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. At September 30, 2011, the Bank had 300 members in its district of Delaware, Pennsylvania and West Virginia and held approximately $47 billion in assets. FHLBank Pittsburgh is privately capitalized and funded and does not use taxpayer dollars. 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. Clearview Federal Credit Union is federally insured by the National Credit Union Administration and is an Equal Housing Lender.įHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-members.
Membership is also open to immediate family members of current Clearview members. Membership in Clearview is open to individuals who live, work, worship, or attend school in the Southwestern Pennsylvania community, which includes Allegheny, Armstrong, Beaver, Butler, Fayette, Greene, Indiana, Lawrence, Washington and Westmoreland counties. “We look forward to utilizing FHLBank’s products and services as an increasing number of Pittsburgh area residents and businesses rely on us for their financial needs.”Ĭlearview Federal Credit Union has been in operation since 1953 and serves approximately 82,750 members, with reported assets valued at nearly $729 million as of September 30, 2011. “Membership in FHLBank Pittsburgh provides added flexibility to our institution as we continue serving consumers and businesses,” said Joseph Macala, Clearview’s Vice President – Finance. “As a fellow cooperative, FHLBank understands the need to serve Clearview FCU and other credit unions by delivering products and services that provide genuine value in the daily functioning of their businesses.” “We are pleased to welcome one of the region’s largest credit unions to the FHLBank Pittsburgh fold,” said Winthrop Watson, the Bank’s President and Chief Executive Officer. Membership in FHLBank Pittsburgh supplements Clearview FCU’s already robust liquidity by providing access to FHLBank’s product line of financial services including low-cost loans (advances), which can be used for community lending, general asset/liability management, and financing.
PITTSBURGH – The Federal Home Loan Bank (FHLBank) of Pittsburgh announced today that Clearview Federal Credit Union (Clearview FCU) is the latest addition to the 300-member financial institution cooperative.Ĭlearview FCU, based in the Pittsburgh suburb of Moon Township, becomes the third new member this year of FHLBank Pittsburgh, a privately funded cooperative of commercial banks, thrifts, credit unions, and insurance companies in Delaware, Pennsylvania and West Virginia.
Clearview Federal Credit Union is Newest Member of FHLBank Pittsburgh
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