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2005 Press Release

FOR IMMEDIATE RELEASE

Contact:
Neil Cotiaux, FHLBank of Pittsburgh: 412-288-2851; cell: 330-703-0753

FHLBANK OF PITTSBURGH AWARDS $1.04 MILLION IN GRANTS FOR AFFORDABLE HOUSING DEVELOPMENT IN WEST VIRGINIA

PITTSBURGH, PA, June 17, 2005 — The Board of Directors of the Federal Home Loan Bank (FHLBank) of Pittsburgh approved nearly
$1.04 million in grants under its Affordable Housing Program (AHP) to help finance six housing initiatives in West Virginia having total development costs of $9.03 million. The initiatives will create a total of 195 housing units in Brandywine, Fairmont, Huntington, Kincaid, St. Albans and Terra Alta.

The FHLBank received 84 applications in this single funding round. Project applications must meet certain criteria to compete for funding, and are scored based on a system developed by the FHLBank, its Board of Directors and its Affordable Housing Advisory Council.

The six projects approved for funding in West Virginia are:

Project: Almost Heaven Habitat AHP Project
Member Bank: Pendleton County Bank
Project Sponsor: Almost Heaven Habitat for Humanity
Project Description: $50,000 to build five new homes on a former trailer park in Brandywine/Sugar Grove to replace substandard structures with safe, decent, affordable housing

Project: Coalfield Housing
Member Bank: United Bank
Project Sponsor: Southern Appalachia Labor School
Project Description: $100,000 to rehabilitate and repair twelve dilapidated homes for very-low- to moderate-income families in Fayette County's rural communities

Project: Knollview Village
Member Bank: WesBanco Bank, Inc.
Project Sponsors: Religious Coalition of Community Renewal, Pison Development
Project Description: $288,000 to build 48 units of senior rental housing in Kanawha and Putnam counties for low- and very-low-income elderly citizens

Project: Maple/Ogden Gateway Phase 1B
Member Bank: WesBanco Bank, Inc.
Project Sponsor: Fairmont Community Development Partnership
Project Description: $124,500 to create twelve units in Fairmont's Maple/Ogden neighborhood for sale to very-low- to moderate-income families, with five marked for first-time homebuyers

Project: Men's Transitional Housing Update
Member Bank: Huntington Federal Savings Bank
Project Sponsors: Huntington City Mission, Foster and Associates
Project Description: $275,000 to renovate 86 existing units and create eight more units to serve the needs of homeless single men in Huntington

Project: Park (View) Side
Member Bank: Terra Alta Bank
Project Sponsor: Garrett County Community Action Committee, Inc.
Project Description: $200,000 to build 24 rental units for very-low-income elderly in Terra Alta who may be physically limited, physically handicapped or hearing-impaired

For details on these projects, click here.

Since the AHP began in 1990, the FHLBank of Pittsburgh has awarded $130 million in housing grants for projects in Delaware, Pennsylvania and West Virginia. Of that total, $104 million was awarded through AHP funding rounds and $14.5 million through the Home Buyer Equity Fund (HBEF), the FHLBank's program that assists first-time homebuyers with down payment and closing costs. AHP funding, leveraged with funding from other sources, has resulted in more than $1.7 billion in total development, representing more than 20,000 affordable housing units.

The Federal Home Loan Bank of Pittsburgh, with $61 billion in assets, serves nearly 340 member financial institutions in Delaware, Pennsylvania and West Virginia. 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.