Printer Friendly

BT FINANCIAL'S AFFILIATE PURCHASES ASSETS OF ATLANTIC FINANCIAL

     BT FINANCIAL'S AFFILIATE PURCHASES ASSETS OF ATLANTIC FINANCIAL
    JOHNSTOWN, Pa., Nov. 15 /PRNewswire/ -- BT Financial Corporation (OTC: BFTC) confirmed today that Johnstown Bank and Trust Company, its largest banking affiliate, has purchased certain assets and liabilities of Atlantic Financial Savings, FA Somerset Office, Somerset, Pa., from the Resolution Trust Corporation (RTC).
    This branch will open on Monday, Nov. 18, 1991, as a branch office of Johnstown Bank and Trust Company.
    Under the terms of the purchase, Johnstown Bank and Trust Company has purchased Atlantic Financial Savings, FA's cash, and has an option to acquire fixed assets.  Johnstown Bank and Trust Company has assumed approximately $28 million in deposits, increasing its deposit base to approximately $550 million.
    Gerald W. Swatsworth, chairman, president and chief executive officer, BT Financial Corporation, said "We believe it is exciting to expand the attractive Somerset market area and to acquire a substantial deposit base at a cost significantly lower than it would cost to build a new branch."
    John W. Egnot, president of Johnstown Bank and Trust Company, said "Atlantic Financial Savings, FA Somerset Office customers can continue to bank with us as usual beginning Monday and use their existing forms and checks.  We expect to expand and improve the consumer and corporate banking services that are available to these customers."
    Upon consummation of this transaction, BT Financial Corporation, a bank holding company, will have assets of $900 million, headquartered in Johnstown, Pa.  Banking affiliates include Johnstown Bank and Trust Company, Johnstown, Pa.; Laurel Bank, Ebensburg, Pa.; and Fayette Bank and Trust Company, Uniontown, Pa.  Together, they will comprise a total of 51 offices serving Cambria, Somerset, Bedford, Blair, Indiana, Westmoreland, Fayette, Allegheny and Butler counties.  BT Financial Corporation's other affiliates are BT Management Trust Company, a Pennsylvania state-chartered trust company, and Bedford Associates, Inc., a real estate company.
    -0-           11/15/91
    /CONTACT:  John H. Anderson, vice chairman, or Gerald W. Swatsworth, chairman, president and CEO of BT Financial, 814-536-7801/
    (BTFC) CO:  BT Financial Corporation; Atlantic Financial Savings;
     Johnstown Bank and Trust Company ST:  Pennsylvania IN:  FIN SU:  TNM PS -- NY110 -- 1812 11/15/91 19:06 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 15, 1991
Words:353
Previous Article:WASHINGTON READY FOR EXTENDED JOBLESS BENEFITS
Next Article:ARCTIC ALASKA FISHERIES CORP. DECLARES DISTRIBUTION OF COMMON SHARE PURCHASE RIGHTS
Topics:


Related Articles
JOHNSTOWN BANK AND TRUST COMPANY ACQUIRES PEOPLES BANK ONE OF WEST LEBANON PENNSYLVANIA
JOHNSTOWN BANK & TRUST COMPLETES MERGER WITH PEOPLES BANK ONE
BT FINANCIAL CORPORATION AND FIRSTSOUTH BANCORP, INC. ANNOUNCE PLANS TO MERGE
BT FINANCIAL ISSUES STATEMENT ON MERGER
BT FINANCIAL CORPORATION ANNOUNCES MERGER PLANS
BT FINANCIAL CORPORATION ANNOUNCES MERGER AGREEMENT
BT FINANCIAL CORPORATION FINALIZES MERGER
BT FINANCIAL CORPORATION FINALIZES MERGER
1ST SUMMIT BANK to Purchase Laurel Branches.
BT Financial Corporation Begins Dutch Auction Tender Offer For Up to 1.6 Million of Its Common Shares.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters