Prudential Savings Bank CEO Honored for Commitment to Community; Singled Out From Among More than Three Hundred Banking Leaders

Business Wire, June 16, 2009

PHILADELPHIA -- Thomas A. Vento, Sr., president and chief executive officer of Prudential Savings Bank, was honored by his peers today for a lifetime commitment to affordable housing and community investment.

At a gathering of eastern Pennsylvania and Delaware banking executives hosted by the Federal Home Loan Bank of Pittsburgh (FHLBank), Vento received the Council’s Award, named after FHLBank’s Affordable Housing Advisory Council and bestowed annually upon only one banker in Delaware, Pennsylvania and West Virginia.

“Each year, our Council’s Award is presented to one banking executive who has demonstrated unwavering commitment to affordable housing and community development through his or her career," said John R. Price, president and chief executive officer of FHLBank. “Recipients of the Council’s Award are genuine leaders in the communities their institution serves."

With more than a half-century at Prudential Savings Bank, Vento has served as president of the Philadelphia bank since 1992. Throughout his presidency, he has secured nearly $3 million in grants and loans under FHLBank's Affordable Housing Program to help fund one dozen local projects benefiting low- to moderate-income individuals and families, some of them with special needs. These projects have created more than 300 homes for those of modest means.

In a related commitment to affordable housing, Vento made Prudential Savings Bank a participant in Community Lenders, an area consortium that makes competitive loans on favorable terms to area communities. By pooling loan funds, 25 member banks including Prudential Savings help build stronger neighborhoods through affordable housing and public facilities. Prudential has also made use of FHLBank's First Front Door program, extending down payment and closing cost grants to qualified first-time homebuyers.

In addition to driving community-focused lending efforts, Vento is personally active in civic groups. He is past president of Variety Club, The Children's Charity, participated in the Optimist Club of South Philadelphia and in a lecture series on banking and business at South Philadelphia High School and Hallahan High School for Girls.

About the banks

Prudential Savings Bank was established as a building and loan association in 1886 to serve the South Philadelphia neighborhood. Over the years it has grown into a seven-office bank serving the city of Philadelphia and surrounding communities. It offers checking, savings, consumer and business lending services and online banking to individuals and families, for-profit businesses and nonprofits across the area.

FHLBank Pittsburgh (www.fhlb-pgh.com) 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. At March 31, 2009, it had 320 members in its district of Delaware, Pennsylvania and West Virginia and approximately $83 billion in assets. 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.