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FEDERAL HOME LOAN BANK OF PITTSBURGH OPENS OFFICE IN WEST VIRGINIA

 FEDERAL HOME LOAN BANK OF PITTSBURGH OPENS OFFICE IN WEST VIRGINIA
 PITTSBURGH, May 12 /PRNewswire/ -- Federal Home Loan Bank of Pittsburgh President James D. Roy announced today that the bank has opened an office in Charleston, W.Va.
 This office will be dedicated to expanding the bank's community investment activities in the state of West Virginia. Heading up these responsibilities for the bank in West Virginia will be Rita A. Smith.
 "We are extremely pleased to expand our commitment of supporting home financing in the state of West Virginia," said Roy. "Our financial institution stockholders and community-based organizations have a high level of interest in furthering the availability of affordable housing. This new office reflects our commitment to support our members in furthering this important goal."
 In addition to the low-cost financing available to financial institution stockholders, the bank also provides special credit programs specifically dedicated to meeting community reinvestment goals. The bank's Affordable Housing Program (AHP) is a subsidized funding program available to stockholders on a competitive basis for funding housing projects in low- and moderate-income neighborhoods. The Community Investment Program (CIP) funds are available on a noncompetitive basis for housing or for broader economic and community development projects in low- and moderate-income neighborhoods. CIP monies are available with no markup over the bank's cost of funds.
 Smith was previously the executive vice president of the West Virginia Savings League, a position she held for the past 11 years. She has been with the trade association since 1967. Prior to that, Smith was employed by the West Virginia State Racing Commission in Charleston. She also served on the staff of U.S. Sen. Jennings Randolph in Washington. Smith is a member of the Fifth District Operations Advisory Committee of the Federal Reserve Bank of Richmond, Va., a member of the State Association of Trade Executives in Washington, and a director for Delta Dental West Virginia. She is a native of Charleston, was educated in Kanawha County schools and attended West Virginia State College.
 Commenting on Smith's appointment to head up the West Virginia office, Roy said, "Rita brings to the bank a unique combination of talents -- knowledge of the financial services industry, political insight and a compassion for the state. We couldn't be more pleased with her decision to join the bank in championing its expanded efforts in West Virginia."
 The 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 engaged in residential mortgage financing, including savings institutions, commercial banks, credit unions and insurance companies. The bank serves the states of Delaware, Pennsylvania and West Virginia. At March 31, 1992, the bank had assets of $9.1 billion and 261 members.
 /delval/
 -0- 5/12/92
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830/ CO: Federal Home Loan Bank of Pittsburgh ST: West Virginia IN: FIN SU: PER


CD-KK -- PG006 -- 8939 05/12/92 08:32 EDT
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Publication:PR Newswire
Date:May 12, 1992
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