SOUTHWEST BANK ANNOUNCES THE ACQUISITION OF THE LATROBE OFFICE OF ATLANTIC FINANCIAL
SOUTHWEST BANK ANNOUNCES THE ACQUISITION
OF THE LATROBE OFFICE OF ATLANTIC FINANCIAL
GREENSBURG, Pa., Nov. 15 /PRNewswire/ -- Southwest National Bank announced today it has acquired the insured deposits of the Latrobe, Pa., office of Atlantic Financial Savings located in the Latrobe 30 Plaza on Route 30.
According to David S. Dahlmann, president and chief executive officer, "The acquisition of the Atlantic Financial office in Latrobe provides a natural extension of our branch system and a stronger presence in the Latrobe market area for Southwest Bank. We have several branches surrounding Latrobe and this will act to anchor them and enhance the service level we can provide.
"Latrobe is a dynamic community and an important business center of Westmoreland County. Housing growth for the surrounding Unity Township has been one of the strongest in the county," said Dahlmann. "The particular location we are obtaining places us at the retail focal point for the area and recent expansion of commercial business along Route 30 in the vicinity of our branch further reinforces its importance.
"We are upbeat about the prospects for Latrobe and all of Westmoreland County," said Dahlmann. "Sony Corporation's entry into the county with a large television picture tube production, assembly and distribution center for the east coast weighs heavily in our assessment, of course.
"We want to assure the customers and employees of the acquired branch that we intend to make the transition quickly and smoothly. We expect to conduct business normally with the start of business on Monday, Nov. 18, 1991 and will be there to answer questions and provide assistance as needed from that time forward."
As of Sept. 30, 1991 Southwest Bank reported assets of $625 million and with this acquisition will operate in 16 locations throughout central Westmoreland County and in the Allegheny Valley area of Allegheny County, Southwest has received national recognition for its safety and soundness from such publications as "Money" magazine and the "Retirement Letter." Veribanc, a national bank rating service in Wakefield, Mass., assigns Southwest its highest, "Blue Ribbon" bank rating.
/CONTACT: Robert J. Stack, Executive Vice President, Southwest Bank, 412-832-6130 (bank) or 412-243-5479 (home)/
(SWPA) CO: Southwest National Bank; Atlantic Financial Savings ST: Pennsylvania IN: FIN SU: TNM DF -- PG023 -- 1792 11/15/91 18:08 EST