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2005 Press Release

FOR IMMEDIATE RELEASE

Contact:
Neil Cotiaux, FHLBank of Pittsburgh: 412-288-2851
LouAnn Ross, Neighborhood Housing Services: 412-281-9774

NINE BANKS, NHS HONORED FOR YOUTH FINANCIAL LITERACY PROGRAM; COVETED AWARD RECOGNIZES FIVE-YEAR OUTREACH COMMITMENT IN ALLEGHENY COUNTY

PITTSBURGH, PA, June 20, 2005 — Nine western Pennsylvania financial institutions and a neighborhood housing organization today received the coveted Pillars of the Community Award for their commitment to a five-year financial literacy initiative aimed at young adults in Allegheny County.

The special award honors the financial institutions and Neighborhood Housing Services, Inc., the program administrator, for their support of My Money, My Life, a program that will teach at least 1,000 16- to 19-year-olds over the next five years about budgeting, saving and avoiding the pitfalls of predatory lending.

In addition to the FHLBank of Pittsburgh, the founding sponsor, other charter members of My Money, My Life include: Dwelling House Savings and Loan Association, ESB Bank, Iron & Glass Bank, Laurel Savings Bank, National City Bank, Northwest Savings Bank, PNC Bank, Sewickley Savings Bank and Sky Bank. The Office of Allegheny County Chief Executive Dan Onorato and the Heinz Endowments also support the initiative.

"Since My Money, My Life was launched last November, results have greatly exceeded our expectations," remarked John J. Bendel, director of Community Investment at the FHLBank of Pittsburgh. "Our collective success during the first six months of this program is largely due to the considerable time, labor and money contributed by our nine participating banks and 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.

A second financial literacy initiative under the umbrella of the FHLBank's minority homeownership program is currently under way 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 assets of more than $61 billion, the FHLBank of Pittsburgh, a government-sponsored enterprise, serves nearly 340 financial institution members across its district. It is one of twelve FHLBanks, all cooperatively owned banks that provide a steady stream of low-cost funding for housing, community and economic development and other community banking needs.