• November 09, 2023
• Bulletin No: 2023-29

The Federal Home Loan Bank of Dallas (Bank) is pleased to announce the results of the 2023 election for three positions on the Bank’s Board of Directors (Board), which consisted of one member director seat in Texas, an independent director seat and a public interest independent director seat. Each seat has a four-year term commencing January 1, 2024 and expiring December 31, 2027. There were no member director seats to be filled this year for Arkansas, Louisiana, Mississippi or New Mexico.  

Brett F. Seybold, Senior Vice President and Treasurer for the United Services Automobile Association (USAA), headquartered in San Antonio, Texas, was elected as a member director representing Texas. Mr. Seybold will fill the seat of outgoing director Robert M. Rigby, Regional President for Legend Bank in Fort Worth, Texas, who will reach his term limit on the Board as of December 31, 2023. Karuna Annavajjala, Vice President and Chief Information Officer for Silicon Labs in Austin, Texas, was elected to an independent director seat, and incumbent Felipe A. Rael, Executive Director of the Greater Albuquerque Housing Partnership in New Mexico, was re-elected to the public interest independent director seat. Ms. Annavajjala and Mr. Rael were the sole candidates for each of the two independent director seats as described below.
 
The total number of votes eligible to be cast in the election for the Texas member director seat was 5,819,596. A total of 114 ballots were received.
 
The total number of votes eligible to be cast in the independent director elections was 8,335,519. The total number of votes cast in the election for the public interest independent director seat was 2,304,638. A total of 173 ballots were received; however, some of those ballots were blank. Consequently, 151 ballots were counted for the public interest independent director seat. A total of 2,216,268 votes were cast for the other independent director seat. A total of 173 ballots were received; however, some of those ballots were blank, resulting in 144 ballots being applied.
 
 
The detailed results of the election were as follows:
 
Texas Member Director                                                Number of Votes Cast
 
Brett F. Seybold                                                                         618,909
Senior Vice President and Treasurer
United Services Automobile Association (USAA)
9800 Fredericksburg Road
San Antonio, TX 78288
 
J. Mark Riebe                                                                            595,684
Chairman and Chief Executive Officer
Texas Bank
4521 S. Hulen
Suite 206
Fort Worth, TX 76109
 
Andy Marshall                                                                            466,737
Director, President and Chief Executive Officer
FirstBank Southwest
2401 S. Georgia
Amarillo, TX 79109
 
Timothy R. O’Brien                                                                    240,257
Chief Financial Officer
Texas First Bank
3232 Palmer Highway
Texas City, TX 77590
 
S. David Deanda Jr.                                                                     88,939
Director and President
Lone Star National Bank
520 E. Nolana Avenue
McAllen, TX 78504
 
Thomas E. Turner                                                                        45,620
Chairman and Chief Executive Officer
The First State Bank
P.O. Box 150
Abernathy, TX 79311
 
Independent Director                                                   Number of Votes Cast
 
Karuna Annavajjala                                                                  2,216,268
Vice President and Chief Information Officer
Silicon Labs
400 W. Cesar Chavez Street
Austin, TX 78701
 
Public Interest Independent Director                           Number of Votes Cast
 
Felipe Rael                                                                             2,304,638
Executive Director
Greater Albuquerque Housing Partnership
320 Gold Avenue, SW
Suite 918
Albuquerque, NM 87102
 
 
As required, Ms. Annavajjala and Mr. Rael each received at least 20 percent of the votes eligible to be cast in the election to fill the directorship for which they were nominated. Biographical information on the independent directors is provided below.
 
If you have any questions regarding the election process, please contact Bre Chapman, Corporate Secretary, at 214.441.8459.
 
Sincerely,

Sanjay K. Bhasin
President and Chief Executive Officer
 
 
Biographical Information for the Independent Directors:
 
Karuna Annavajjala
 
Karuna Annavajjala was elected as an independent director. Ms. Annavajjala, age 48, serves as Vice President and Chief Information Officer for Silicon Labs, a publicly held wireless technology company in Austin, Texas. She has served in this role since joining the company in May 2020. From October 2017 to May 2020, Ms. Annavajjala served as Chief Information Officer for Corporate Functions for American International Group, Inc. ("AIG"), a global provider of insurance and other financial services. Prior to joining AIG, she was employed by Teachers Insurance and Annuity Association of America ("TIAA"), where she served as Executive Director of IT Delivery from June 2014 to September 2017 and as Director, IT Shared Services from August 2012 to June 2014. From October 1999 to August 2012, Ms. Annavajjala served in various technology and technology consulting roles.
 
Felipe Rael
 
Felipe A. Rael was re-elected as a public interest independent director. Mr. Rael, age 45, serves as Executive Director of the Greater Albuquerque Housing Partnership ("GAHP"), a non-profit affordable housing developer of multifamily rental and owner-occupied homes for first-time homebuyers. He has served as Executive Director of GAHP since December 2014. Prior to joining GAHP, Mr. Rael served as Director of Housing Development for the New Mexico Mortgage Finance Authority from February 2009 to December 2014. Until his election to the Bank's Board of Directors in March 2020, Mr. Rael had served as a member of the Bank's affordable housing Advisory Council since January 2016 and as the Advisory Council's vice chair since January 2019.