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Federal Home Loan Bank’s results improve |

Federal Home Loan Bank’s results improve

| Wednesday, February 23, 2011 12:00 a.m

he Federal Home Loan Bank of Pittsburgh reported Tuesday quarterly net income of $21.5 million, a reversal of the $5.5 million loss the wholesale bank incurred a year earlier.

For the full year, the bank had net income of $8.3 million, compared with a $37.4 million loss for 2009. For the year and the quarter, the bank suffered major losses on its private-label, mortgage-backed securities in the prior year and fourth quarter 2009. As a result of the turnaround, the bank plans to repurchase about $200 million in excess capital from its member banks.

But it declined to resume dividend payments, which it had suspended in late 2008 to conserve capital. The bank provides financing to 3008 member banks in Pennsylvania, West Virginia and Delaware for housing and community development.

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