FHLB Advances. All obligations of Seller relating to advances from the FHLB, pursuant to the Assignment and Assumption Agreement attached hereto as Exhibit 2.02(A); and
FHLB Advances. As a member of the FHLB system, the Bank may obtain advances from the FHLB pursuant to various credit programs offered from time to time. The Bank borrows these funds from the FHLB principally on the security of certain of its mortgage loans. See Regulation -- Federal Home Loan Bank System herein for additional discussion. Such advances are made on a limited basis to supplement the Bank's supply of lendable funds, to meet deposit withdrawal requirements and to lengthen the maturities of its borrowings. See Note 13 of the Notes to Consolidated Financial Statements for additional discussion. Securities Sold Under Repurchase Agreements. The Bank sells securities under agreements to repurchase (reverse repurchase agreements). Reverse repurchase agreements involve the Bank's sale of debt securities to a broker/dealer with a simultaneous agreement to repurchase the same debt securities on a specified date at a specified price. The initial price paid to the Bank under reverse repurchase agreements is less than the fair market value of the debt securities sold, and the Bank may be required to pledge additional collateral if the fair market value of the debt securities sold declines below the price paid to the Bank for these debt securities. Reverse repurchase agreements are summarized as follows (thousands of dollars): 1995 1994 1993 Balance at year end.................................... $140,710 $281,935 $259,041 Accrued interest payable at year end................... 1,417 3,335 3,871 Daily average amount outstanding during year........... 175,618 222,620 305,123 Maximum amount outstanding at any month end............ 282,374 281,935 367,859 Weighted-average interest rate during the year......... 6.20% 4.95% 4.30% Weighted-average interest rate on year-end balances.... 6.10% 6.37% 4.31% EMPLOYEES At December 31, 1995, the Bank had 601 full-time equivalent employees. No employees are represented by any union or collective bargaining group and the Bank considers its relations with its employees to be good.
FHLB Advances. As of the Effective Time, NCC shall assume all rights and obligations of First Landmark Bank under and relating to the FHLB Advances and shall subsequently discharge all of First Landmark Bank’s covenants, agreements and obligations under and relating to the FHLB Advances, including the due and punctual payment of the principal of and any interest on the FHLB Advances according to their terms, and the due and punctual performance of all covenants and conditions relating to the FHLB Advances to be performed or observed by First Landmark Bank. The Parties shall cooperate in good faith to execute, deliver and obtain any documents or Consents deemed necessary by the Parties, in consultation with counsel, to effectuate the assumption in accordance with the requirements of the FHLB Advances, including any notifications that must be delivered to the FHLB or Consents that must be obtained from the FHLB prior to or in connection with the assumption.
FHLB Advances. Except as disclosed in the Disclosure Schedule, the Bank has no borrowings from the Federal Home Loan Bank (the “FHLB”) (and all documents related to any borrowings by the Bank from the FHLB are included in the Disclosure Schedule).
