Printer Friendly

NEW BETHLEHEM BANK IS THE 500TH COMMERCIAL BANK TO JOIN THE FEDERAL HOME LOAN BANK SYSTEM

 NEW BETHLEHEM BANK IS THE 500TH COMMERCIAL BANK
 TO JOIN THE FEDERAL HOME LOAN BANK SYSTEM
 PITTSBURGH, Feb. 28 /PRNewswire/ -- James D. Roy, president of the Federal Home Loan Bank of Pittsburgh, announced today that its new stockholder, New Bethlehem Bank, has become the 500th commerical bank to join the Federal Home Loan Bank System.
 "We are delighted that one of our stockholders could be honored with this milestone," said Roy. "We are additionally pleased to welcome New Bethlehem Bank as a stockholder of our bank. It is a solid financial institution, with a keen sense of social responsibility to its community."
 Since the passage of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), membership in the Federal Home Loan Bank System was expanded to include commercial banks and credit unions. "In the first year after FIRREA, it was difficult to predict how many banks would actually join," said Roy. "But today, a growing number of banks recognize the value of becoming stockholders in a system that provides access to Aaa-rated term funds packaged in a wide range of flexible credit products."
 New Bethlehem Bank is a commerical bank located in New Bethlehem, Pa., and had assets of more than $102 million at Dec. 31, 1991. It has three branches. Its real estate loans and securities amounted to $65,135 or 63.4 percent of total assets. Total deposits were $92,193.
 The average asset size of new stockholders is approximately $300 million, with nearly 30 institutions having assets of $1 billion or more. At the end of January, there were 3,022 stockholders in the bank system -- 241 at the Pittsburgh bank, of which 55 are commercial banks.
 C. Edward Dunmire, president and chief executive officer of New Bethlehem Bank, said, "We were impressed with the many competitive advantages that the Federal Home Loan Bank offered and were quickly convinced that we wanted to join." He continued, "We plan to take advantage of the bank's funding to enhance our customer service, especially in the mortgage lending area."
 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 and correspondent operating services are available to all financial institutions, including banks, credit unions and insurance companies. With assets of $9 billion, the Pittsburgh bank serves financial institutions in Delaware, Pennsylvania and West Virginia.
 /delval/
 -0- 2/28/92
 /CONTACT: Rosemary A. Abendroth of Federal Home Loan Bank of Pittsburgh, 412-288-2830/ CO: Federal Home Loan Bank of Pittsburgh; New Bethlehem Bank ST: Pennsylvania IN: FIN SU:


JT -- PG003 -- 3579 02/28/92 08:31 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 28, 1992
Words:455
Previous Article:AFTER 60 YEARS, SUCRETS(R) BRAND LOZENGES ARE STILL GOING STRONG IN THE FAMOUS TIN PACKAGE
Next Article:AMERICAN PACIFIC EXERCISES ITS OPTION FOR WORLDWIDE RIGHTS TO HALOTRON
Topics:


Related Articles
400 COMMERCIAL BANKS NOW FEDERAL HOME LOAN BANK SYSTEM MEMBERS
TENTH NEW STOCKHOLDER JOINS FEDERAL HOME LOAN BANK OF NEW YORK
UNITED NATIONAL BANK BECOMES STOCKHOLDER OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH
CENTURA BANK JOINS FEDERAL HOME LOAN BANK OF ATLANTA
CITIZEN'S NATIONAL BANK BECOMES A STOCKHOLDER OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH
CITIZENS BANK AND TRUST COMPANY OF PADUCAH JOINS FHLB OF CINCINNATI BECOMES 500TH FHLB SYSTEM MEMBER
WEST VIRGINIA'S FIRSTBANK SHINNSTON
LEHIGH VALLEY BANK BECOMES A STOCKHOLDER OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH
FLEET BANK-RI ACCEPTED AS MEMBER OF FEDERAL HOME LOAN BANK OF BOSTON
UNITED JERSEY BANK JOINS THE FEDERAL HOME LOAN BANK OF NEW YORK

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters