John R. Price will step down as the Federal Home Loan Bank (FHLBank) of Pittsburgh's president and CEO at the end of this year, the FHLBank announced this week. He will be replaced by the bank's current chief operating officer (COO), Winthrop Watson.
Watson joined the FHLBank as COO in November 2009, with responsibility for the bank's core business activities, which include advances, the Mortgage Partnership Finance program, letters of credit, community investment, and safekeeping; and for balance sheet management, information technology and strategic planning.
In the year's time, he has gained increasing responsibility, including the finance and risk management departments. Prior to joining the FHLBank, Watson was managing director at J.P. Morgan, serving the company in various capacities for 24 years, including several financial advisory assignments on behalf of the FHLBanks.