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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 17, 2009

FEDERAL HOME LOAN BANK OF SEATTLE

(Exact n am e of re gistran t as spe cifie d in its ch arte r)

Federally chartered corporation 000-51406 91-0852005

(State or oth e r jurisdiction (C om m ission File Nu m be r) (IRS Em ploye r
of in corporation ) Ide n tification No.)

1501 Fourth Avenue, Suite 1800

Seattle, WA 98101-1693
(Addre ss of prin cipal e xe cu tive office s, inclu ding z ip code )

(800) 973.6223
(Re gistran t's te le ph on e n u m be r, inclu ding are a code )

Not Applicable
(Form e r n am e or form e r addre ss, if ch an ge d since last re port)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition

On February 20, 2009, the Federal Home Loan Bank of Seattle (the "Seattle Bank") issued a Member News, reporting
among other things, that as of January 31, 2009, the Seattle Bank was in compliance with its risk-based capital requirement.
The Seattle Bank expects risk-based capital requirements will continue to fluctuate while current market conditions persist. As
a result, the Seattle Bank will continue to conservatively manage its capital.

Since the Seattle Bank currently complies with all capital requirements, on February 17, 2009, it redeemed, at par, the Class
B stock of a former member at the end of the five-year redemption period.

Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of the Member News, which is incorporated herein
by reference.

The information contained herein contains forward-looking statements. Forward-looking statements are subject to known and
unknown risks and uncertainties. Actual performance or events may differ materially from that expected or implied in forward-
looking statements because of many factors. Such factors may include, but are not limited to, general economic conditions
(including effects on, among other things, mortgage-based securities), the bank's ability to maintain adequate capital levels,
changes in our membership profile or the withdrawal of one or more large members and changes in relationships with former
members, demand for advances, changes in projected business volumes, business and capital plan adjustments and
amendments, changes in the bank's management and Board of Directors, regulatory actions or approvals, competitive
pressure from other Federal Home Loan Banks and alternative funding sources, accounting adjustments or requirements,
interest-rate volatility, our ability to appropriately manag e our cost of funds, the cost-effectiveness of our funding, hedging and
asset-liability management activities, and shifts in demand for our products and consolidated obligations. Additional factors are
discussed in the Seattle Bank's 2008 quarterly reports on Form 10-Q and its 2007 annual report on Form 10-K as filed with
the SEC, which are available on the Seattle Bank's Web site at www.fhlbsea.com. The Seattle Bank does not undertake to
update any forward-looking statements made in this announcement.

Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of the Member News, which is incorporated herein
by reference.

Item 7.01 Regulation FD Disclosure

The information included in Item 2.02 above is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Member News dated February 20, 2009, Regarding the Seattle Bank's Compliance with

Risk-Based Capital Requirements

Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.

Federal Home Loan Bank of Seattle

Date: February 20, 2009 By: /s/ Richard M. Riccobono

Name: Richard M. Riccobono
Title: President and Chief Executive Officer

Exhibit Index
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Exhibit No. Description

99.1 Member News dated February 20, 2009, Regarding the Seattle Bank's Compliance with Risk-Based Capital
Requirements
EXHIBIT 99.1

February 20, 2009

Re: Seattle Bank Meets Risk-based Capital Requirement at January 31

Dear Seattle Bank Members,

As you know, on January 12, 2009, we announced that the Seattle Bank expected to report a risk-based capital deficiency as of
December 31, 2008. Although we have not completed the final audit of our 2008 financials, we have reported to our regulator, the
Federal Housing Finance Agency, that our risk-based capital was deficient by approximately $178.0 million at December 31, 2008.

We are pleased to report, however, that as of January 31, 2009, the Seattle Bank was again in compliance with its risk-based
capital requirement, by approximately $149.7 million. We also continue to meet all of our other regulatory capital requirements,
specifically our capital-to-assets ratio and our leverage capital ratio.

Our risk-based capital deficiency at December 31, 2008 was due primarily to the volatility in the mortgage market and its effects on
our investments in private-label mortgage-backed securities. Although we have the ability and intent to hold these securities to
maturity, the risk-based capital rules that apply to the Seattle Bank rely on the market value rather than the projected economic
value of these securities as the measure for determining our risk-based capital requirement.

We expect that our risk-based capital requirement will continue to fluctuate while current market conditions persist, and we will
continue to conservatively manage our capital. Since the Seattle Bank currently complies with all capital requirements, it is no
longer under the related regulatory restrictions regarding dividends, and repurchases and redemptions of capital stock, as described
in our January 12 Member News. Consequently, on February 17, 2009, the Seattle Bank redeemed, at par, the Class B stock of a
former member at the end of the five-year redemption period.

We remain confident in our ability to continue to meet your liquidity and other funding needs. Please feel free to contact me, your
Seattle Bank relationship manager, or any member of the Seattle Bank's senior management team with any questions or concerns.

Sincerely,

/s/ Richard M. Riccobono

Richard M. Riccobono
President and CEO

The information contained herein contains forw ard-looking statements. Forw ard-looking statements are subject to know n and unknow n risks and
uncertainties. Actual performance or events may differ materially from that expected or implied in forw ard-looking statements because of many factors. Such
factors may include, but are not limited to, general economic conditions (including effects on, among other things, mortgage-based securities), the bank's
ability to maintain adequate capital levels, changes in our membership profile or the w ithdraw al of one or more large members and changes in relationships
w ith former members, demand for advances, changes in projected business volumes, business and capital plan adjustments and amendments, changes in
the bank's management and Board of Directors, regulatory actions or approvals, competitive pressure from other Federal Home Loan Banks and alternative
funding sources, accounting adjustments or requirements, interest-rate volatility, o ur ability to appropriately manage our cost of funds, the cost-
effectiveness of our funding, hedging and asset-liability management activities, and shifts in demand for our products and consolidated obligations. Additional
factors are discussed in the Seattle Bank's 2008 quarterly reports on Form 10-Q and its 2007 annual report on Form 10-K as filed w ith the SEC, w hich are
available on the Seattle Bank's Web site at w w w .fhlbsea.com. The Seattle Bank does not undertake to update any forw ard-looking statements made in this
announcement.