Media Center | Press Releases « 2004 Press Releases »

2004 Press Releases

FOR IMMEDIATE RELEASE

Contact:  Neil Cotiaux, FHLBank of Pittsburgh: 412-288-2851;               Neil.cotiaux@fhlb-pgh.com

TWO NEW, TWO RETURNING DIRECTORS ELECTED TO PITTSBURGH FHLBANK BOARD

PITTSBURGH, PA, December 15, 2004 — The Federal Home Loan Bank of Pittsburgh today announced the election of two new and two returning members to its Board of Directors. Three fill expiring directorships representing Pennsylvania, Delaware and West Virginia while the fourth was chosen to fill a newly designated Delaware seat.

The FHLBank of Pittsburgh's 15-member Board discharges its responsibilities independent of management. No member of management serves on the Board, and sessions are regularly held without management in attendance.

Elected as directors during the FHLBank's 2004 voting were:

New Directors

David M. Applegate, chairman of the board of GMAC Bank, Horsham, PA, and president and CEO of GMAC Residential, who fills the FHLBank's newly designated Delaware directorship. Mr. Applegate is a member of the GMAC Mortgage Group Board of Directors, serves as chairman of GMAC Home Services, and is chairman, president and CEO of GMAC Mortgage Corporation. From 1999 to 2001, he was COO of GMAC Mortgage, responsible for all aspects of mortgage operations including lending, servicing and capital markets. From 1996 to 1999, Mr. Applegate was CFO of GMAC Mortgage Corporation responsible for legal, accounting, tax, finance, treasury, strategic planning, and mergers and acquisitions. Prior to 1996, he served as senior vice president of capital markets at GMAC Mortgage.

Mr. Applegate was elected to a "non-guaranteed" Delaware directorship that is based on the FHLBank's level of capital stock holdings. The seat, which had been occupied by Lloyd M. Winans, was revoked as of December 31, 2003, due to the FHLBank's capital stock level at that time.

Gerard M. Thomchick, senior executive vice president and COO of First Commonwealth Financial Corporation, Indiana, PA, filling the expiring Pennsylvania directorship held on an interim basis by Randall C. King, corporate treasurer of PNC Bank Corp., Pittsburgh, PA. Mr. Thomchick has been with First Commonwealth or an affiliate company for 19 years and leads the company's mergers and acquisitions team. He is a director of First Commonwealth Bank, Trust Company and Insurance Company, and is also president and CEO of First Commonwealth Professional Resources, Inc. Mr. Thomchick was elected to a three-year term.

Returning Directors

Marvin N. Schoenhals, the current chairman of the FHLBank's Board, who fills an expiring Delaware directorship. Mr. Schoenhals serves on the Board's Executive Committee and has been a director since January 1997. He is chairman, president and CEO of WSFS Financial Corporation, Wilmington, DE. Schoenhals was re-elected to a three-year term.

H. Charles Maddy III, president and CEO of Summit Financial Group, Inc., Moorefield, WV, chosen to fill that state's expiring directorship. Mr. Maddy joined the FHLBank's Board in January 2002 and serves as secretary of its Audit Committee and is also on its Finance Committee. Maddy was unopposed and was re-elected to a three-year term.

Other Directors

• K. Scott Baker*, government affairs consultant, Klett Rooney Lieber & Schorling, Harrisburg, PA
• Basil R. Battaglia, president and chief executive officer of Beckworth Title Company and Beckworth Consulting, Wilmington, DE
• Rev. Luis Antonio Cortés Jr.*, president, Nueva Esperanza, Philadelphia, PA, and current vice chairman of the FHLBank Board
• William H. Genge, retired president and CEO, Ketchum Communications, Pittsburgh, PA
• Frederick A. Marcell Jr., president, CEO and director, Willow Grove Bank, Maple Glen, PA
• Dennis S. Marlo, retired chief risk management officer and executive vice president, Sovereign Bank, Wyomissing, PA
• Edwin R. Maus, president, CEO and director, Laurel Savings Bank, Allison Park, PA
• Edward J. Molnar, chairman and CEO, Harleysville Savings Bank, Harleysville, PA
• Willard L. Phillips Jr., president and CEO, The Phillips Group, Elkins, WV
• Paul E. Reichart, chairman, Columbia County Farmers National Bank, Bloomsburg, PA
• Cecil H. Underwood, CEO, the Cecil H. Underwood Institute, Charleston, WV, and former two-term governor of West Virginia.

The Federal Home Loan Bank of Pittsburgh, with assets of more than $59 billion, serves approximately 350 financial institution members in Delaware, Pennsylvania and West Virginia. It is one of twelve FHLBanks, all private cooperatively owned banks using private funds to provide wholesale housing finance, community lending and correspondent banking services to member banks, savings institutions, credit unions and insurance companies.

*Messrs. Baker and Cortés are designated as public interest directors and are currently up for reappointment by the Federal Housing Finance Board (FHFB).