FHLBank Pittsburgh Welcomes Three New Members in First Half of 2013


PITTSBURGH – July 1, 2013 – (RealEstateRama) — The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today that in the first half of 2013, three new members joined the Bank’s cooperative of banks, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia.

As FHLBank members, Charleston, W.Va.-based Pioneer West Virginia Federal Credit Union; Corry, Pa.-based Corry Federal Credit Union and Newark, Del.-based Applied Bank have access to FHLBank’s product line of financial services, including low-cost loans (advances), which can be used for community development lending, general asset/liability risk management and funding.

“We are pleased to welcome Pioneer West Virginia Federal Credit Union, Corry Federal Credit Union and Applied Bank into our membership,” said Winthrop Watson, FHLBank’s president and chief executive officer. “The Bank looks forward to supporting these three organizations by being a source of on-demand liquidity as they continue to grow and plan for the future.”

About Pioneer West Virginia Federal Credit Union

Pioneer West Virginia Federal Credit Union was established in 1940 by a group of “pioneering” educators and eventually grew to include all school employees in Kanawha and nearby counties. In December 2002, the credit union was granted a community charter and changed its name to Pioneer West Virginia Federal Credit Union. Today with an asset base in excess of $153 million, the credit union provides a full range of financial services to thousands of members and aims to partner with members to achieve and sustain financial security by providing education and exemplary products and services.

About Corry Federal Credit Union

The Corry FCU is a member-owned financial institution dedicated to serving the financial needs of its members and their families in a friendly and professional manner. Begun in 1958 as the Raymond Employees FCU, the credit union changed its name to Corry FCU in August 2005 to reflect the credit union’s expanding charter, which was opened to anyone in the city of Corry. It is now the largest credit union in the Corry Area.

About Applied Bank

Applied Bank, headquartered in Newark, Del., is a Delaware State Chartered Bank and an FDIC-insured Equal Housing Lender. The bank has been providing banking services since 1996 and aims to continually develop, expand and retain sound consumer and commercial relationships by delivering attractive and competitive financial products and services at an exceptional level of quality that exceeds consumer’s needs and expectations.

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,

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