Item 2.02 Results of Operations and Financial Condition.
On July 29, 2014 the Federal Home Loan Bank of Pittsburgh (the "Bank") issued:
1) a press release to report the Bank's financial results for the quarter and
six months ended June 30, 2014 and announce the Board's declaration of a
dividend and 2) a member letter regarding the financial results, dividend and
upcoming changes to the Bank's Capital Plan. Attached as Exhibits 99.1 and 99.2
to this Current Report on Form 8-K are copies of the related press release and
Item 3.03 Material Modifications to Rights of Security Holders.
On July 29, 2014 the Bank issued a Capital Plan communication to its members
outlining changes to the Bank's Capital Plan, which become effective October 6
and 7, 2014 as follows: 1) the Capital Plan is amended effective October 6, 2014
to convert each member's existing membership stock and activity stock into
subclasses of its Class B Capital Stock: Subclass B1 Membership Stock and
Subclass B2 Activity Stock. Under the terms of the Amended Capital Plan the
Bank's Board may declare dividends on Subclass B2 Activity Stock that exceed
those declared on Subclass B1 Membership Stock; 2) also effective October 6 with
the amendment of the Capital Plan the Subclass B2 Activity Stock ranges for
letters of credit and advances are widened and a new activity stock range is
created for forward commitment advances. However, no change is being made in the
amount of Subclass B2 Activity Stock members have to purchase to support their
Bank activity at this time; and 3) effective October 7, 2014 the Subclass B1
Membership Stock percentage requirement is reduced from 0.35% to 0.10%.
The statements set forth herein regarding the Amended Capital Plan are qualified
in their entirety by reference to a copy of the Amended Capital Plan filed as
Item 7.01 Regulation FD Disclosure.
The Bank's Capital Plan communication to its members issued on July 29, 2014 is
included as Exhibit 99.4. The information set forth under Item 2.02 is also
furnished pursuant to this Item 7.01. The information being furnished pursuant
to Item 2.02 and Item 7.01 of this Current Report on Form 8-K and the
information contained in Exhibits 99.1, 99.2 and 99.4 shall not be deemed to be
"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.
99.1 Press release dated July 29, 2014 issued by the Bank
99.2 Letter to Members dated July 29, 2014 issued by the Bank
99.3 Amended Bank Capital Plan Effective October 6, 2014
99.4 July 29, 2014 Member Capital Plan Communication
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