More Googling + Experimenting and I finally figured out a way to do this.
Check Section 6
under http://findbugs.sourceforge.net/manual/filter.html .
You need to create your own XML file with all the custom supressions in there.
You'll then need let build.xml file know about this file via findbugs.exclude.filter
<Match>
<Class name="com.foobar.MyClass" />
<Method name="someMethod" />
<Bug pattern="DLS_DEAD_LOCAL_STORE" />
</Match>
No need to add the @SuppressWarnings
tag in the method once this is there in the XML.
Hope this helps someone!