Coraopolis, PA – June 9, 2009 – (RealEstateRama) — Brentwood Bank was honored before its industry peers today for its exceptional record of community investment and service.
At a gathering of approximately 100 Pennsylvania banking executives hosted by the Federal Home Loan Bank of Pittsburgh (FHLBank), Brentwood Bank was presented with the Pillars of the Community Award, bestowed annually by FHLBank for extraordinary efforts to create affordable housing, support small business, promote community stability and revitalize neighborhoods during the prior year.
In honor of Brentwood Bank’s commitment to the community, FHLBank has donated $1,000 to Pittsburgh Habitat for Humanity on behalf of the Bethel Park High School Habitat for Humanity Chapter.
An FHLBank member-shareholder, Brentwood Bank was singled out for its extensive, cost-competitive funding of housing, small business and nonprofits through the Community Lending Program (CLP), a revolving line of credit available to members that FHLBank provides at its own cost of funds. In 2008, Brentwood Bank utilized more than $7 million in CLP funds to purchase real estate for residential housing and commercial development, to refinance debt and extend lines of credit to businesses, and for other community projects including the upgrading of an information system at a community hospital. Brentwood Bank used CLP funding to support nearly one dozen specific projects last year.
In addition to CLP funding, Brentwood Bank’s management and staff engage in a variety of volunteer activities in the community, including the distribution of “Your Personal Guide to Loans and Credit”, a high school educational resource; support for the American Cancer Society; and collecting and donating supplies for members of the military through Operation Troop Appreciation.
This year’s Pillars Award was presented to Thomas Bailey, president and chief executive officer of Brentwood Bank, by John R. Price, president and CEO of FHLBank Pittsburgh, and by John J. Bendel, FHLBank’s Community Investment director. Mr. Bailey also serves as the current chairman of the Pennsylvania Association of Community Bankers (PACB).
“We are delighted to honor Brentwood Bank for its wide-ranging activities in support of the community,” said Price. “Both in 2008 and earlier, Brentwood Bank has helped make big dreams come true for both for-profit and nonprofit organizatIons and their stakeholders, especially through our Community Lending Program.”
About the banks
Founded 86 years ago and serving Pittsburgh’s South Hills region, Brentwood Bank operates offices in Brentwood and Bethel Park. Over the years, the bank has garnered a steady stream of community awards, including multiple honors from the Pittsburgh Tribune-Review as part of its Quest for the Best program as well as PACB’s 2003 Overall Community Service Award.
FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its member-owner financial institutions. 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 March 31, 2009, it had 320 members in its district of Delaware, Pennsylvania and West Virginia and average assets of approximately $88 billion. 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.
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