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FEDERAL HOME LOAN BANK OF PITTSBURGH ANNOUNCES 1992 FINANCIAL RESULTS; HIGHLIGHTS INCLUDE MEMBERSHIP AND LOAN GROWTH

 PITTSBURGH, Feb. 11 /PRNewswire/ -- James D. Roy, president and chief executive officer of the Federal Home Loan Bank of Pittsburgh, announced today the bank's year-end financial results.
 Earnings were $58.2 million for 1992, up nearly 3 percent over 1991. Return on equity was 10.8 percent. The dividend rate averaged 9 percent. Average equity increased by $92 million, or 21 percent. Assets of the bank grew 11 percent to more than $10 billion at year-end.
 "The modest increase in our earnings reflected significantly lower interest rate spreads and the lower short-term interest rates during the year," said Roy. "We continue to be proud of the solid dividend rate. The 9 percent paid in 1992 is well within our goal of providing attractive stockholder returns of 2 to 3 percentage points over the average yield on five-year U.S. Treasury notes."
 The bank added 90 new stockholders during 1992, bringing total membership to 314. Of the total membership, the bank has 137 commercial bank members that have joined since 1989.
 At year-end, loans to members were $3.5 billion, up $776 million, or 28 percent over a year ago. Roy said, "We achieved significant loan growth, despite a weak lending environment. In 1992, the bank became very aggressive in its pricing, and introduced several new credit products. We've become more sensitive to customer needs, and are now customizing' products to meet these needs."
 Federal Home Loan Bank of Pittsburgh is part of the Federal Home Loan Bank System, a national network of 12 banks created by the U.S. Congress in 1932 to promote home finance. The Pittsburgh bank is owned by its financial institution stockholders in Delaware, Pennsylvania and West Virginia. The bank's economical funding, operating and advisory services are available to commercial banks, savings institutions, credit unions and insurance companies.
 -0- 2/11/93
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830/


CO: Federal Home Loan Bank of Pittsburgh ST: Pennsylvania, Delaware, West Virginia IN: FIN SU: ERN

KC-DM -- PG004 -- 5578 02/11/93 09:52 EST
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Date:Feb 11, 1993
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