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Contact: Neil Cotiaux, FHLBank Pittsburgh: 412-288-2851; cell: 412-335-9488;

Auron Named Chief Risk Officer at FHLBank Pittsburgh

PITTSBURGH, PA, March 6, 2008 - Marshal S. Auron was named today as Chief Risk Officer of the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh), effective March 17, 2008. He succeeds J. Michael Hemphill, who is retiring.

As Chief Risk Officer, Mr. Auron will lead the Bank’s Corporate Risk Management department, sit on the Bank’s Management Committee, chair its Risk Management Committee and serve as Secretary of the Finance and Risk Management Committee of the Bank’s Board of Directors.

“Marshal Auron is the right leader to take over for Mike Hemphill, who has done an outstanding job,” said John R. Price, president and chief executive officer of FHLBank Pittsburgh. “During his more than 15 years with us, Marshal has contributed to our success on the credit money desk, in risk/return management and most recently, as head of business research and development. His leadership skills in strategic planning are well recognized. Marshal’s relations with customers, his experience in risk management and his keen organizational and analytical abilities make him eminently qualified to serve as Chief Risk Officer,” Price concluded.

Auron joined FHLBank Pittsburgh in 1992 from Pittsburgh National Bank (currently PNC Bank, NA). At Pittsburgh National, Auron was a vice president and senior portfolio manager in the Asset and Liability Management division.

At FHLBank, Auron began as a credit product development manager and then moved to the Bank’s Risk Management department, where he was responsible for measuring, modeling and assisting in managing interest rate risk. In 2003, he was tapped as director of business research and development, leading efforts to research, assess and develop new product lines and business concepts. He has also served on the Bank’s ALCO Committee.

Auron is a graduate of the University of Pittsburgh, from which he received an MBA in Finance. He earned a BS in Political Science and Economics from American University in Washington, D.C.

Auron and his wife live in Wexford, PA. The couple has two children.

About FHLBank Pittsburgh

FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-members. FHLBank Pittsburgh provides reliable access to low-cost funds, competitive pricing in the purchase of mortgage loans, correspondent banking, technical assistance, affordable housing grants and other programs so members can better serve their own communities. FHLBank Pittsburgh is privately capitalized and funded, does not use taxpayer dollars and enjoys a triple-A rating. It currently has 331 members in its district of Delaware, Pennsylvania and West Virginia and holds approximately $101 billion in assets as of December 31, 2007. FHLBank Pittsburgh is one of twelve Banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage activities of local financial institutions.