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$750,000 STATE GRANT TO HELP LYCOMING COUNTY FIRM RENOVATE

 HARRISBURG, Pa., May 17 /PRNewswire/ -- State Commerce Secretary Andrew T. Greenberg today announced a $750,000 infrastructure grant that will enable a company to locate its headquarters in downtown Williamsport.
 Commonwealth Bancshares Corp. will locate its administrative headquarters and its loan administration, mortgage review and servicing, and internal training operations in a new office building at Pine and West Fourth streets.
 The firm, which employs 1,007 people in Pennsylvania, will create 25 jobs at the new site and will invest $1.1 million in construction and equipment costs. State financing was arranged by the Governor's Response Team.
 "Through our Governor's Response Team's efforts, we have been able to bring business into this area and create new jobs," Greenberg said. "We are using our economic resources to assist companies in their development across the state."
 The grant, funded under the state Department of Commerce's Business Infrastructure Development (BID) program, was awarded to the Lycoming County Industrial Properties Corp. (LCIPC), which will loan the funds to the builder, T & C Associates.
 Because the project area is in Williamsport's Enterprise Zone, the private developer is eligible for the funding. A special provision of the BID program allows private developers in distressed communities to receive assistance for job creation projects.
 BID grants are awarded to manufacturers, industrial researchers and developers, agricultural processors or firms establishing a national or regional headquarters.
 Created in 1987, the Governor's Response Team is a group of economic development professionals who help companies that are locating or expanding in Pennsylvania.
 /delval/
 -0- 5/17/93
 /CONTACT: Deborah Jurgill of the Department of Commerce, 717-783-1132/


CO: Pennsylvania Department of Commerce; Commonwealth Bancshares Corp. ST: Pennsylvania IN: SU:

MK -- PH019 -- 9196 05/17/93 12:15 EDT
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Publication:PR Newswire
Date:May 17, 1993
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