Results Declared in Board Elections at FHLBank Pittsburgh

Results Declared in Board Elections at FHLBank Pittsburgh

PITTSBURGH, PA November 23, 2010 – The Board of Directors of the Federal   Home Loan Bank (FHLBank) of Pittsburgh today declared the results of  the recent  election to fill seats vacated by Directors whose terms  expire on December 31,  2010. The election includes two member director  positions for Delaware, one  member director position each for  Pennsylvania and West Virginia, and two non-member  independent director  positions.

Member  Directors – The FHLBank’s  members elected two new directors and two incumbents to  the member  director positions. New directors are Charlotte B. McLaughlin, Executive   Vice President, PNC Bank, NA, Pittsburgh, Pennsylvania and Bradford  Ritchie, West Virginia President,  Summit Community Bank, Moorefield,    West Virginia. Re-elected  directors are David R. Gibson, Executive Vice  President and Chief Financial  Officer, Wilmington Trust Company,  Wilmington, Delaware and John C. Mason,  Chief Investment Officer and  Treasurer, ING Bank, fsb, Wilmington, Delaware. Ms.  McLaughlin, Mr.  Ritchie and Mr. Mason were elected to serve four-year terms,  and Mr.  Gibson was elected to serve a one-year term.

Independent  Directors – The FHLBank’s  members elected one new and one incumbent director to  the non-member  independent director positions. The new director is Maureen   Breakiron-Evans; she is self-employed and currently serves on  the Board  of Directors and the Audit Committee of Cognizant Technology   Solutions, a $4 billion global IT and business process company. The  incumbent is John  K. Darr, retired Managing Director and Chief  Executive Officer of the FHLBanks’  Office of Finance. Ms.  Breakiron-Evans was elected to serve a four-year term  and Mr. Darr was  elected to serve a one-year term.

Other  Directors on FHLBank Pittsburgh Board of Directors
In  addition to the six directorships above,  FHLBank Pittsburgh’s Board of Directors  for 2011 includes the following  members who continue to serve: Dennis M. Marlo,  chairman; Patrick A.  Bond, Rev. Luis A. Cortés, Jr., Brian A. Hudson, John S.  Milinovich,  Edward J. Molnar, Charles J. Nugent, Patrick J. Ward and Robert W.   White.

All directors certified in  the 2010 election will begin their terms of office on January 1, 2011.

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. At September 30, 2010,  the Bank had 314 members  in its district of Delaware, Pennsylvania and  West Virginia and approximately $55  billion in assets. 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.

Contact:
Neil Cotiaux, FHLBank Pittsburgh: 412-335-9488,

Previous articleJ.D. Power and Associates Ranks Quicken Loans Inc. the Highest In Customer Satisfaction Among all Home Mortgage Lenders in the United States
Next articleCONSTRUCTION EMPLOYMENT EXPANDS IN 29 STATES BETWEEN SEPTEMBER AND OCTOBER AS INDUSTRY’S EMPLOYMENT SITUATION REMAINS “VOLATILE”