6 banks join FHLBank of Pittsburgh

Six new members joined The Federal Home Loan Bank (FHLBank) of Pittsburgh’s cooperative in the second quarter of 2015.

Bellco Federal Credit Union, Colonial Penn Life Insurance Company, Community First Fund, Hershey Federal Credit Union, Pennsylvania State Employees Credit Union and Senior Health Insurance Company of Pennsylvania were named as the cooperative’s newest associates.

“We are pleased to welcome these six new members into the Bank,” FHL Bank president and CEO Winthrop Watson said. “The diversity in their charters and business strategies strengthens our co-op, and we look forward to enhancing their business and liquidity needs.”

FHLBank sustains an eclectic structure comprising thrifts, commercial banks, credit unions, insurance companies and community development financial institutions in Delaware, Pennsylvania and West Virginia.

By connecting with the cooperative, the new members gain access to FHLBank’s suite of financial services, which include low-cost loans for community development lending, asset/liability management and general funding.

Acting as an intermediary between global capital markets and local lenders, FHLBank Pittsburgh provides liquidity, affordable housing and community development opportunities to financial institutions of all sizes.

The bank is part of the Federal Home Loan Bank System, established by Congress in 1932.