Northwest Bancorp, MHC to Acquire Keystone State Savings Bank
02 Febbraio 2009 - 7:20PM
PR Newswire (US)
WARREN, Pa. and SHARPSBURG, Pa., Feb. 2 /PRNewswire-FirstCall/ --
Northwest Bancorp, MHC (Mutual Holding Company), the parent company
of Northwest Bancorp, Inc. (NASDAQ:NWSB), the holding company for
Northwest Savings Bank, and Keystone State Savings Bank, a mutual
savings bank, announced jointly today that they have entered into a
definitive agreement under which Northwest Bancorp MHC would
acquire Keystone State Savings Bank. Each of the Boards of Trustees
has approved the transaction and due diligence has been completed.
The transaction is expected to be completed in the third quarter of
2009, and is subject to approval of applicable regulatory
authorities and, if required, by the depositors of Keystone State
Savings Bank. Deborah A. Boyer, Vice President and Chief Executive
Officer, of Keystone State Savings Bank, stated, "We are very
excited about becoming a part of Northwest. This merger will allow
our depositors to receive membership rights in Northwest and our
customers will have access to a wider variety of banking and
financial products and services offered by Northwest plus a network
of offices that spans metropolitan Pittsburgh, Pennsylvania, and
four other states." William J. Wagner, President and Chief
Executive Officer of Northwest Bancorp, stated, "We are very
pleased to announce the acquisition of Keystone State Savings Bank.
The local branch will enhance our retail network in Allegheny
County and will give us twenty-nine offices in the greater
Pittsburgh market. We are also excited about the opportunity of
acquiring another mutual institution as our mutual structure is
unique in making these acquisitions possible. We intend to continue
Keystone State's focus on community banking and, at the same time,
expand the products and services offered to Keystone State's
customers." Northwest Bancorp, MHC owns the majority share of
Northwest Bancorp, Inc. Both are headquartered in Warren,
Pennsylvania. The company operates 167 banking locations in
Pennsylvania, New York, Ohio, Maryland, and Florida and holds
assets of $7.0 billion. Its stock trades on the Nasdaq Global
Market under the symbol NWSB. Keystone State Savings Bank has
assets of $25.6 million, deposits of $21.8 million and equity
capital of $3.7 million. Founded in 1887, Keystone State Savings
Bank operates from its offices at 905 Main Street in Sharpsburg.
DATASOURCE: Northwest Bancorp CONTACT: William J. Wagner, President
and CEO of Northwest Bancorp, Inc. and Northwest Bancorp, MHC,
+1-814-726-2140; or Deborah A. Boyer, Vice-President and CEO of
Keystone State Savings Bank, +1-412-781-0555
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