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FEDERAL HOME LOAN BANK OF PITTSBURGH ANNOUNCES STRONG SECOND QUARTER RESULTS

 FEDERAL HOME LOAN BANK OF PITTSBURGH
 ANNOUNCES STRONG SECOND QUARTER RESULTS
 PITTSBURGH, July 27 /PRNewswire/ -- James D. Roy, president and chief executive officer of the Federal Home Loan Bank of Pittsburgh, announced today second quarter financial results.
 "The bank continued to experience strong financial performance in the second quarter despite a weak economy and low, short-term interest rates," said Roy. Net income was $15.0 million, up 5 percent from the second quarter of 1991. Return on equity was 11.5 percent. Total assets grew from $8.5 billion at June 30, 1991, to $10.1 billion at June 30, 1992. An annualized dividend rate of 10 percent was paid to stockholders for the second quarter.
 During the second quarter, the bank added 22 new stockholders. Total membership in the Federal Home Loan Bank of Pittsburgh was 280 at June 30, a 32 percent increase over a year ago.
 Federal Home Loan Bank of Pittsburgh is part of the Federal Home Loan Bank System, a national network of 12 regional, stockholder-owned banks, created by the U.S. Congress in 1932 to promote home finance. The bank's economical funding, operating, and advisory services are available to all financial institutions, commercial banks, credit unions, and insurance companies. The Pittsburgh bank serves the states of Delaware, Pennsylvania and West Virginia.
 /delval/
 -0- 7/27/92
 /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: ERN


CD-JG -- PG009 -- 3547 07/27/92 13:11 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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