition. Such factors may include, but are not limited to, changes in
the bank's management, business and capital plan adjustments,
regulatory actions or approvals, accounting adjustments or
requirements, changes in interest rates, the bank's ability to
maintain adequate capital levels, changes in projected business
volumes, changes in projected prepayment speeds on mortgage assets,
our ability to appropriately manage our cost of funds, changes in our
membership profile or the withdrawal of one or more large members, the
effectiveness of assets and liabilities operations, competitive
pressure from other Federal Home Loan Banks, alternative funding
sources , and secondary mortgage market participants, shifts in demand
for our products and consolidated obligations , our ability to manage
interest rate risk, and general economic conditions.

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The change
will allow members to access about $560 million in existing stock to
support up to $16 billion in new advance borrowings.
In the interim, the bank's earnings and retained earnings will be
negatively affected , thus potentially limiting the bank's ability to
pay dividends and accommodate stock repurchases . Additional
factors are discussed in the Seattle Bank's annual report, available
on the bank's Web site, www.
Ballesteros serves as chief administrative officer for the PPEP
Microbusiness and Housing Development Corporation in Tucson. There are about 25 million small businesses in America .

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This includes the development of an exit strategy for the Mortgage
Purchase Program, which will enable the bank to lower its overall risk
profile and reduce its operating cost structure."
Criteria for Minority Small Business Champion of the Year include
voluntary efforts to advance minority small business interests; demonstrate
efforts to improve conditions in the minority small business community as a
whole; voluntary provision of professional services to the minority small
business community in legal, legislative, managerial or financial capacity;
demonstrated accomplishments in advising minority small business groups of
opportunities; and other accomplishments demonstrating the nominee's merit as
an effective advocate for minority small business interests.
Small businesses represent more than 99 percent of all employers, provide 75
percent of the net new jobs, and generate a majority of American innovation.

Located about three-quarters of the way from Hawaii to the Philippines .

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"The proposed changes to our capital plan have a primary
purpose -- allowing our members greater access to advances," said
James R. Actual
results may differ materially from projections because of many
factors. The non-profit
organization has brought millions of dollars into small economically
disadvantaged rural areas and provided specialized self-employment and
small/micro business services .

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The largest (550 km2) and southernmost island in the Mariana Islands archipelago.

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The specifics of this
strategy and its implementation are subject to Finance Board approval.com.S.

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In support of
this strategy, the bank's Board of Directors, at its February 24-25
meeting, approved a change to the Seattle Bank's capital plan, which
will allow members to use all of their existing stock holdings to
secure advances.

About the Federal Home Loan Bank of Seattle:

The Federal Home Loan Bank of Seattle provides funding and other
financial services that allow over 370 financial institution members
to make more housing and business loans at more competitive rates. These services include critical business
lending capital, as well as essential financial literacy education, business
development , technical assistance and computer literacy education services.

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Although repurchases
may continue to be limited in the interim, the Seattle Bank fully
intends to honor the stock redemption rights of its shareholders, in
accordance with the bank's capital plan. In addition, the Seattle Bank
does not undertake to update any forward-looking statements made in
the press release.

Tucson Advocate for Economic Development and Small Business Assistance Wins SBA Regional Award

LOS ANGELES, Frank Ballesteros, a dedicated and
tireless advocate for micro and small business development in the Tucson, AZ,
area, has been named the U.

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The capital plan
change has been filed with the Finance Board and is subject to its
approval. "That capital is
critical to the economic development of these communities.

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His efforts
have successfully alleviated poverty and provided economic self-sufficiency
for Hispanic and other minority low-income families and women through self-
employment .