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FIRST WESTERN BANCORP, INC. ANNOUNCES QUARTERLY DIVIDEND DECLARATION, RESULTS OF ANNUAL MEETING AND BOARD REORGANIZATION

 NEW CASTLE, Pa., April 19 /PRNewswire/ -- Thomas J. O'Shane, President and Chief Executive Officer of First Western Bancorp, Inc. (NASDAQ: FWBI) today reported that the Board of Directors at its meeting held April 19, 1994, declared a regular quarterly cash dividend of $0.22 per share on 5,167,676 shares outstanding, payable on May 6, 1994, to shareholders of record on May 2, 1994.
 At the Annual Meeting of Shareholders held prior to the board meeting at the Scottish Rite Cathedral, New Castle, Pennsylvania, the following directors were reelected by shareholders for three-year terms expiring in 1997: James M. Campbell, Floyd H. McElwain, John R. McKinley and Thomas J. O'Shane. With five members of the 1995 director class, and four members of the 1996 class, the total Board size is thirteen.
 Approximately 275 attending shareholders listened as management reviewed the Company's superior 1993 financial performance and described the completion of the Earnings Improvement restructuring program, complete back office consolidation and subsidiary bank merger and name change. Shareholders also heard Thomas J. O'Shane, President and Chief Executive Officer, discuss the Company's goals and objectives for 1994, which include the expansion of fee-based income products and services, further market penetration of existing and new products, more proactive development and advertising of new products, continued expense control, the best of retail banking services, and franchise growth initiatives through mergers and acquisitions.
 The Board also reelected John W. Sant as its Chairman and John R. McKinley as Vice Chairman. In addition, Mr. McKinley will chair the Company's Executive and Compensation Committees.
 First Western Bancorp, Inc. is a multi-bank holding company headquartered in New Castle, Pennsylvania, is the parent of banking subsidiaries First Western Bank, N.A. and First Western Bank F.S.B., as well as First Western Trust Services Co., providing community banking services through 37 offices and trust services at four offices, throughout seven western Pennsylvania counties and one northeastern Ohio county.
 -0- 4/19/94
 /CONTACT: Robert H. Young, Senior Vice President-Finance, Secretary and Treasurer of First Western Bancorp, 412-652-8550/
 (FWBI)


CO: First Western Bancorp, Inc. ST: Pennsylvania IN: FIN SU: DIV

CD-KC -- PG037 -- 7183 04/19/94 17:09 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
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