FHLBank Pittsburgh Welcomes Four New Members in Third Quarter

Business Wire

PITTSBURGH--(BUSINESS WIRE)--

The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today that in the third quarter of 2013, four 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, Elkins Park, Pa.-based Noah Bank; Harrisburg, Pa.-based Belco Community Credit Union, Scranton, Pa.-based Penn East Federal Credit Union and Broomall, Pa.-based Franklin Mint 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.

“The Bank is pleased to welcome Noah Bank, Belco Community Credit Union, Penn East Federal Credit Union and Franklin Mint Federal Credit Union to the FHLBank family,” said Winthrop Watson, FHLBank’s president and chief executive officer. “We look forward to supporting these organizations by being a source of on-demand liquidity to help enhance financial flexibility.”

About Noah Bank

Noah Bank (formerly Royal Asian Bank) is a Pennsylvania-chartered bank that was launched in 2004. Noah Bank provides financial products and services to businesses and consumers primarily in the Korean-American communities of Southeastern Pennsylvania, Northern New Jersey, Manhattan and Flushing, N.Y. For more information, visit www.noahbank.com.

About Belco Community Credit Union

Belco Community Credit Union was organized in 1939 as a federally chartered credit union, serving the employees of Bell Telephone Company of Harrisburg, Pa. In the late 1990s, Belco converted to a community charter in order to expand its membership base so more people could enjoy the benefits provided by its organization. Anyone who lives, works, worships, volunteers or attends school in Adams, Cumberland, Dauphin, Lancaster, Lebanon, Perry or York counties is eligible to join. Please visit www.belco.org for more information.

About Penn East Federal Credit Union

Penn East Federal Credit Union has been safeguarding family assets since 1938. Its mission is to provide members with quality financial services in a manner that will be professional, efficient and safe, in an atmosphere that will promote trust and goodwill, while also providing convenient and competitively priced quality financial services. Anyone who lives or works in Lackawanna, Luzerne or Wyoming counties is eligible to join. For more information, visit www.penneastfcu.org.

About Franklin Mint Federal Credit Union

Franklin Mint Federal Credit Union has been providing financial products and services to residents and organizations throughout the Delaware Valley and beyond since 1970. The Credit Union has more than 78,000 members, 2,000 partnering organizations and 36 branches. For more information, visit www.fmfcu.org.

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 and does not use taxpayer dollars. At June 30, 2013, it had 294 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.

View Comments