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FOR IMMEDIATE RELEASE

January 15, 2008

Contact:

Karen Derzic, program manager, My Money, My Life
Neighborhood Housing Services, Inc.
412-281-1100, ext. 121

Neil Cotiaux
Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh)
412-288-2851; cell: 412-335-9488

My Money, My Life Marks End of Third Year with Record Number of Graduates

PITTSBURGH, PA, January 15, 2008 - Neighborhood Housing Services, Inc. (NHS) and the Federal Home Loan Bank of Pittsburgh (FHLBank) announced today that a total of 212 at-risk young people in Allegheny County graduated from the free financial literacy program, My Money, My Life in 2007, marking the successful completion of the third full year of the planned five-year initiative.

In 2007, 19 more students graduated from My Money, My Life than in 2006 and 24 more than in 2005. My Money, My Life remains on target for educating and graduating approximately 200 low-income young adults each year through 2009.

Launched in November 2004, My Money, My Life teaches young adults 16 to 19 years old in Allegheny County’s low-income neighborhoods about the fundamentals of setting financial goals, budgeting, understanding credit, appreciating risk, saving, investing, consumer spending and managing debt.

During 2007, My Money, My Life conducted ten classes across Allegheny County in Beltzhoover, Braddock, Clairton, Emsworth (Holy Family Institute), the Hill District, Homewood, McKees Rocks, North Side, Oliver High School (Pittsburgh) and Sharpsburg. Participating financial institutions included Dwelling House Savings & Loan Association, ESB Bank, First Commonwealth Bank, Huntington Bank, Iron & Glass Bank, National City Bank, Northwest Savings Bank, PNC Bank and Sewickley Savings Bank.

As in the two prior years, 2007 graduates displayed significantly enhanced understanding of financial concepts and skills based on self-evaluations conducted before and after classes. Students demonstrated:

• A 132 percent increase in understanding the costs associated with buying on credit.
• A 113 percent increase in understanding costs associated with using payday lenders.
• A 74 percent improvement in personal use of a spending plan or budget.
• A 46 percent improvement in setting aside money for the future.
• A 36 percent increase in the practice of discussing money management with family.

Graduates of My Money, My Life received an initial $100 deposit from participating banks into fee-free savings accounts to help them save for the future.

“My Money, My Life is a great investment for the future. It showed me ways to be more responsible with my money and spending. It is very helpful to my college life,” said Sequala Thomas, 19, a McKees Rocks class graduate. Added Ennis Davis, 16, a Clairton class graduate: “This class taught me a lot and I will never forget the Neighborhood Housing Services staff.”

Advanced classes continue

Also in 2007, three advanced classes were held for graduates of the beginner’s class who wanted to deepen their financial knowledge. Mellon Financial Corporation sponsored all three classes, which graduated a total of 55 students.

Ten beginner’s classes set for 2008

A total of ten beginner’s classes are being scheduled for various locations across Allegheny County during 2008. Several advanced classes will also be held. Families interested in learning more about this year’s schedule should contact Karen Derzic, program manager, at 412-281-1100, ext. 121.

In addition to support from participating banks, Allegheny County and the Heinz Endowments also provide underwriting for My Money, My Life. JobCorps provides academic, vocational and skills training to the graduates at no cost.

FHLBank Pittsburgh, a government-sponsored enterprise created by Congress in 1932 to support greater homeownership, created My Money, My Life in 2004 and chose Neighborhood Housing Services as program administrator. FHLBank, a private cooperative, serves local financial institution members across its three-state district of Delaware, Pennsylvania and West Virginia. The Bank is headquartered at 601 Grant Street in Downtown Pittsburgh.