Three New Members Join FHLBank Pittsburgh in the Second Half of 2018
FHLBank’s suite of financial services includes cost loans (advances), which may be used for community development lending, asset/liability management and general funding.
PITTSBURGH, PA—The Federal Home Loan Bank of Pittsburgh says three new members joined the bank’s cooperative of commercial banks, credit unions, insurance companies, community development financial institutions and thrifts in Delaware, Pennsylvania and West Virginia in the second half of 2018. The variety of member types contributes to FHLBank’s strength and flexibility for its membership and has a positive impact on a wide range of local communities.
“We are pleased to continue adding to the diversity of our cooperative,” says Winthrop Watson, president and chief executive officer. “We welcome these new members into the Bank and look forward to serving their liquidity, housing finance and community lending needs.”
As FHLBank members, Arch Reinsurance Company, Community Powered Federal Credit Union and Technology Insurance Company may now access FHLBank’s suite of financial services. This includes cost loans (advances), which may be used for community development lending, asset/liability management and general funding.
Arch Reinsurance Company (Arch Re) is a diversified reinsurer, with operations in most major global insurance centers. Arch Re offers treaty and facultative property and casualty reinsurance on a worldwide basis, including property catastrophe, property, liability, marine, aviation and space, trade credit and surety, agriculture, accident, life and health, and other specialty lines of coverage such as terrorism and political risk.
Community Powered Federal Credit Union opened in 1962 as DPL Federal Credit Union to serve employees of the Delmarva Power & Light Company, and expanded its membership with the name change in 2009, offering financial services to residents of New Castle County, DE, above the Chesapeake and Delaware Canal.
Technology Insurance Company is a wholly owned subsidiary of AmTrust Financial Services, which offers specialty property and casualty insurance products—including workers’ compensation, commercial automobile, general liability and extended service and warranty coverage—through its primary insurance subsidiaries.
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.