News Column

FEDERAL HOME LOAN BANK OF PITTSBURGH FILES (8-K) Disclosing Results of Operations and Financial Condition, Material Modification to Rights of Security Holders, Regulation FD Disclosure, Financial Statements and Exhibits

July 29, 2014

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 member letter.

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 Exhibit 99.3.

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.

(c) 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


Top of the Form

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Edgar Glimpses

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters