FHLBank Pittsburgh Welcomes Five New Members in Second Quarter

PITTSBURGH--()--The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today that in the second quarter of 2014, five new members joined the Bank’s cooperative of thrifts, commercial banks, credit unions, insurance companies and community development financial institutions (CDFIs) in Delaware, Pennsylvania and West Virginia.

As FHLBank members, Bank of Bird-in-Hand, The Bank of Monroe, First Commonwealth Federal Credit Union, M-C Federal Credit Union and Patriot Federal Credit Union have access to FHLBank’s product line of financial services, including low-cost loans (advances), which may be used for community development lending, asset/liability management and general funding.

“We are pleased to welcome these five institutions into the Bank’s membership,” said Winthrop Watson, FHLBank’s president and chief executive officer. “We look forward to being a source of low-cost, on-demand liquidity to help these organizations provide even more value to their own customers and communities.”

About Bank of Bird-in-Hand

Bank of Bird-in-Hand opened its doors for business in December 2013. The first de novo (start-up) bank in the United States in almost four years, and in Pennsylvania in over five years, Bank of Bird-in-Hand is an independent bank headquartered in Lancaster County, Pa. The bank maintains a strong focus on agriculture, small business and consumer banking. For more information about Bank of Bird-in-Hand, visit bihbank.com.

About The Bank of Monroe

Over 100 years after its founding, The Bank of Monroe continues to function as an independent community banking institution. The corporation re-formed itself in 1998 as Union Bankshares, Incorporated, retaining the name of The Bank of Monroe for its operations as a wholly owned subsidiary. A full-service branch near Lewisburg, Greenbrier County, was also opened in 2002. The bank looks to continue building upon its successful foundations, providing the highest quality of banking services. For more information about The Bank of Monroe, please visit www.bomwv.com.

About First Commonwealth Federal Credit Union

First Commonwealth Federal Credit Union was originally chartered in 1959 to serve the employees of Western Electric in Allentown, Pa. In the 1980s, the credit union began expanding its product and service offerings and adding additional branch locations. It now serves over 550 companies and their employees. Today, First Commonwealth is the largest credit union in the Lehigh Valley with a full-service menu including everything from checking accounts and debit cards to mortgages and online banking. For more information about First Commonwealth, please visit www.firstcomcu.org.

About M-C Federal Credit Union

Originally chartered in 1954 to serve the employees at Merck & Company’s Cherokee Plant in Riverside, Pa., M-C Federal Credit Union now serves Montour, Columbia, Northumberland, Snyder and Union Counties in Pennsylvania. With five branch locations and more than 11,000 members, the credit union continues to grow and look for ways to offer great service built upon the credit union philosophy of “people helping people.” M-C provides convenience services tailored for all ages and lifestyles. For more information about M-C, please visit mcfcu.org.

About Patriot Federal Credit Union

Patriot Federal Credit Union has been helping members achieve financial success since 1965. With assets in excess of $465 million, the credit union now has six branch locations serving its more than 47,000 members. It offers a full line of savings and loan products and services, including mortgages. For more information about Patriot Federal Credit Union, please visit www.patriotfcu.org.

About FHLBank Pittsburgh

As an intermediary between global capital markets and local lenders, FHLBank Pittsburgh provides readily available liquidity, as well as affordable housing and community development opportunities, to member financial institutions of all sizes in Delaware, Pennsylvania and West Virginia. The Bank is one of 12 banks in the Federal Home Loan Bank System, which was established by Congress in 1932 and serves as reliable source of funds for housing, jobs and economic growth in all economic cycles.

Contacts

FHLBank Pittsburgh
Terri McKay, 412-288-2830
terri.mckay@fhlb-pgh.com

Release Summary

The Federal Home Loan Bank of Pittsburgh announces that in the second quarter of 2014, five new members joined the Bank's cooperative in Delaware, Pennsylvania and West Virginia.

Contacts

FHLBank Pittsburgh
Terri McKay, 412-288-2830
terri.mckay@fhlb-pgh.com