The 2008 board of directors of the FHLBank consists of 16 members. Six directors have been appointed by the Federal Housing Finance Board (Finance Board), an independent agency in the executive branch of the U.S. government responsible for the regulation and supervision of the FHLBanks. The remaining ten directorships are filled through statewide elections conducted by the FHLBank.

Appointed directors and elected directors serve three-year terms commencing January 1 of the year following their appointment or the election, respectively. The Chairperson and Vice Chairperson of the board of directors are elected by a majority of all directors.