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2004 Press Releases

FOR IMMEDIATE RELEASE

Contact: Scott Smith, 412-288-7696, scott.b.smith@fhlb-pgh.com

SOVEREIGN BANK HONORED AT FEDERAL HOME LOAN BANK OF PITTSBURGH'S PILLARS OF THE COMMUNITY AWARDS

PHILADELPHIA, PA, June 7, 2004 — The Federal Home Loan Bank of Pittsburgh's Pillars of the Community awards honor financial institutions for outstanding work in creating housing for lower-income families and promoting community revitalization and economic development throughout Delaware, Pennsylvania and West Virginia.

At the first of four regional conferences held in June, the FHLBank of Pittsburgh honored Sovereign Bank of Wyomissing, PA.

"Financial institutions honored as Pillars of the Community understand that affordable housing and community development are central to creating sustainable and livable communities," said John J. Bendel, director of Community Investment of the FHLBank of Pittsburgh. "Sovereign Bank has put our program dollars to work in ways that will benefit Pennsylvania communities far into the future. We're privileged to honor them today."

In honor of this award to Sovereign Bank, the FHLBank of Pittsburgh is presenting a check for $1,000 to Easy Does It Inc. of Leesport, PA.

Sovereign has long been an energetic user of FHLBank community investment programs. Since the inception of the FHLBank's Affordable Housing Program (AHP) in 1990, Sovereign has administered 57 projects using more than $12 million in AHP funding. Over the past three years, Sovereign has disbursed more than $3 million in Home Buyer Equity Fund dollars, helping more than 800 first-time homebuyers realize their dream of homeownership.

Sovereign employees are also very active in the local community. In 2003, Sovereign employees banked more than 32,000 volunteer hours for more than 750 organizations. Sovereign managers sit on the boards of several nonprofit organizations, and the Sovereign Bank Foundation has contributed an additional $2 million to community-based economic and affordable housing organizations. Sovereign is the banking participant in a pilot youth program called "Dollar-4-Dollars," which provides savings and financial education for high school students in lower-income neighborhoods. Students can earn up to a dollar for every dollar they save.

Pillars of the Community award recipients are selected from all financial institution members of the FHLBank of Pittsburgh that have used the FHLBank's community investment products in the previous calendar year. Winners are selected by an FHLBank committee and are approved by the Affordable Housing Committee of the FHLBank's Board of Directors.

The Federal Home Loan Bank of Pittsburgh, with assets of more than $57 billion, serves nearly 350 financial institution members in Delaware, Pennsylvania and West Virginia and is part of the Federal Home Loan Bank System. It is one of twelve FHLBanks, all 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.