Wayne, PA – June 15, 2009 – (RealEstateRama) – Berkshire Bank was cited for exceptional service to the community today at a gathering of regional banking leaders.
At a meeting of more than 100 Pennsylvania and Delaware banking executives hosted by the Federal Home Loan Bank of Pittsburgh (FHLBank), Berkshire Bank was presented with the Pillars of the Community Award, bestowed annually by FHLBank for exemplary service to the community in the areas of affordable housing, small business development and sustainable community revitalization throughout the previous year.
A member of the FHLBank financial institution cooperative, Berkshire Bank was singled out for channeling nearly one-half million dollars in funding from FHLBank’s Banking On Business (BOB) program during 2008 to help six small businesses get off the ground or grow, creating or retaining 42 jobs. Berkshire Bank also used more than $4 million in Community Lending Program (CLP) funds to assist 18 additional businesses. CLP is a low-cost revolving line of credit that FHLBank members can tap for purposes of community and economic development.
In addition to BOB and CLP funding, Berkshire Bank’s management and staff engage in a variety of volunteer activities in the community, including the Boy Scouts and Rotary. The bank also sponsors charitable events that benefit organizations such as Crime Alert Berks County, the local Elm Street Project and the Cystic Fibrosis Foundation.
In honor of Berkshire Bank’s commitment to the community, FHLBank has donated $1,000 to the Hawk Mountain Council of the Boy Scouts of America.
This year’s Pillars Award was presented to Berkshire Bank by John R. Price, president and CEO of FHLBank Pittsburgh, and by John J. Bendel, FHLBank’s Community Investment director.
“We are pleased to honor Berkshire Bank for its extensive efforts on behalf of the community,” said Price. “In its first five years of operation, Berkshire Bank has committed itself to being a responsible community leader across the Reading area. We are delighted to have them as a member of the Home Loan Bank cooperative.”
About the banks
Berkshire Bank is a five-year-old community bank based in Wyomissing. It serves consumers and businesses through five offices in the Reading area: Exeter, Muhlenberg, Route 183-Airport, West Reading and Wyomissing.
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 approximately $83 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.