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FIRST WESTERN BANCORP, INC. MAKES AVAILABLE JOB LOSS MORTGAGE PROTECTION INSURANCE

 NEW CASTLE, Pa., Sept. 13 /PRNewswire/ -- First Western Bancorp, Inc. (NASDAQ: FWBI) announced today that beginning on Sept. 13, 1993, customers applying for a residential mortgage loan through its subsidiaries, First Western Bank, N.A. and First Federal of Western Pennsylvania ("Lender"), will benefit from a new job loss mortgage insurance policy purchased by First Western from Great American Insurance Group.
 Under the policy, Great American will insure the Lender for up to three monthly mortgage payments for qualified mortgage customers who become involuntarily unemployed in the six-month period following the closing of their loan. Among other conditions, individuals must be eligible for unemployment benefits for the Lender's policy to apply.
 The policy pays the Lender the eligible customer's entire monthly mortgage obligation including principal, interest, taxes and insurance up to $3,500 per month for a maximum of three months. First Western, on behalf of its subsidiaries, is the first bank within the states of Pennsylvania and Ohio to offer its mortgage customers this kind of protection.
 The new Job Loss Mortgage Protection Insurance will apply to new mortgage customers, who apply for financing on or after Sept. 13, 1993, if they have no knowledge of an impending layoff, are between the ages of 18 and 66, work more than 30 hours a week, are not self-employed, do not own more than 25 percent of their company's stock or do not work for a family member. Coverage applies to joint mortgagors proportionately when each contributes at least 25 percent to the qualifying income. The coverage applies to all qualifying mortgage applications taken in both Pennsylvania and Ohio.
 The involuntary unemployment situations covered under the policy include layoff, job elimination, strike, lock-out and unemployment of seasonal workers if the unemployment occurs during the normal working season. Job Loss Mortgage Protection covers all of the mortgage products issued by First Western's lending subsidiaries, which include fixed, adjustable rate, and bi-weekly mortgages. Jumbo loans and construction mortgage loans are excluded from coverage.
 First Western is providing this coverage to its lending subsidiaries' mortgage customers at no cost. At the time of application, the customers have the choice to continue the policy at their own cost after the initial six-month coverage period. Payment for this coverage would be made through the customer's mortgage escrow account.
 First Western Bancorp, Inc., and its subsidiaries continuously seek to provide products that meet the needs of the customers in its core market area, that being western Pennsylvania and eastern Ohio. Given the recent economic and unemployment trends of the market area, this product provides a tremendous benefit to potential mortgage customers of First Western's lending subsidiaries, the company said.
 First Western Bancorp, Inc. will offer this new product through its 36 community offices in Allegheny, Butler, Beaver, Lawrence, Venango, Mercer and Erie counties of Pennsylvania of Ashtabula County, Ohio.
 First Western Bancorp, Inc. is a multi-bank and thrift holding company based in New Castle with 36 community offices in its banking subsidiaries, First Western Bank, N.A. and First Federal of Western Pennsylvania. It also owns a trust affiliate, First Western Trust Services Company.
 -0- 9/13/93
 /CONTACT: Donald D. Wehn, vice president of First Western Bancorp, 412-652-8550/
 (FWBI)


CO: First Western Bancorp, Inc.; First Western Bank, N.A.; First
 Federal of Western Pennsylvania; Great American Insurance Group ST: Pennsylvania, Ohio IN: FIN SU: PDT


KC-KE -- PG013 -- 1514 09/13/93 17:50 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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