Pittsburgh, PA – June 7, 2011 – (RealEstateRama) — The Federal Home Loan Bank (FHLBank) of Pittsburgh today announced Williamson, WV-based Bank of Mingo as its newest member. The addition of Bank of Mingo complements the nearly 200 commercial bank members of FHLBank Pittsburgh and the nearly 5,500 commercial banks within the FHLBank System. At year-end 2010, Bank of Mingo had $116 million in assets.
“We are pleased to welcome Bank of Mingo to the FHLBank Pittsburgh family,” said Winthrop Watson, president and chief executive officer of the private financial institution cooperative. “Membership allows Bank of Mingo to access our full line of financial services including low-cost loans (advances), the Mortgage Partnership Finance® Program, correspondent banking services, the Affordable Housing Program, and other services beneficial to Bank of Mingo, its customers and the community.”
Williamson, which is part of Bank of Mingo’s marketplace, is one of ten Blueprint Communities first sponsored by FHLBank Pittsburgh in 2007. Blueprint Communities is a comprehensive community-building initiative designed to help smaller localities develop deeper civic leadership, comprehensive strategic planning, and greater capacity for sustainable growth. As a result of the city’s accomplishments over the prior three years, Williamson was recertified as a Blueprint Community in the fall of 2010, opening the door to receipt of additional technical assistance and public and private funding.
About Bank of Mingo:
Bank of Mingo opened in 1976. Its main headquarters is located at 10 Commerce Drive, Belo Industrial Park, Williamson. Bank of Mingo is an FDIC-insured institution and since opening, has expanded and operates a total of six offices in Gilbert, Delbarton, Naugatuck, Matewan and Williamson.
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. As of March 31, 2011, the Bank had 306 members in its district of Delaware, Pennsylvania and West Virginia and held approximately $52 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.
This news release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include, but are not limited to, general economic conditions (including effects on, among other things, mortgage-backed securities), legislative and regulatory developments, changes in our membership profile, demand for advances, changes in projected business volumes, business and capital plan adjustments and amendments, regulatory actions or approvals, competitive pressure from alternative member funding sources, shifts in demand for our products and consolidated obligations andother risks detailed from time to time in the FHLBank’s filings with the Securities and Exchange Commission. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. The FHLBank Pittsburgh does not undertake to update any forward-looking statements made in this announcement.
“Mortgage Partnership Finance” is a registered trademark of the Federal Home Loan Bank of Chicago.
Randall T. Brumfield, Senior Vice President & Chief Executive Officer, Bank of Mingo, 304-475-1900;
Neil Cotiaux, FHLBank Pittsburgh, 412-288-2851,