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.
/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