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Diverse mix of six financial institutions joins FHLBank Pittsburgh in second quarter
PITTSBURGH, PA (July 2, 2015) — The Federal Home Loan Bank of Pittsburgh (FHLBank) announced today that in the second quarter of 2015, six 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. The variety of member types contributes to FHLBank’s ability to maintain strength and flexibility for its cooperative members, and have a positive impact on a wide range of local communities.
“We are pleased to welcome these six new members into the Bank,” said Winthrop Watson, president and CEO. “The diversity in their charters and business strategies strengthens our co-op, and we look forward to enhancing their business and liquidity needs.”
As an FHLBank member, 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 now have access to FHLBank’s suite of financial services. This includes low-cost loans (advances), which may be used for community development lending, asset/liability management and general funding.
About Bellco Federal Credit Union
Since 1938, Bellco Federal Credit Union (Bellco FCU) has thrived as a not-for-profit, member-owned financial institution serving Berks County, Pa. Bellco FCU aims to provide affordable accounts, competitive loan terms, and convenient, cutting-edge services. For more information, please visit bellcocu.org.
About Colonial Penn Life Insurance Company
Colonial Penn Life Insurance Company specializes in life insurance offered directly to consumers at affordable prices. With nearly 750,000 policies and over $3.2 billion of insurance in force, Colonial Penn is proud to serve the insurance needs of men and women all across America for more than 50 years. For more information, visit www.colonialpenn.com.
About Community First Fund
Community First Fund, a Community Development Financial Institution (CDFI), has more than 18 years of experience in providing loans, business training and one-on-one counseling to entrepreneurs of all sizes, affordable housing and commercial real estate developers, and community groups in under-served communities in central Pennsylvania. For more information, visit www.commfirstfund.org.
About Hershey Federal Credit Union
With offices in Hershey, Hummelstown and Annville, Pa., Hershey Federal Credit Union (HFCU) provides financial services to individuals, businesses and organizations in Dauphin and Lebanon counties. HFCU is a federally chartered community credit union, with $58 million in assets and more than 6,700 members. For more information, visit www.hersheyfcu.org.
About Pennsylvania State Employees Credit Union
Opened in 1934, Pennsylvania State Employees Credit Union (PSECU) was founded by 22 ordinary people who made an extraordinary commitment to each other: to create a financial institution where pooled resources benefit all members. Today, PSECU is a full-service credit union serving more than 400,000 members and with over $4 billion in assets. For more information, visit www.psecu.com.
About Senior Health Insurance Company of Pennsylvania
Senior Health Insurance Company of Pennsylvania (SHIP) offers long-term care insurance and provides high-quality service in meeting the Long Term Care policy commitments to its policyholders. To learn more, visit www.shipltc.com.
About FHLBank Pittsburgh
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. The Bank is part of the Federal Home Loan Bank System, which was established by Congress in 1932 and serves as a reliable source of funds for housing, jobs and economic growth in all economic cycles. To learn more, visit www.fhlb-pgh.com.