The Federal Home Loan Bank of Pittsburgh said president and chief executive John Price will retire at month's end after five years in the jobs and be replaced by chief operating officer Winthrop Watson.
Before joining one of the nation's 12 federal home-loan banks — which are cooperatives owned by more than 8,000 thrifts, commercial banks, credit unions and insurers — Price was a senior adviser to the Institute of International Finance and held several senior-level positions at JPMorgan Chase & Co.
With Price's departure, the bank will pay him a full year of salary, totaling $550,000, as well as make contributions for medical insurance for a year and provide a lump-sum payment of $20,000.
Watson will have a base salary of $625,000. He was hired as the bank's operating chief last fall after 24 years at JPMorgan.
The Pittsburgh home-loan bank in October said it swung to a profit in the third quarter, though net interest income fell, as the year-earlier quarter had credit losses in the private-label mortgage-backed securities portfolio. Some of the FHLBs, which make loans to their members, were hit hard by investment heavily in such securities. Some are suing to recoup losses.
