Senator Manchin Keeps Audience at Bank-sponsored Roundtable Spellbound
U.S. Senator Joe Manchin (D-WV) did something unusual during an appearance at a FHLBank-sponsored roundtable in the Mountain State on June 11: He asked members of the financial services cooperative to lobby him.
Spending more than an hour with Bank, member and civic leaders, the senator asked his audience to sharpen their messages to elected officials about the regulatory burdens they face so they can make more informed decisions in Washington.
The senator’s appearance at the forum, held at Fairmont State University, was also an opportunity for FHLBank officials to better inform Manchin about their mission, products, and what sets the FHLBanks apart from Fannie Mae and Freddie Mac – something Manchin clearly had an interest in hearing.
Offering a quick primer on the FHLBanks, Pittsburgh Bank CEO Winthrop Watson told Manchin that losses on advances (low-cost loans) across the System remain at zero. And, most tellingly, local FHLBank members provided testimonials about the value they derive from the Bank.
Bill Goettel, president and CEO, First Exchange Bank, said the Bank’s liquidity added a certainty “that makes us sleep better at night” and allows his bank to focus on conducting business.
Larry Mazza, president and CEO of MVB Bank, cited $100 million in commercial loans and $200 million in mortgage loans made last year, which he said could not have been made without Pittsburgh’s advances.
Members attending the roundtable, held close to the senator’s hometown, were First Exchange Bank, MVB Bank, United Bank, and WesBanco Bank.