S&T Bank Purchases Pennsylvania's First Keystone Innovation Zone (KIZ) Tax Credits.- $1.5 Million in State Aid Aims to Assist Young, Growing Companies - INDIANA, Pa. -- S&T Bank (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :STBA STBA S&T Bancorp, Inc. STBA Statistisches Bundesamt STBA Southern Tree Breeding Association (Australia) STBA Sekolah Tinggi Bahasa Asing STBA Splitska Banka STBA Scottish Tenpin Bowling Association STBA South Tyrol Biomass Association ), a full-service financial institution with branch locations in 10 Pennsylvania counties, has become a key regional partner in distributing tax credits through the Keystone Innovation Zone (KIZ KIZ Kommunikations- und Informationszentrum (communication and information center; University of Ulm, Germany) ) program, the first tax credits of their kind in Pennsylvania's history. KIZ, a statewide initiative, provides support and funding to young companies who are transitioning through the various stages of growth. S&T Bank has purchased $1.5 million in KIZ tax credits from businesses located in Blair County's I-99 Innovation Corridor KIZ in Altoona. "These monies will provide much-needed growth capital to support the area's young, entrepreneurial businesses," noted Richard A Scholton, senior vice president of commercial lending at S&T Bank. "S&T Bank is pleased that we can serve as a community partner in this important endeavor." Established by the Commonwealth of Pennsylvania in 2004, the Keystone Innovation Zone (KIZ) program designates zones across the state and aligns crucial resources - educational institutions, private businesses, business support organizations, commercial lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in , venture capital networks and foundations. KIZ focuses on how these partnerships can assist young companies with expertise in materials science materials science Study of the properties of solid materials and how those properties are determined by the material's composition and structure, both macroscopic and microscopic. , nanotechnology, biotechnology, life sciences and information technology. The ultimate goal of the program is to provide seed and growth capital to these firms, thereby encouraging them to remain in Pennsylvania. The I-99 Innovation Corridor KIZ combines the resources of Penn State University and 37 different firms. KIZ Resources, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , of Altoona, PA, serves as an agent for the companies from whom S&T Bank purchased the credits. KIZ Resources assists companies in obtaining and selling their credits. "The KIZ program has the capacity to stimulate our economy by keeping young companies here in Pennsylvania, and that means more jobs in our communities," added Timothy P. McKee, senior financial officer of S&T Bank. About S&T Bank Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 49 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties Westmoreland County is the name of several counties in the United States:
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