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BT FINANCIAL CORPORATION AND FIRSTSOUTH BANCORP, INC. ANNOUNCE PLANS TO MERGE

 JOHNSTOWN, Pa., March 15 /PRNewswire/ -- BT Financial Corporation (NASDAQ-NMS: BTFC) and FirstSouth Bancorp, Inc., parent of FirstSouth Savings Association, jointly announced today that they have signed a definitive agreement for the merger of FirstSouth Bancorp, Inc. with BT Financial Corporation. In the merger, each FirstSouth Bancorp, Inc. shareholder will receive .66 of one share of BT Financial Corporation common stock and $13.50 in cash. Based on Friday's closing price for BT Financial Corporation common stock of $28.00, the value of the transaction is approximately $16,000,000.00. BT Financial Corporation said it plans to combine FirstSouth Savings Association with its Fayette Bank and Trust Company subsidiary. The merger, which is expected to be completed in the third quarter of 1993, is subject to approval by FirstSouth's shareholders and various regulatory agencies.
 BT Financial Corporation has three banking subsidiaries operating 55 branch offices in Allegheny, Armstrong, Bedford, Blair, Butler, Cambria, Fayette, Indiana, Somerset and Westmoreland counties in western Pennsylvania. BT Financial Corporation's bank affiliates are: Johnstown Bank and Trust Company, headquartered in Johnstown; Laurel Bank, headquartered in Ebensburg; and Fayette Bank and Trust Company, headquartered in Uniontown. BT Financial Corporation's other affiliates are BT Management Trust Company, a trust company, and Bedford Associates, Inc., a real estate company.
 FirstSouth Savings Association is headquartered in Pittsburgh with its main office on Carson Street in Pittsburgh's South Side and six branch offices in Brookline, Brentwood, Pleasant Hills, Mount Oliver, Donaldson's Crossroads and McCandless.
 At Dec. 31, 1992, BT Financial Corporation and its subsidiaries had total assets of approximately $907 million and FirstSouth Bancorp, Inc. had total assets of approximately $162 million. After the merger, BT Financial Corporation's total assets would be approximately $1.1 billion.
 In discussing the merger, Gerald W. Swatsworth, chairman and chief executive officer of BT Financial Corporation, stated, "We are delighted with the opportunity to add FirstSouth Savings Association to our community banking franchise. FirstSouth brings to our organization a strong secondary mortgage capability, a stable customer base, and an expanded geographic presence for our commercial bank products and services." Swatsworth continued, "After completion of the merger, BT Financial Corporation will have in excess of $1.1 billion in assets, an important benchmark in our industry. In addition, this transaction will be immediately accretive to both earnings per share and book value."
 Harry F. Radcliffe, president and chief executive officer of FirstSouth Bancorp, Inc., commented, "FirstSouth believes the merger into the BT Financial Corporation system will provide its current customer base with the additional services available at a commercial bank, while also allowing its current employees to expand their own horizons. The combination of these companies should only enhance future opportunities in the financial community."
 -0- 3/15/93
 /CONTACT: John H. Anderson, president and chief operating officer of BT Financial Corporation, 814-532-3801, or home at 814-266-5594/
 (BTFC)


CO: BT Financial Corporation; FirstSouth Bancorp Inc.; FirstSouth
 Savings Association ST: Pennsylvania IN: FIN SU: TNM


CD-KC -- PG008 -- 6205 03/15/93 16:27 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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