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Media Center | Press Releases « 2005 Press Releases »
2005 Press Release
FOR IMMEDIATE RELEASE
Contact: Terri McKay, FHLBank of Pittsburgh: 412-288-2830;
cell: 412-523-8511 tmckay@fhlb-pgh.com
Neil Cotiaux, FHLBank of Pittsburgh: 412-288-2851;
cell 412-335-9488
Neil.cotiaux@fhlb-pgh.com
PRICE NAMED CHIEF EXECUTIVE AT FEDERAL HOME LOAN BANK
OF PITTSBURGH
PITTSBURGH, November 21, 2005 — The Board of
Directors of the Federal Home Loan Bank of Pittsburgh
has announced that John R. Price will become president
and chief executive officer, effective January 2, 2006.
He will succeed James D. Roy, who will retire at year-end
as previously announced.
"We are delighted that someone of John Price's caliber
and credentials is joining the FHLBank as president,"
said Marvin N. "Skip" Schoenhals, chairman of the board.
"John's unique leadership, complementing chief operating
officer Bill Batz and the entire senior management team,
combined with his strong passion for the mission of
this Bank, make him the ideal president for the FHLBank
of Pittsburgh."
Since 2001, Price, 66, has been Senior Advisor to the
Institute of International Finance (IIF) in Washington,
DC, a global organization with some 340 banks and Central
Banks as members. For the IIF, he organizes and presents
educational programs for directors of financial institutions
on corporate governance issues such as regulatory framework,
audit and internal controls, and risk management. He
also, through the International Financial Development
Corporation of which he is president and chief executive
officer, seeks corporate finance opportunities here
and abroad.
Prior to his current assignments, Price spent 29 years
at what is now JP Morgan Chase & Co. in New York.
He joined Manufacturers Hanover in 1972, which later
merged into Chemical, Chase Manhattan and JP Morgan
Chase. Price held various line and staff positions,
including senior vice president of Manufacturers Hanover
Corporation, the bank holding company, where he was
responsible for the mortgage banking and consumer finance
subsidiaries nationwide. While in the Investment Banking
Group of the bank, he led the team advising the U.S.
government on the securitization of $5 billion of community
development and rural low-income housing loans, and
created a servicing company to handle the housing loans.
Price spent his last years at Chase Manhattan running
government relations worldwide, including state, local,
federal and international relations.
"I am extremely honored to have earned the trust of
the Bank's Board of Directors and to have this opportunity
to advance the mission of the FHLBank, which, with its
counterparts in the FHLBank System, plays a pivotal
role for housing and economic development in this country,"
said Price. "Because of personal ties and professional
interests, returning to the region and to the work of
the Bank is like coming home for me. My family roots
in West Virginia and the Bank's involvement in community
development and housing finance, as well as capital
markets, meant the Pittsburgh Bank holds powerful appeal
for me. I greatly look forward to working with the Bank's
members and in the communities in this region."
After graduating from Grinnell College in Iowa, Price
became a Rhodes Scholar, earning advanced degrees from
Queens College at Oxford University in development economics
and diplomatic history. He later received his law degree
from Harvard Law School.
Following a couple of years of law practice in New
York, Price joined the Bedford Stuyvesant Development
Corporation of Brooklyn, co-founded by New York's then
U.S. Senators, the late Robert F. Kennedy and Jacob
K. Javits, where he worked on housing finance. During
the first Nixon Administration, he succeeded Daniel
Patrick Moynihan as special assistant to the President
for urban affairs, working on welfare, health insurance
and urban development.
For 19 years, Price was a member of the board and then
chair of the Audit Committee of the Principal Financial
Corporation, a Fortune 200 company. He is a life trustee
of Grinnell College and was the founding chairman of
Americans for Oxford.
He served as president of the Bankers Association for
Finance and Trade, was a director of the National Foreign
Trade Council, and chaired the Brooklyn Academy of Music
Local Development Corporation in New York.
Price and his wife, Svetlana, reside in Woodstock,
Maryland, with their two young children. An older son
of Price's lives in New York.
The retiring CEO, Jay Roy, 65, served as president
and CEO since 1987. During his tenure, the FHLBank grew
from $6.1 billion in assets to approximately $76 billion
today. The FHLBank's popular Affordable Housing Program
and its companion program, the Home Buyer Equity Fund,
have provided approximately $130 million in grants resulting
in more than 20,000 units of affordable housing as well
as assistance with down payment and closing costs for
first-time homebuyers. In addition, the Bank's Banking
On Business program has put forth more than $20 million
in recoverable assistance to create or retain more than
3,400 jobs. Also under Roy's leadership, the FHLBank
fostered a values-based corporate culture, established
a corporate vision statement and was named one of the
50 Best Places to Work® in Pennsylvania.
With assets of approximately $76 billion, the FHLBank
of Pittsburgh is a government-sponsored enterprise that
uses private capital to provide a steady stream of low-cost
funding to nearly 340 member financial institutions
in Delaware, Pennsylvania and West Virginia. Created
by Congress in 1932 to support housing finance, the
FHLBanks' mission in more recent years has been expanded
to include financing for a variety of community and
economic development needs.
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