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JOHNSTOWN BANK AND TRUST COMPANY ACQUIRES PEOPLES BANK ONE OF WEST LEBANON PENNSYLVANIA

 JOHNSTOWN BANK AND TRUST COMPANY ACQUIRES
 PEOPLES BANK ONE OF WEST LEBANON PENNSYLVANIA
 JOHNSTOWN, Pa., March 13 /PRNewswire/ -- BT Financial Corporation (NASDAQ-NMS: BTFC) announced today that Johnstown Bank and Trust Company (Bank and Trust), its largest banking affiliate, has entered into an agreement and plan of merger with Peoples Bank One (Peoples) of West Lebanon, Pa., whereby Peoples will be merged into Bank and Trust and Bank and Trust will be the surviving corporation.
 The merger is subject to state and federal regulatory approval and is expected to be completed by June 30, 1992.
 Peoples has four banking offices located in West Lebanon (Indiana County), Elderton (Armstrong County), North Washington (Westmoreland County), and Duquesne (Allegheny County), Pennsylvania. Subsequent to the closing of the merger, these branches will be operated as branches of Bank and Trust. At Dec. 31, 1991, Peoples had total assets of $18 million.
 Under the terms of the agreement, Peoples' shareholders will receive $1.8 million in cash. In addition, at the time of the closing of the merger, Bank and Trust will acquire two additional properties, currently leased by Peoples, for a cash payment of $700,000.
 Gerald W. Swatsworth, chairman, president and chief executive officer, BT Financial Corporation, said, "This acquisition allows us to further our expansion in western Pennsylvania and to acquire a deposit base and bank offices at a cost significantly lower than it would cost to build new branches."
 John W. Egnot, president of Johnstown Bank and Trust Company, said "Upon completion of the merger, Peoples' customers will be able to bank with us as usual and use their existing forms and checks. We expect to expand and improve the consumer and corporate banking services that were available to these customers."
 BT Financial Corporation, headquartered in Johnstown, is a Pennsylvania bank holding company, with assets of $900 million. Through its three banking affiliates, Johnstown Bank and Trust Company, Johnstown, Pa., Laurel Bank, Ebensburg, Pa., and Fayette Bank and Trust Company, Uniontown, Pa., it currently operates 51 community banking offices in Cambria, Somerset, Bedford, Blair, Indiana, Westmoreland, Fayette, Allegheny and Butler counties in Pennsylvania.
 -0- 3/13/92
 /CONTACT: Gerald W. Swatsworth, chairman, president and CEO of BT Financial, 814-532-3801/
 (BTFC) CO: BT Financial Corporation; Johnstown Bank and Trust; Peoples
 Bank One ST: Pennsylvania IN: FIN SU: TNM


CD -- PG005 -- 8003 03/13/92 18:15 EST
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Publication:PR Newswire
Date:Mar 13, 1992
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