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FEDERAL HOME LOAN BANK OF PITTSBURGH ANNOUNCES FOURTH QUARTER DIVIDEND

FEDERAL HOME LOAN BANK OF PITTSBURGH ANNOUNCES FOURTH QUARTER DIVIDEND
 PITTSBURGH, Jan. 10 /PRNewswire/ -- Federal Home Loan Bank of Pittsburgh today announced a 1991 fourth quarter dividend on capital stock at an annualized rate of 10.00 percent.
 For the year, the bank's dividend averaged 11.42 percent. The bank paid a dividend of 10.60 percent in 1990.
 The 11.42 percent average dividend rate was approximately 4 percentage points over the five-year U.S. Treasury note yield for the year. The bank uses the yield on five-year U.S. Treasury notes as a benchmark for dividends and targets to achieve a dividend rate which is two to three percentage points over this benchmark rate.
 Commenting on the dividend, Federal Home Loan Bank of Pittsburgh President James D. Roy said, "In this period of sharply lower interest rates, it is gratifying to provide our stockholders with consistent and attractive returns on the investment in their bank."
 The Federal Home Loan Bank of Pittsburgh is part of the Federal Home Loan Bank System, a national network of 12 regional, member-owned banks created by Congress in 1932 to promote housing finance. With assets of $9 billion, the Pittsburgh bank serves more than 250 member institutions, including savings institutions, commercial banks and credit unions. Its economical funding and operating services are available to financial institutions engaged in residential mortgage financing in the states of Delaware, Pennsylvania and West Virginia.
 /delval/
 -0- 1/10/92
 /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: DIV


CD -- PG001 -- 8540 01/10/92 09:45 EST
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Publication:PR Newswire
Date:Jan 10, 1992
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