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): June 26, 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 of incorporation)	(Commission File Number)	(I.R.S. Employer 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 June 24, 2024, Winthrop Watson, President and Chief Executive Officer (CEO) of the Federal Home Loan Bank of Pittsburgh (Bank), notified the Bank’s Board of Directors (Board) that he intends to retire from the Bank, effective December 31, 2024. Mr. Watson has served as the Bank’s CEO since 2011. Prior to his appointment as President and CEO, he served as the Bank’s Chief Operating Officer (COO), a position that he held since November 2009.

The Board has named David G. Paulson as President and CEO, effective upon Mr. Watson’s retirement. Mr. Paulson, 59, is currently serving as COO, a position he has held since January 2020. Mr. Paulson joined the Bank in 2010 as Director, Mortgage Finance and Balance Sheet Management. Mr. Paulson became the Managing Director of Capital Markets in 2012 and Chief Financial Officer in 2013. As the Bank’s President and Chief Executive Officer, Mr. Paulson will be paid an annual base salary of $890,000 and eligible to earn annual and long-term incentive awards under the Bank’s Executive Officer Incentive Compensation Plan at Participant Level A, with award opportunities as described in “Item 11: Executive Compensation – Executive Officer Incentive Plans” of the Bank’s annual report on form 10-K filed with the Securities and Exchange Commission on March 6, 2024 (Annual Report). Mr. Paulson will also participate in the Bank’s Change in Control Plan at the CEO level and in the Bank’s Executive Officer Severance Policy at the CEO level. A description of the compensation and benefits provided or made available to the CEO may be found in Item 11: Executive Compensation of the Annual Report.

Mr. Paulson has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. There are no family relationships between Mr. Paulson and any of the Bank’s directors or executive officers, and there are no arrangements or understandings between Mr. Paulson and any other person pursuant to which he was selected as President and CEO.

Item 7.01. Regulation FD Disclosure.

On June 26, 2024, the Bank issued a news release announcing Mr. Watson’s retirement and Mr. Paulson’s appointment as President and Chief Executive Officer. A copy of the news release is furnished with this report as Exhibit 99.1.

The information in Item 7.01 and Exhibit 99.1 attached hereto shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	News Release dated June 26, 2024, issued by the Bank.
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
June 26, 2024	By:	/s/ Peggy Delinois Hamilton
	Name:	Peggy Delinois Hamilton
	Title:	General Counsel and Corporate Secretary

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

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

The Federal Home Loan Bank of Pittsburgh Announces Retirement of Winthrop Watson, President and Chief Executive Officer; Board Appoints David Paulson as Successor

PITTSBURGH, June 26, 2024 – Today, the Federal Home Loan Bank of Pittsburgh (FHLBank) announced the upcoming retirement of Winthrop Watson as President and Chief Executive Officer (CEO), effective Dec. 31, 2024. Watson has led FHLBank since 2011 after joining as Chief Operating Officer (COO) in 2009. Prior to FHLBank, he spent 25 years at J.P. Morgan.

David G. Paulson, currently COO, has been appointed by FHLBank’s Board of Directors (Board) as Mr. Watson’s successor. He will become President and CEO on Dec. 31, 2024.

“We are sincerely grateful for Winthrop’s leadership,” said Brendan J. McGill, Chair of the FHLBank’s Board, and President and CEO of Harleysville Bank. “Winthrop has been a strong advocate for our members as well as our programs to support for affordable housing and economic development. He has built a legacy of service, reliability, innovation and trust.”

Under Mr. Watson’s leadership, FHLBank has generated record earnings and community investment funding for our member cooperative. His 15-year tenure includes navigating several national economic challenges, including the fallout of the 2008 financial crisis, and more recently, the staffing and fiscal volatility caused by the COVID-19 pandemic and the March 2023 banking crisis.

Mr. Watson has also played a significant role within the FHLBank System – serving twice as Chair of the Bank President’s Conference, many years as Chair of the Governance Committee of the Federal Home Loan Banks Office of Finance, and Chair of the Pentegra Multi-Employer Defined Benefit Pension Plan.

“I’m thankful for the opportunity to fulfill FHLBank’s dual mission,” said Mr. Watson. “Alongside our dedicated employees, it has been an honor to serve FHLBank Pittsburgh’s members and their communities.”

Mr. Paulson assumed the position of COO in January 2020. He joined FHLBank in 2010, was promoted to Managing Director of Capital Markets in 2012 and named Chief Financial Officer in 2013.

Alongside Mr. Watson, Mr. Paulson has also worked to support FHLBank’s mission by focusing on the liquidity needs of members, while also enhancing FHLBank’s community investment and economic development initiatives in the cooperative’s three-state footprint: Delaware, Pennsylvania and West Virginia. During his time as COO, he has helped to strengthen FHLBank’s balance sheet, capital position, risk management, community investment impact, and talent pipeline.

Mr. Paulson has more than 30 years of financial services and banking experience, primarily in treasury and capital markets functions. Prior to FHLBank, Paulson held banking and finance roles across several institutions, with increasing levels of responsibility.

“We are pleased to have Dave as our incoming President and Chief Executive Officer,” said Mr. McGill. “His knowledge of FHLBank Pittsburgh and the FHLBank System will serve our members well.”

“I’m humbled by the opportunity to lead FHLBank as President and CEO,” said Mr. Paulson. “As I take on this new role, I’m looking forward to continuing our member-service, community-based approach.”

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.

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Document and Entity Information	Jun. 26, 2024
Cover [Abstract]
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Entity Central Index Key	0001330399
Document Type	8-K
Document Period End Date	Jun. 26, 2024
Entity Registrant Name	Federal Home Loan Bank of Pittsburgh
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 Incorporation State Country Code	PA
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15219
City Area Code	412
Local Phone Number	288-3400
Written Communications	false
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Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false