Derivative Transactions

DelVal executes interest rate swap transactions in order to hedge its exposure to interest rate and basis risks of its bond issues and to hedge its exposure to the interest rate risk of providing fixed rate Loans. The interest rate swap transactions allow DelVal to provide a competitive Loan program under all market conditions.

DelVal has entered into interest rate swap agreements with Bank of America, N.A., Citibank, N.A., Barclays Bank PLC, PNC Bank, National Association, The Toronto-Dominion Bank, and The Royal Bank of Canada.

Please see the "Management's Discussion and Analysis" and "Note 6. Derivative Financial Instruments" in DelVal's Financial Statements posted on the "DelVal Financial Information" page for more information. The DelVal Board annually adopts an interest rate swap management policy.

The master interest rate swap agreements and the interest rate swap policy are posted in the document library below (You will be redirected to a Box Folder.).