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FEDERAL HOME LOAN BANK OF PITTSBURGH ANNOUNCES INCREASES IN INCOME, LOANS TO MEMBERS, AND NEW STOCKHOLDERS FOR THE THIRD QUARTER

FEDERAL HOME LOAN BANK OF PITTSBURGH ANNOUNCES INCREASES IN INCOME,
 LOANS TO MEMBERS, AND NEW STOCKHOLDERS FOR THE THIRD QUARTER
 PITTSBURGH, Nov. 11 /PRNewswire/ -- James D. Roy, president and chief executive officer of the Federal Home Loan Bank of Pittsburgh, announced today the financial results for the third quarter of 1991.
 "Despite a sluggish economic recovery, the bank achieved good financial results," said Roy. "Our bank continues to perform solidly and profitably during these challenging times." The Federal Home Loan Bank of Pittsburgh reports a net income of $13.9 million, an increase of $1.4 million or 11 percent, over the third quarter 1990. Capitalization remains strong with an equity-to-assets ratio of 6.7 percent at the quarter-end. The bank also paid a 10 percent annualized dividend rate to its stockholders.
 The bank also added 21 new stockholders during the third quarter. At Sept. 30, 47 new members had joined the bank since Congress opened membership to commercial banks and credit unions. Total membership in the Federal Home Loan Bank of Pittsburgh was 228 at the end of the third quarter. These institutions have been attracted to bank membership by the easy access to Aaa-rated term funds and by the bank's cost-effective, high quality operating services.
 "With the large number of new stockholders joining, the bank's membership base is growing not only in numbers, but also in strength and diversity," said Roy. Once owned exclusively by thrift members, commercial banks and credit unions were permitted to join the Federal Home Loan Bank System in 1989. At the Pittsburgh bank, the new members have added $196.2 million in capital stock and more than $650 million in loans outstanding. More than 95 percent of these new institutions enjoy regulatory performance ratings in the two best categories.
 The Federal Home Loan Bank of Pittsburgh is one of 12 district banks created by Congress in 1932 to promote home finance. Each bank serves its own geographic region. The bank's credit is available to member financial institutions engaged in residential mortgage lending in Delaware, Pennsylvania and West Virginia. Member institutions own stock in the bank. Institutions eligible for membership include commercial banks, savings institutions, insurance companies and credit unions. The bank also provides financial institutions with operating, investment and advisory services.
 -0- 11/11/91
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830/ CO: Federal Home Loan Bank of Pittsburgh ST: Pennsylvania, West Virginia, Delaware IN: FIN SU: ERN DM -- PG002 -- 2859 11/11/91 08:00 EST
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Publication:PR Newswire
Date:Nov 11, 1991
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