PITTSBURGH--(BUSINESS WIRE)--The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today that Sayre, Pa.-based Guthrie Federal Credit Union (Guthrie FCU) is the newest member of the Bank’s three-state financial institution cooperative of commercial banks, thrifts, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia.
“As a fellow cooperative, FHLBank is aware of the needs of all our credit union members, who each day provide significant value to their respective membership.”
Guthrie FCU meets the needs of families, businesses and nonprofits in a field of membership spanning more than 60 common bonds of community activity and it is the 28th credit union member to join FHLBank Pittsburgh.
Membership in FHLBank Pittsburgh supports Guthrie FCU’s strong 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.
“We are pleased to welcome Guthrie Federal Credit Union into our membership,” said Winthrop Watson, FHLBank’s President and Chief Executive Officer. “As a fellow cooperative, FHLBank is aware of the needs of all our credit union members, who each day provide significant value to their respective membership.”
“Becoming a member of the Federal Home Loan Bank of Pittsburgh will provide access to funding and other financial services, which will strengthen the Guthrie Federal Credit Union’s asset/liability management position,” said its Chief Executive Officer, John A. Savelli. “The Federal Home Loan Bank is looked upon as a stable source of funding, and we are pleased to be accepted as a member.”
About Guthrie Federal Credit Union
In business since March 1979, Guthrie Federal Credit Union is a federally chartered and insured credit union offering a broad range of high-quality benefits and services to families, businesses and nonprofits from their offices in the Sayre and Troy communities in Northeastern Pennsylvania. Its field of membership includes the employees of Guthrie Clinic and its subsidiaries; local school employees; municipal employees; and the employees of area builders, insurance providers, religious organizations and other groups of common interest spanning dozens of community activities. Guthrie FCU holds approximately $63 million in assets and serves more than 7,100 members. Visit www.guthriefcu.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. As of September 30, 2012, it had 294 members in its district of Delaware, Pennsylvania and West Virginia and approximately $60 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 and community development activities of local financial institutions.