Q. Who are FHLBank Pittsburgh's member-owners?
A. At December 31, 2012 the FHLBank had 294 shareholder-members across Delaware,
Pennsylvania and West Virginia. They are community
banks, savings and loans, credit unions and insurance
companies. For a complete membership list, please click
Q. What is the relationship between the Bank and its
A. As a GSE, the Bank utilizes private capital for
a public purpose - to ensure a steady stream of reliable
credit for affordable housing, small business growth
and other general economic and community development
needs. This low-cost capital is channeled through member
financial institutions. Not a single penny of taxpayer
money is used in carrying out this mission.
Like its eleven counterparts, FHLBank Pittsburgh is
a cooperative owned by its members, who are the sole
users of its services. Bank stock is not publicly traded,
and members are represented on the Bank's Board of Directors.
Q. How does the Bank raise money?
A. The FHLBanks are not agencies of any government.
They are private member cooperatives. The primary source
of funds for the Bank is the sale of debt securities
known as consolidated obligations, issued through the
System's Office of Finance to institutional investors
in the capital markets.
Q. What are the key products and services of the Bank?
A. The heart of the Bank's product offerings is advances,
or low-cost loans to members. Advance lending is the
FHLBanks' main business line. Members use advances to
support the mortgage lending, community investment and
other credit needs of their customers.
In addition to advances, the Bank offers a growing
variety of products and services. Among these are the
Affordable Housing Program (AHP), Community Lending
Program (CLP) and the purchase of residential mortgage
loans from members, primarily through the Mortgage Partnership
Finance® (MPF®) Program. Click
here to review the key categories and descriptions
of FHLBank Pittsburgh's offerings.
Q. What is the community impact of the Bank's products
A. Access to Bank programs assists community institutions
in making more loans and helps meet housing and community
development needs. By providing readily available liquidity
to its members, the FHLBank System allows local institutions
to remain active lenders, in every economic cycle, to
help their local economies grow.
Q. How does the Bank provide a consistent supply of
A. High credit ratings allow the FHLBanks to provide
funds to members at lower rates than available in the
commercial marketplace and at small spreads over comparable
There are several reasons for the traditionally high
credit quality of the FHLBanks. The System's Office
of Finance has a fiscal agency agreement with the Federal
Reserve Banks; interest on FHLBank debt securities is
exempt from state and local income taxation; and the
U.S. Treasury is authorized to purchase up to $4 billion
of FHLBank debt.
Another key factor supporting high credit quality is
joint and several liability, giving investors confidence
that System debt will be paid.
Q. Where is the Pittsburgh Bank headquartered? How
many employees does it have?
A. FHLBank Pittsburgh is located at 601 Grant Street,
Pittsburgh, PA 15219-4455. It has about 210
full- and part-time employees. The main switchboard
number is 412-288-3400 or 1-800-288-3400.
Q. Who are the key officers of the Bank?
here for their biographies.
Q. Who sits on the Board of Directors? How much independence
does the Board have?
A. The Bank's Board of Directors discharges its responsibilities
independent of management. Sessions are regularly held
without management present; the Board retains its own
consultants and advisors; and no member of management
serves on the Board. In addition, the Bank's internal
auditor reports directly to the Audit Committee of the
Board rather than to management, and meets regularly
without management present, to preserve the independence
of the audit function. Click
here for the biographies of our Directors.
Q. What are the current earnings of the Bank?
here for key financial data.
Q. How can I get a copy of the Bank's Annual Report?
here for the Bank's 2011 Annual Report.