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2005 Press Release

FOR IMMEDIATE RELEASE

Contact:
Neil Cotiaux, FHLBank of Pittsburgh: 412-288-2851; cell: 330-703-0753
Robert M. Lavelle, President, Dwelling House Savings and Loan
    Association: 412-683-5116
LouAnn Ross, Neighborhood Housing Services: 412-281-9774

SAVINGS AND LOAN, MAJOR FOUNDATION JOIN MY MONEY, MY LIFE: DWELLING HOUSE, HEINZ ENDOWMENTS UNDERWRITE FINANCIAL LITERACY INSTRUCTION; EXPANDING NEIGHBORHOOD PROGRAM ON SCHEDULE TO REACH 1,000 YOUNG ADULTS

PITTSBURGH, PA, June 6, 2005 — Dwelling House Savings and Loan Association is the latest area institution to participate in the expanding My Money, My Life financial literacy program aimed at young adults aged 16 to 19 in Allegheny County's low- to- moderate-income neighborhoods.

In another sign of confidence in the program's ability to deliver results, the Heinz Endowments contributed $100,000 to help underwrite instructional staff and other administrative functions.

In keeping with its historic responsiveness to underserved individuals and families, Dwelling House Savings and Loan will sponsor a series of financial education classes over the next five years to help combat predatory lending and increase homeownership, primarily among the African-American community.

Launched last November by the Federal Home Loan Bank of Pittsburgh (FHLBank) with the support of Allegheny County Chief Executive Dan Onorato and eight area banks, My Money, My Life aims to counsel at least 1,000 young adults by 2009. The first class in the series was held January 10 at Rodman Street Church in East Liberty, and to date, nearly 100 young people have completed the 12- to 15-hour course at five community locations.

"We believe in the power of community, and we recognize that everyone should have the opportunity to be a productive part of their community," remarked Robert M. Lavelle, president of Dwelling House. "Our participation in My Money, My Life is a natural extension of our efforts to enable a growing number of individuals to develop the financial resources they need to buy a first home and save for the future. We are pleased to be associated with this important initiative."

"All of us are delighted that Dwelling House Savings and Loan and the Heinz Endowments have committed their resources to this important initiative," said John Bendel, director of Community Investment at the FHLBank. "The initial results of My Money, My Life have exceeded everyone's expectations. We look forward to securing additional sponsors and serving even more young people as the program progresses."

Chartered in 1890, Dwelling House Savings and Loan exists to improve homeownership and home rehabilitation opportunities, primarily in urban areas of Pittsburgh. It has historically offered homeownership counseling to mortgage and loan clients of limited means.

Administered by Neighborhood Housing Services (NHS), My Money, My Life instructs young adults in the fundamentals of setting financial goals, budgeting, understanding credit, appreciating risk, saving, investing, consumer spending, managing debt and selecting insurance. Classes incorporate lectures, games, handouts and worksheets and are held at neighborhood locations that are handicapped-accessible, near public transportation and close to the branches of sponsoring banks. NHS counselors along with bankers from participating institutions serve as instructors. Since many classes are held after school, free meals are provided.

All participants in My Money, My Life complete an evaluation to measure their financial knowledge and degree of financial self-direction. At graduation, any participant with an attendance record of 80 percent or better is eligible for a fee-free savings account and initial $100 deposit. In addition, parents, guardians or caregivers attending the graduation ceremony receive a certificate to enroll in NHS' financial literacy/ homebuyers clubs or receive credit restoration counseling at no cost. A combined graduation ceremony is planned to mark the program's one-year anniversary this fall.

In addition to the FHLBank of Pittsburgh, the founding sponsor, charter members of My Money, My Life include: ESB Bank, Iron & Glass Bank, Laurel Savings Bank, National City Bank, Northwest Savings Bank, PNC Bank, Sewickley Savings Bank and Sky Bank.

A second financial literacy initiative under the umbrella of the FHLBank's Minority Homeownership Initiative is currently in the works in Philadelphia, and the Bank plans to launch similar programs in other parts of its three-state district of Delaware, Pennsylvania and West Virginia.

With $61 billion in assets, the FHLBank of Pittsburgh uses private capital to provide a steady stream of low-cost funding to nearly 340 member financial institutions. Created by Congress in 1932 to support housing finance, the Bank in more recent years has expanded its mission to include financing for business startup and expansion and a variety of community and economic development needs.