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Stock Repurchase

Although Capital Stock is subject to the five year notice of redemption presented in the Bank's Capital Plan the Bank, in its discretion, may repurchase any excess shares without regard to any redemption period.

Membership Stock
 
Upon 15 days written notice to Members, the Bank may, in its sole discretion, repurchase Membership Stock which the Bank determines is Excess Stock without regard to the five-year redemption notice period.  The Bank shall repurchase any such Excess Stock in accordance with and subject to the provisions contained in its Capital Plan (PDF).

Activity Based Stock
 
Each member may hold excess shares of Activity Based Stock up to the operational threshold established by the Bank pursuant to its Capital Plan. The Board of Directors may, from time to time, increase or decrease the operational threshold within ranges specified and the Bank will notify each member of a change in the operational threshold at least 15 days prior to implementing the change.
 
The Bank will repurchase any excess shares of Activity Based Stock that exceed the established operational threshold, on at least a scheduled, monthly basis in accordance with and subject to the provisions set forth in its Capital Plan.  The Bank will notify members at least 15 days in advance of the scheduled date(s) for repurchasing Activity Based Stock and prior to implementing any changes in the scheduled date(s) for repurchasing Activity Based Stock.

Members should carefully read the entire Capital Plan and any incorporated documents or announcements for further information.

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