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FHLBank System

FHLBank Pittsburgh is a privately owned wholesale bank that provides readily available, low-cost funding to 294 shareholder-member financial institutions across Delaware, Pennsylvania and West Virginia, boosting lending power for the good of their communities. FHLBank Pittsburgh is one of twelve FHLBanks in the Federal Home Loan Bank System, created in 1932 to promote homeownership. As a result of legislative changes, the FHLBanks have expanded the scope of their mission beyond housing finance and now provide additional liquidity for small business, community development, rural development and agricultural purposes.

Key facts:

• Each FHLBank is a privately capitalized, independently managed cooperative that must meet strict regulatory and capitalization standards
• The Banks are self-supporting and receive no taxpayer funds
• FHLBanks are supervised and regulated by the Federal Housing Finance Agency (FHFA)
• Although it is not publicly traded, the Bank registered its stock with the U.S. Securities and Exchange Commission (SEC)
• The primary source of funds for FHLBank Pittsburgh is the sale of debt securities, known as consolidated obligations (CO), in the capital markets. Consolidated obligations are the joint and several obligations of the FHLBanks, backed by the financial resources of the twelve institutions. The Banks issue COs to institutional investors through the Office of Finance.
• Joint and several liability enhances the safety and soundness of the FHLBank System.