Printer Friendly

UNITED NATIONAL BANK BECOMES STOCKHOLDER OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH

 UNITED NATIONAL BANK BECOMES STOCKHOLDER
 OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH
 PITTSBURGH, Dec. 5 /PRNewswire/ -- James D. Roy, president of the Federal Home Loan Bank of Pittsburgh, today announced that United National Bank of Parkersburg, W.Va., has become a stockholder of the bank.
 The commercial bank is a subsidiary of United Bankshares, Inc., a multi-bank holding company headquartered in Charleston, W.Va.
 "We are delighted that United National Bank has become a stockholder in our bank," said Roy. "This is a profitable and growth- oriented bank. Their sound management philosophy has brought them to make the decision to join our bank."
 Since the passage of Financial Institutions Reform, Recovery and Enforcement Act of 1989, (FIRREA), membership in the Federal Home Loan Bank system was expanded to include commercial banks and credit unions. Nationwide, nearly 500 of these financial institutions have already joined the system. "The Pittsburgh bank has contributed significantly to those joining, with more than 60 new members and many more on the way," Roy said.
 United National Bank of Parkersburg is a commercial bank with its head office located in Parkersburg, and has 15 offices statewide. As of Sept. 30, 1991, United National Bank had assets of $832 million. Its real estate loans and securities amount to $202 million or 24 percent of total assets. Total deposits were nearly $668 million for all of its locations. The holding company, United Bankshares, has four bank subsidiaries with total assets of $1.2 billion.
 Richard M. Adams, chairman of the board and chief executive officer, said, "We are very pleased to become a stockholder of the Pittsburgh Federal Home Loan Bank. The access to Aaa-rated term funds and low-cost financing for community investment are the key reasons for our decision to join."
 United National Bank joins more than 230 financial institutions as stockholders of the Federal Home Loan Bank of Pittsburgh, in Delaware, Pennsylvania and West Virginia. Owned by its stockholders, the bank is one of 12 regional banks created by Congress in 1932 to promote housing finance. The bank's economical funding and operating services are available to all member financial institutions engaged in residential mortgage financing, including savings institutions, commercial banks, credit unions and insurance companies. The Federal Home Loan Bank of Pittsburgh on Sept. 30, 1991, had assets of $8 billion.
 -0- 12/5/91
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830/ CO: Federal Home Loan Bank of Pittsburgh; United National Bank of
 Parkersburg; United Bankshares, Inc. ST: West Virginia IN: FIN SU:


CD -- PG005 -- 9777 12/05/91 15:23 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 5, 1991
Words:432
Previous Article:WANG LICENSES PNY ELECTRONICS
Next Article:PHYLLIS KAY DRYDEN APPOINTED SENIOR VICE PRESIDENT, GENERAL COUNSEL AND CORPORATE SECRETARY AT DEL MONTE FOODS
Topics:


Related Articles
FEDERAL HOME LOAN BANK OF PITTSBURGH ANNOUNCES INCREASES IN INCOME, LOANS TO MEMBERS, AND NEW STOCKHOLDERS FOR THE THIRD QUARTER
CITIZEN'S NATIONAL BANK BECOMES A STOCKHOLDER OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH
NEW BETHLEHEM BANK IS THE 500TH COMMERCIAL BANK TO JOIN THE FEDERAL HOME LOAN BANK SYSTEM
FIRST WESTERN BANCORP INC. SUBSIDIARIES BECOME FEDERAL HOME LOAN BANK OF PITTSBURGH STOCKHOLDERS
MERCHANTS NATIONAL BANK BECOMES FEDERAL HOME LOAN BANK OF PITTSBURGH STOCKHOLDER
WEST VIRGINIA'S FIRSTBANK SHINNSTON
PNC BANK BECOMES FEDERAL HOME LOAN BANK OF PITTSBURGH STOCKHOLDER, LARGEST SYSTEM MEMBER
FEDERAL HOME LOAN BANK OF PITTSBURGH ISSUES CLARIFICATION
THE CITY NATIONAL BANK OF CHARLESTON BECOMES A STOCKHOLDER OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH
LEHIGH VALLEY BANK BECOMES A STOCKHOLDER OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters