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FIRST WESTERN BANCORP, INC. ANNOUNCES QUARTERLY DIVIDEND DECLARATION, RESULTS OF ANNUAL MEETING AND REORGANIZATION

 NEW CASTLE, Pa., April 19 /PRNewswire/ -- Thomas J. O'Shane, president and chief executive officer of First Western Bancorp, Inc. (NASDAQ: FWBI), today reported that the board of directors at its meeting held April 19, 1993, declared a regular quarterly cash dividend of $0.20 per share on 4,875,509 shares outstanding, payable on May 7, 1993, to shareholders of record on April 30, 1993.
 At the annual meeting of shareholders held prior to the board meeting at Seven Oaks Country Club in Beaver, Pa., the following directors were re-elected by shareholders for three-year terms expiring in 1996: John W. Lehman, M.D., Thomas S. Mansell, Richard C. McGill, O'Shane and Harold F. Reed Jr. Donald H. Mong was also re-elected, but in order to maintain relative equality among classes for First Western's 16-member board, his term will expire in one year in 1994.
 Also passed at the meeting were board proposals to amend the articles of incorporation of First Western to increase the authorized capital from 10 million shares of $5.00 par value common stock to 20 million shares, and from two million shares of preferred stock, without par value, to four million shares, as well as a second proposal to amend and restate the articles of incorporation in their entirety. Such amendment and restatement included (a) increasing the authorize capital as discussed above, (b) modifying the provision in the articles relating to the vote required with respect to certain fundamental corporate actions, (c) incorporating into a single document the various amendments previously made to the articles of incorporation, and (d) reflecting the present state of the Pennsylvania Business Corporation Law.
 Almost 300 attending shareholders listened as management reviewed the company's excellent 1992 financial performance, discussed challenges and strategies for the future, and summarized the recent earnings improvement cost initiatives, back office consolidation and forthcoming subsidiary bank consolidation and new operating identity, First Western Bank.
 The board also ratified added responsibilities for two elected officers: Stephen R. Sant, senior vice president - retail banking, in addition to president and chief executive officer of Beaver Trust Company; and Robert E. Cimini, senior vice president - marketing and consumer lending, in addition to president and chief executive officer of First National Bank of Western Pennsylvania.
 First Western Bancorp, Inc. is a multi-bank and thrift holding company headquartered in New Castle, and is the parent of bank subsidiaries First National Bank of Western Pennsylvania and Beaver Trust Company, a thrift subsidiary, First Federal of Western Pennsylvania, and a trust company, First Western Trust Services Company. Presently, there are 36 community branch banking offices and four trust services offices located in seven Western Pennsylvania counties and one Northeastern Ohio county.
 -0- 4/19/93
 /CONTACT: Robert H. Young, senior vice president-finance, secretary and treasurer, or Linda M. Spinelli, stock transfer administrator, 412-652-8550, both of First Western Bancorp/
 (FWBI)


CO: First Western Bancorp, Inc. ST: Pennsylvania IN: FIN SU: DIV PER

CD-CD -- PG022 -- 7651 04/19/93 17:36 EDT
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Publication:PR Newswire
Date:Apr 19, 1993
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