PITTSBURGH – July 3, 2013 – (RealEstateRama) — The Federal Home Loan Bank of Pittsburgh (Bank) is pleased to announce its new membership with the Pennsylvania Association of Mutual Insurance Companies (PAMIC).
As an associate member, the Bank would join the more than 100 current associate members that support the industry, including re-insurers, law firms, independent adjusters and service providers. PAMIC represents more than 60 mutual and stock insurance companies located in Pennsylvania and the surrounding states and provides advocacy and education, as well as networking opportunities, for those involved in the insurance industry.
“We are pleased to have the Federal Home Loan Bank of Pittsburgh as our newest associate member,” said Steven Elliot, PAMIC president. “Access to PAMIC will help to further increase the Bank’s presence in the insurance industry throughout the state of Pennsylvania and beyond.”
The Bank’s cooperative includes several insurance members, which are part of the total number of member insurance companies across the 12-Bank Federal Home Loan Bank System. At March 31, 2013, 283 insurance companies were served by the FHLBanks and had total advances (low-cost loans) outstanding of $52.9 billion.
About FHLBank Pittsburgh
FHLBank Pittsburgh is a wholesale bank that serves the housing finance, 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 and does not use taxpayer dollars. At March 31, 2013, it had 293 members in its district of Delaware, Pennsylvania and West Virginia and approximately $60 billion in assets. FHLBank Pittsburgh is one of 12 banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage and community development activities of local financial institutions.
Terri McKay, FHLBank Pittsburgh, 412-288-2830,