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): December 19, 2008

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))

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

On December 19, 2008, the Board of Directors ("Board") of the Federal Home Loan Bank of Pittsburgh ("Bank") approved John Mason to serve as a member director on the Bank’s Board. Mr. Mason is the Chief Investment Officer and Treasurer of ING Bank, FSB, a Delaware member. In accordance with the regulations of the Federal Housing Finance Agency, the Board appointed Mr. Mason to the open member director position currently allocated to Delaware. The term assigned to the seat which Mr. Mason holds ends on December 31, 2010. At the time of this filing, Mr. Mason has not been named to serve on any committees of the Board for the term beginning on January 1, 2009. The Bank is a cooperative and 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 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 announcing the Board’s action to appoint Mr. Mason to serve on the Bank’s Board. The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K and the information contained in Exhibit 99.1 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

Exhibit Number

99.1 Press Release, dated December 29, 2008, issued by the Federal Home Loan Bank of Pittsburgh

SIGNATURES

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
December 29, 2008	By:	Dana A. Yealy
		Name: Dana A. Yealy
		Title: Managing Director, General Counsel and Corporate Secretary

Exhibit Index

Exhibit No.	Description
99.1	Press Release, dated December 29, 2008, issued by the Federal Home Loan Bank of Pittsburgh

EX-99.1

Press Release

FOR IMMEDIATE RELEASE

Contact: Neil Cotiaux, FHLBank Pittsburgh: 412-288-2851; cell: 412-335-9488;

Neil.cotiaux@fhlb-pgh.com

JOHN MASON, CHIEF INVESTMENT OFFICER AND TREASURER, ING BANK, FSB, NAMED AS A DIRECTOR OF THE FEDERAL HOME LOAN BANK OF PITTSBURGH

PITTSBURGH, PA, December 29, 2008 – The Board of Directors (Board) of the Federal Home Loan Bank (FHLBank) of Pittsburgh has appointed John Mason, an officer of ING Bank, fsb (operating as ING DIRECT), as a member of the Bank’s Board. The Board took the action on December 19, 2008.

Mr. Mason was named to the open member director seat on the Board currently allocated to Delaware. His term on the Board begins on January 1, 2009 and expires on December 31, 2010.

About John Mason

John Mason is ING DIRECT USA’s Chief Investment Officer and Treasurer. Mr. Mason has more than 30 years of experience in the financial services industry. He leads the Treasury, Lending Services and Secondary Markets Teams. He is a member of the Executive Committee, Executive Team, Credit Risk Committee, Operational Risk Committee and chairs ALCO.

Prior to becoming Treasurer, Mr. Mason served as Head of Market Risk Management (MRM) where he enhanced ING DIRECT’s market and credit risk management framework. He led the MRM Team responsible for measuring and monitoring interest rate risk, monitoring and advising on market risk management policies, procedures and controls and also chaired ALCO.

Prior to joining ING DIRECT USA, Mr. Mason’s treasury and financial risk management experience included various senior Treasury and capital markets positions at KeyCorp in Cleveland, OH, First Fidelity Bancorporation in Philadelphia, PA, BancOhio National Bank in Columbus, OH and Crocker National Bank in San Francisco, CA.

Mr. Mason graduated from Indiana University in Bloomington, IN with a Bachelor’s of Science degree in Business Economics. In the community, he is a participant in the Junior Achievement Titan and Economics for Success programs.

About ING Bank, fsb

ING Bank, fsb (Member FDIC), operating under the name ING DIRECT, is a federally chartered savings bank and the nation’s fourth largest thrift institution. It is headquartered in Wilmington, DE and is part of ING (NYSE: ING), one of the world’s largest financial institutions. ING DIRECT provides commercial banking services including personal and business savings accounts, investment and retirement accounts, mortgages, certificates of deposit and home loans as well as phone-based retail banking services. It serves a growing base of customers in the United States, Canada, Australia, France, Spain, Italy, the United Kingdom and Germany. The company was founded in 2000.

About FHLBank Pittsburgh

FHLBank Pittsburgh is a wholesale bank that serves the housing finance and community and economic development needs of its owner-members. FHLBank Pittsburgh provides reliable access to low-cost funds, competitive pricing in the purchase of mortgage loans, correspondent banking, technical assistance, affordable housing grants and other programs so members can better serve their own communities. FHLBank Pittsburgh is privately capitalized and funded, does not use taxpayer dollars and enjoys a triple-A rating. It had 331members in its district of Delaware, Pennsylvania and West Virginia and held approximately $99 billion in assets as of September 30, 2008. FHLBank Pittsburgh is one of twelve Banks in the Federal Home Loan Bank System, established by Congress in 1932 to support the residential mortgage activities of local financial institutions.

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