Federal Home Loan Bank is a privately owned, federally chartered company that provides wholesale products and services to financial institutions wanting to expand the availability of mortgage credit. The bank offers several credit and mortgage products to financial institutions, including advances, letters of credit, derivative transactions and a mortgage partnership finance program. It also offers an array of services, such as deposit services, collateral, safekeeping, wire transfer and consolidated obligation direct placement. Serving nearly 900 banks, thrifts, credit unions and insurance companies, the bank has more than $40 billion in assets. It serves communities in Colorado, Kansas, Nebraska and Oklahoma. Federal Home Loan Bank was formed in 1932 when Congress, through the Federal Home Loan Bank Act, established a system of 12 home loan banks to offer financial support to thrift institutions. Federal Home Loan Bank employs nearly 160 people and maintains a location in Topeka, Kan.