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FOR IMMEDIATE RELEASE

Contact: Neil Cotiaux, FHLBank Pittsburgh: 412-288-2851; cell 412-335-9488
Tom Arasz, senior vice president-community reinvestment, 856-532-2701

COMMERCE BANK–PA WINS PILLARS AWARD FOR COMMUNITY-BUILDING: ANNUAL AWARD FROM FHLBANK PITTSBURGH HIGHLIGHTS HOMEBUYING

MALVERN, PA, June 27, 2006 — Commerce Bank–Pennsylvania, a full-service bank with offices across the Delaware Valley, is the 2006 recipient of a Pillars of the Community Award for outstanding leadership in the area of community commitment. The award was presented at FHLBank Pittsburgh's annual meeting of regional community bankers in Malvern this week.

"Each year, FHLBank Pittsburgh honors a select group of members that have applied a multitude of resources in the relentless pursuit of community-building," said John R. Price, president and chief executive officer of FHLBank, a wholesale lender of low-cost financing to community banks across Pennsylvania, Delaware and West Virginia. "These Pillars of the Community recipients exemplify outstanding leadership and a civic commitment that sets them apart. Homes become affordable, businesses create jobs, neighborhoods gain new vitality and families prosper, thanks to these very special banks."

FHLBank Pittsburgh selected Commerce Bank–PA as a 2006 Pillars award winner due to its exemplary work in supporting affordable housing. In 2005, Commerce Bank–PA originated mortgages for 21 families and individuals who took advantage of First Front Door (FFD), a grants program that provides financial assistance for down payments and closing costs to lower-income first-time homebuyers. These homebuyers used more than $40,000 in FFD grants.

First Front Door is the second major initiative Commerce Bank–PA has launched to support first-time homebuyers. Since 1994, the bank has provided more than $350 million in home purchase financing through its First Step Program. In addition, the bank has sponsored several housing projects using Affordable Housing Program (AHP) grants from FHLBank. AHP has provided critical gap funding for worthwhile projects that otherwise might not have gotten off the ground in Commerce Bank–PA's service area.

Commerce Bank–PA also provides community support on a variety of personal levels. In 2005, the bank contributed more than $300,000 to 263 charitable organizations. Employees are involved in numerous volunteer organizations and activities, and the bank's award-winning WOWZone! has provided financial education to more than 34,000 students at more than 1,400 schools.

In recognition of the bank's contributions to the community, FHLBank Pittsburgh is making a $1,000 donation to United Communities Southeast Philadelphia.

Established in 1932 to provide a steady stream of low-cost housing finance to its membership, FHLBank Pittsburgh has expanded its mission in recent years to include financing for business startup and expansion and a variety of community and economic development projects. The Bank is one of twelve FHLBanks, all cooperatively owned banks using private capital for a public mission.