WASHINGTON — John Price, the president and chief executive officer of the Federal Home Loan Bank of Pittsburgh, is retiring at yearend, the bank said Wednesday.

Price has served in that position since January 2006. He will be succeeded by current chief operating officer Winthrop Watson, who will start in his new role on Jan. 1, 2011.

Watson joined the Bank in 2009 and has been responsible for its core business including advances and the Mortgage Partnership Finance program. He was previously managing director at JPMorgan , where he worked for 24 years in various positions, including several financial advisory assignments on behalf of FHLBanks.

The FHLBank of Pittsburgh has 314 members in its district of Delaware, Pennsylvania and West Virginia with roughly $55 billion in assets.

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