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FEDERAL HOME LOAN BANK OF PITTSBURGH HOSTS ANNUAL MEETING, ANNOUNCES FIRST QUARTER RESULTS

 FEDERAL HOME LOAN BANK OF PITTSBURGH HOSTS ANNUAL MEETING,
 ANNOUNCES FIRST QUARTER RESULTS
 PITTSBURGH, May 13 /PRNewswire/ -- Federal Home Loan Bank of Pittsburgh hosted its 59th annual stockholders' meeting this morning at the Hotel Hershey in Hershey, Pa.
 More than 250 stockholders and guests attended the meeting.
 Speaking at the meeting on behalf of the bank and its board of directors were Chairman of the Board Richard M. Larry, President and Chief Executive Officer James D. Roy, and Executive Vice President and Chief Operating Officer William G. Batz. Other speakers were William C. Perkins, board member, Federal Housing Finance Board, Washington, and Francis X. (Frank) Maguire, president, Hearth Communications Group, Germantown, Tenn.
 Larry discussed the successful transition of the bank from regulator to a wholesale bank for community institutions engaged in housing finance. He commented on several significant accomplishments. Larry stated, "Since 1987, assets of the bank have risen 50 percent." On recruiting new members, he said, "Today, the bank has more than 300 financial institutions which are members or which have applied for membership. The members represent more than $80 billion in assets." At March 31, the number of stockholders is 35 percent larger than it was two years ago. More than one-third of the bank's stock is currently held by commercial banks.
 Roy detailed the bank's financial performance. He said, "The most important measure to our stockholders is the dividend rate. The rate was 11.4 percent last year, more than 400 basis points above the average yield on five-year U.S. Treasury notes."
 In presenting the update on the bank's successful results, Roy referred to the bank's new character, culture and mission. "Without question, the most important strategic management initiative has been this transformation of the bank into a customer-focused marketing enterprise," Roy commented.
 Batz presented the significance of the bank's aggressive pursuit of developing and delivering new credit products. He said, "More than 50 percent of our business volume today is represented by products and customers added over the last two years."
 Roy also discussed how the bank's community investment programs -- the Affordable Housing Program (AHP) and the Community Investment Program (CIP) -- underscore the banks' commitment to housing finance. Roy commented, "The Federal Home Loan banks have carved a distinctive niche for themselves with their community investment programs. Aimed at providing very low cost home financing for low-income families, these programs have enjoyed marvelous acceptance and impressive successes." At the Pittsburgh bank, for the five funding rounds of the program, AHP funding was approved for projects in excess of 1,400 units of housing and representing development costs in excess of $70 million.
 On the first quarter results for 1992, Roy said, "We're off to a good start this year with a first quarter return on equity of more than 15 percent and a 10 percent dividend rate." Net income for the first quarter was $18 million, an increase of 17 percent over the same quarter last year. The bank added 28 new members during the first quarter. As of March 31, 1992, capital stock purchased by new members comprised 37 percent of the bank's total capital stock outstanding.
 Credit product development continued to be the focus of the first quarter. The Spread Maximizer Advance Program was introduced and offers members a discount on the bank's regular, fixed-rate advances. Approximately $216 million in commitments were received. In addition, the bank held its first auction of the year. A total of $200 million in loans at an average rate of 6.17 percent was made to 22 members.
 Federal Home Loan Bank of Pittsburgh is part of the Federal Home Loan Bank System, a national network of 12 regional, stockholder-owned banks, created by the U.S. Congress in 1932 to promote home finance. The bank's economical funding, operating and advisory services are available to all financial institutions, commercial banks, credit unions and insurance companies. The Pittsburgh bank serves the states of Delaware, Pennsylvania and West Virginia. At March 31, 1992, the bank had assets of $9.1 billion.
 /delval/
 -0- 5/13/92
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830/ CO: Federal Home Loan Bank of Pittsburgh ST: Pennsylvania IN: FIN SU: ERN


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Date:May 13, 1992
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