Federal Home Loan Bank of Des Moines

Filed: 15 Jun 21, 3:50pm

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): June 14, 2021

Federal Home Loan Bank of Des Moines
(Exact name of registrant as specified in its charter)
Federally Chartered Corporation000-5199942-6000149
(State or other jurisdiction(Commission(I.R.S. Employer
of incorporation)File Number)Identification No.)
909 Locust Street
Des Moines, IA
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: 515-412-2100
 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:
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 14, 2021, the Federal Home Loan Bank of Des Moines (the "Bank") appointed Duane Creel as Executive Vice President and Interim Chief Risk and Compliance Officer (“Interim CRCO”). As previously disclosed, George Collins, the Bank’s former CRCO, notified the Bank of his resignation on May 14, 2021.

Mr. Creel, age 56, previously served for nearly 20 years and in several leadership roles at the Federal Housing Finance Agency (“FHFA”), most recently as Examiner-in-Charge for Fannie Mae from November 2015 to December 2020. Prior to his tenure at the FHFA, Mr. Creel served in financial research, auditor and examiner roles at the Office of Federal Housing Enterprise Oversight, Freddie Mac, and the Federal Deposit Insurance Corporation. Mr. Creel holds the Chartered Financial Analyst designation.

Mr. Creel will be an at-will employee of the Bank. The Bank has entered into an employment agreement with Mr. Creel for a term commencing June 21, 2021 and ending on December 31, 2021. During the term of his employment agreement, Mr. Creel will receive a base annual salary of $415,000 and a sign-on payment of $70,000. Mr. Creel will also be eligible to earn an incentive award under the Bank’s executive incentive plan. Mr. Creel’s maximum potential incentive award will be 80 percent of his salary on a prorated basis.

The foregoing description of Mr. Creel’s employment agreement does not purport to be complete and is qualified in its entirety by reference to his employment agreement which is incorporated herein by reference as Exhibit 10.1.

Mr. Creel has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. There are no family relationships between Mr. Creel and any of the Bank’s directors or executive officers, and there are no arrangements or understandings between Mr. Creel and any other person pursuant to which he was selected as Interim CRCO of the Bank.

Item 9.01 Financial Statements and Exhibits.

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 Des Moines
June 15, 2021 By: /s/ Aaron B. Lee
    Name: Aaron B. Lee
    Title: Senior Vice President, General Counsel and Corporate Secretary

Exhibit Index