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2004 Press Releases

FOR IMMEDIATE RELEASE

Contact: Lynn Robb, 412-288-2851, Lynn.Robb@fhlb-pgh.com

TWO PUBLIC INTEREST DIRECTORS APPOINTED TO FEDERAL HOME LOAN BANK OF PITTSBURGH BOARD OF DIRECTORS

PITTSBURGH, PA, February 6, 2004 — The Federal Home Loan Bank of Pittsburgh announces the appointment of two public interest directors to its Board of Directors. The Federal Housing Finance Board, which regulates the twelve FHLBanks in the Federal Home Loan Bank System, approved the appointments at a January 29 open meeting.

"The new directors represent a broad range of skills, expertise and backgrounds, and I am confident they will faithfully represent the interests of the public on the Board of the FHLBank of Pittsburgh," Chairman John T. Korsmo said.

Basil R. Battaglia, Wilmington, DE
Mr. Battaglia is chairman and chief financial officer of Beckworth Title Company and Beckworth Consulting, providing services to the Delaware legal community in various research projects, including property transfers. From 1988 to 2001, he was the chairman of the Republican State Committee in Delaware, managing a $1 million annual budget. From 1977 to 1993, Mr. Battaglia was director of the Delaware Turnpike, a state division with an operating budget of more than $7 million and concession revenue of more than $30 million. He previously served on the board of the FHLBank of Pittsburgh from 1992 to1996. Mr. Battaglia will serve a three-year term.

Cecil H. Underwood, Charleston, WV
Mr. Underwood completed his second term as governor of West Virginia in 2001. He was first elected governor in 1956 at the age of 34, the youngest governor in the state's history. Mr. Underwood is a former president of Bethany College and former vice president of Salem College, and served six terms in the West Virginia House of Delegates. He is former president of the Farnsworth Corporation, Software Valley, and Princess Coal, Inc., and was vice president for Monsanto Corporation and Island Creek Coal Company. Mr. Underwood is president of the Huntington Foundation, a board member of the American Cancer Society and Appalachian Regional Health Care, and former president and chairman of the board of the Morgantown Industrial Research Park, Inc. Mr. Underwood has been appointed to a three-year term and designated as a community investment director.

Other FHLBank of Pittsburgh directors are:

• K. Scott Baker, government affairs consultant, Klett Rooney Lieber & Schorling, Pittsburgh, PA
• Rev. Luis Antonio Cortés Jr., president, Nueva Esperanza, Philadelphia, PA and vice chairman, FHLBank Board of Directors
• J. Ardie Dillen, regional president, First Commonwealth Bank, Pittsburgh, PA
• William H. Genge, retired chairman and chief executive officer, Ketchum Communications, Pittsburgh, PA
• H. Charles Maddy III, president and chief executive officer, Summit Financial Group, Inc., Moorefield, WV
• Frederick A. Marcell Jr., president, chief executive officer and director, Willow Grove Bank, Maple Glen, PA
• Dennis S. Marlo, chief risk management officer and executive vice president, Sovereign Bank, Wyomissing, PA
• Edwin R. Maus, president, chief executive officer and director, Laurel Savings Bank, Allison Park, PA
• Edward J. Molnar, chairman and chief executive officer, Harleysville Savings Bank, Harleysville, PA
• Willard L. Phillips Jr., president and chief executive officer, The Phillips Group, Elkins, WV
• Paul E. Reichart, chairman, Columbia County Farmers National Bank, Bloomsburg, PA
• Marvin N. Schoenhals, chairman, WSFS Financial Corporation and president and chief executive officer, WSFS, FSB, in Wilmington, DE, and chairman, FHLBank Board of Directors

The Federal Home Loan Bank of Pittsburgh, with assets of nearly $50 billion, serves approximately 350 financial institution members in Delaware, Pennsylvania and West Virginia and is part of the Federal Home Loan Bank System. The System comprises twelve private cooperatively owned banks that provide wholesale housing finance, community lending and correspondent banking services to member banks, savings institutions, credit unions and insurance companies.