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CITIZEN'S NATIONAL BANK BECOMES A STOCKHOLDER OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH

 CITIZEN'S NATIONAL BANK BECOMES A STOCKHOLDER
 OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH
 PITTSBURGH, Jan. 14 /PRNewswire/ -- James D. Roy, president of the Federal Home Loan Bank (FHLB) of Pittsburgh, today announced that Citizen's National Bank has become a stockholder of the bank.
 The commercial bank is a subsidiary of Citizen's Financial Corporation, a bank holding company, headquartered in Elkins, W.Va.
 "We are very pleased with Citizen's decision to become a stockholder in our bank," said Roy. "With more than 600 new members joining the system nationwide since 1989, we are strongly encouraged about the system's future." Roy continued, "Banks are drawn to the system by our Aaa-rated term funds and low-cost financing for community investment."
 Citizen's National Bank is a commercial bank located in Elkins. It has two branch offices. As of Dec. 31, 1991, Citizen's had assets of $118 million. Its real estate loans and securities amount to $85 million or 72 percent of total assets. Total deposits were $104 million for all of its locations.
 Emery Thompson Jr., Citizen's president, said, "We are committed to the communities in which we serve and view the low-cost funding available through FHLB as an opportunity to enhance our customer service by providing more competitive products."
 Citizen's joins more than 260 financial institutions as stockholders of the Federal Home Loan Bank of Pittsburgh, in Delaware, Pennsylvania and West Virginia. Owned by its stockholders, the Pittsburgh 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 currently has assets of $9 billion.
 -0- 1/14/92
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830/ CO: Federal Home Loan Bank of Pittsburgh; Citizen's National Bank;
 Citizen's Financial Corporation ST: West Virginia IN: FIN SU:


DM -- PG010 -- 9665 01/14/92 15:22 EST
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Publication:PR Newswire
Date:Jan 14, 1992
Words:338
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