8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 16, 2024

Federal Home Loan Bank of Pittsburgh

(Exact name of registrant as specified in its charter)

Federally Chartered Corporation	000-51395	25-6001324
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)
601 Grant Street, Pittsburgh, Pennsylvania		15219
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 412-288-3400

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
—	—	—

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On August 16, 2024, the Board of Directors (“Board”) of the Federal Home Loan Bank of Pittsburgh (“Bank”) elected Thomas A. Hendry, Senior Vice President and Treasurer of New York Life Insurance and Annuity Corporation, to fill its vacant Delaware Member Director position, effective immediately. Mr. Hendry was elected, in accordance with the rules of the Federal Housing Finance Agency (the “Agency”), to serve the remainder of former Delaware Member Director Pamela C. Asbury’s term, which expires on December 31, 2027.

Mr. Hendry will serve on the Finance Committee, the Enterprise Risk Management Committee (a Committee comprised of the entire Board), and the Diversity, Equity & Inclusion Committee (a Committee comprised of the entire Board).

The Board also elected Nathaniel S. Bonnell, Chairman, President and CEO of Citizens Bank of West Virginia, to fill its vacant West Virginia Member Director position, effective immediately. Mr. Bonnell was elected, in accordance with the rules of the Agency, to serve the remainder of former West Virginia Member Director H. Charles Maddy, III’s term, which expires on December 31, 2026.

Mr. Bonnell will serve on the Operational Risk Committee, the Enterprise Risk Management Committee (a Committee comprised of the entire Board), and the Diversity, Equity & Inclusion Committee (a Committee comprised of the entire Board).

Mr. Hendry and Mr. Bonnell will be compensated in accordance with the Bank’s 2024 Directors’ Compensation Policy as described in the Bank’s 2023 Form 10-K filed with the Securities and Exchange Commission on March 6, 2024.

Attached as Exhibit 99.1 to this Current Report on Form 8-K is a press release issued by the Bank announcing the election of Mr. Hendry and Mr. Bonnell. The Bank is a cooperative and, as such, most of the Bank’s business is conducted with its members. In the normal course of its business, the Bank extends credit to, and transacts other business with, members whose officers or directors may serve as Member Directors of the Bank. It is the Bank’s policy to extend credit to, and transact other business with, members having directors or officers serving on the Bank’s Board on terms and conditions that are no more favorable than the terms and conditions of comparable transactions with similarly situated members having no Board representation.

Item 7.01 Regulation FD Disclosure

Attached as Exhibit 99.1 to this Current Report on Form 8-K is a copy of the Bank’s press release regarding Mr. Hendry’s and Mr. Bonnell’s election to the Board. The information being furnished pursuant to Item 7.01 on this Current Report on Form 8-K and the information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
 

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1 is furnished herewith.

Exhibit No. Description

99.1 Press Release, dated August 20, 2024, issued by the Bank

Description

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE(S)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Federal Home Loan Bank of Pittsburgh
August 20, 2024	By:	/s/ Peggy Delinois Hamilton
		Name: Peggy Delinois Hamilton
		Title: General Counsel & Corporate Secretary

EX-99.1

 

FOR IMMEDIATE RELEASE

Contact: Eric M. Slomer, FHLBank Pittsburgh, 412-288-7694, eric.slomer@fhlb-pgh.com

FHLBank Pittsburgh Announces Two New Board Members

PITTSBURGH, Aug. 20, 2024 – The Federal Home Loan Bank of Pittsburgh (FHLBank) today announced the election of Thomas A. Hendry, Senior Vice President and Treasurer of New York Life Insurance and Annuity Corporation (New York Life). and Nathaniel S. Bonnell, Chairman, President and CEO of Citizens Bank of West Virginia to the FHLBank Board of Directors (Board). They will serve out the Board terms of former Delaware and West Virginia member directors, Pamela C. Asbury and H. Charles Maddy, III, respectively. Mr. Hendry will step into an existing four-year term that began Jan. 1, 2024. Mr. Bonnell will step into an existing four-year term that began Jan. 1, 2023.

Mr. Hendry will serve on the Finance Committee, the Enterprise Risk Management Committee (a Committee comprised of the entire Board), and the Diversity, Equity and Inclusion Committee (a Committee comprised of the entire Board).

Mr. Bonnell will serve on the Operational Risk Committee, the Enterprise Risk Management Committee, and the Diversity, Equity and Inclusion Committee.

Newly Elected Directors

Delaware Member Director

Mr. Hendry serves as Senior Vice President and Treasurer in the Corporate Finance department of New York Life. New York Life is a US and global mutual life insurance company. Mr. Hendry is responsible for overseeing the Treasury function including funding, liquidity management, operations, asset liability management, as well as enterprise expense management, procurement, and corporate services. Prior to joining New York Life in 2012, Mr. Hendry held multiple leadership roles at Prudential, which he rejoined in 1998, and Prudential Investment Management.

He earned a Master of Business Administration from New York University’s Stern School of Business, and a Bachelor of Science in accounting and economics from King’s College.

West Virginia Member Director

Mr. Bonnell is the Chairman, President and CEO of Citizens Bank of West Virginia, which operates six full-service banking locations in West Virginia. Mr. Bonnell is also President, CEO and a Board Member of Citizens Financial Corp., headquartered in Elkins, West Virginia. With more than 20 years at Citizens Bank, Mr. Bonnell has served in various capacities including Chief Financial Officer and Executive Vice President overseeing operations. Mr. Bonnell is a Certified Public Accountant, and also maintains designations as a Certified Information Systems Auditor and Chartered Global Management Accountant.

He is currently a Board Member of the West Virginia Bankers Association, Randolph County Development Authority, the Rotary Club of Elkins and Davis & Elkins College. He is also a member of the Community Bankers Council of the American Bankers Association and is an active participant in Community Bankers of West Virginia. He earned a Master of Business Administration from West Virginia University and a Bachelor of Science in Accounting and Management from Davis & Elkins College.

Other Directors Serving on the FHLBank Pittsburgh Board of Directors

In addition to the elected directors listed above, FHLBank’s Board for 2024 also includes: Barbara Adams, Thomas Bailey, Glenn R. Brooks, Romulo L. Diaz, Jr., Esq., James V. Dionise, Angel L. Helm, Blanche Jackson, Louise M. Herrle, Sheryl Jordan, Joseph W. Major, Brendan J. McGill, Thomas H. Murphy, Dr. Howard B. Slaughter, Jr., and Jeane M. Vidoni. For more information about the Bank’s directors, visit www.fhlb-pgh.com/leadership.

About FHLBank Pittsburgh

FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting www.fhlb-pgh.com.

About New York Life

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States1 and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, and other solutions. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies2.

1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/4/2024. For methodology, please see http://fortune.com/fortune500/.

2Individual independent rating agency commentary as of 11/17/2023: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).

About Citizens Bank of West Virginia

Citizens Bank of West Virginia, with assets of $682 million, is headquartered in Elkins, WV. From six office

locations in North Central and northern West Virginia, the bank provides integrated financial services

including retail and commercial banking, wealth management, and mortgage services. Citizens Bank was

recognized for the fourth consecutive year by American Banker magazine in the Top Performing Publicly Traded Community Banks Under $2 Billion of Assets in the Nation, ranking 25th on the prestigious list and #1 among WV banks. Citizens was also named to Newsweek’s America’s Best Banks 2023 list as the Best Small Bank in WV, 2023 SBA WV Community Lender of the Year, The Inter-Mountain’s 2023 People’s Choice

Best Bank, and ranked #7 as one of the 2023 Best Banks to Work for in the Country by American Banker.

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XML

Document and Entity Information	Aug. 16, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 16, 2024
Entity Registrant Name	Federal Home Loan Bank of Pittsburgh
Entity Central Index Key	0001330399
Entity File Number	000-51395
Entity Tax Identification Number	25-6001324
Entity Address, Address Line One	601 Grant Street
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Incorporation, State or Country Code	PA
Entity Address, Postal Zip Code	15219
City Area Code	412
Local Phone Number	288-3400
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false