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

FIRST WESTERN BANCORP, INC., ANNOUNCES QUARTERLY DIVIDEND DECLARATION,
 RESULTS OF ANNUAL MEETING AND REORGANIZATION
 NEW CASTLE, Pa., April 21 /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 following the annual meeting of shareholders held April 21, 1992, declared a $.185 per share cash dividend on 4,857,170 shares outstanding, payable on May 8, 1992 to shareholders of record on May 4, 1992.
 The dividend, representing a $.74 rate on an annualized basis, has been restated to reflect the 3-for-2 stock split, effected in the form of a 50 percent stock dividend, distributed on Feb. 18, 1992. Prior to the split, the annualized dividend rate was $1.10 per share. Total shares outstanding upon which the dividend is payable include the recently completed 862,500-share common stock offering.
 At the annual meeting of shareholders held prior to the board meeting at The Centre in New Castle, the following directors were re- elected by shareholders for three-year terms expiring in 1995: Robert N. Chambers, Abe Farkas, Louis J. Kasing Jr., John R. McKinley and John W. Sant. Also elected for the first time to the board was John P. O'Leary Jr., who is president and chief executive officer of Tuscarora Plastics, Inc., of New Brighton, Pa.
 Commenting on the annual meeting, Sant, chairman of the board, stated, "We were happy to have over 250 shareholders and guests present today to hear management report upon a very successful 1991 and present its goals and challenges for 1992 and beyond. In addition, the board looks forward to calling upon the expertise and knowledge of the returning directors, and particularly Mr. O'Leary as a new director with his varied management background and abilities in running a very successful Beaver County-headquartered public
corporation, Tuscarora Plastics, Inc. Approximately 75 percent of shares held by shareholders of record voted by proxy or in person at the meeting, an excellent response."
 At the afternoon annual reorganization board meeting, it was announced that for personal reasons, Don R. Haswell Jr., president and chief executive officer of Beaver Trust Company, would be retiring as an active president and would become chairman of the board of Beaver Trust, on or about May 1, 1992. The board elected Stephen R. Sant, currently president and chief executive officer of First Federal of Western Pennsylvania in Sharon, Pa., as the new president and CEO of Beaver Trust, and Kathleen L. Lewis, currently vice president and director of human resources for First Western, to replace Stephen R. Sant as president and CEO of First Federal. The First Federal appointment is subject to the approval of the Office of Thrift Supervision, under requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, and such approval expected on or about the beginning of May.
 Also at the board meeting, in addition to John R. Sant begin named to continue to serve as chairman, board member John R. McKinley Jr., was named as vice chairman. McKinley is president of Rachel's Inc., a western Pennsylvania restaurant company.
 Commenting on the changes, O'Shane stated, "We are pleased to recognize Mr. McKinley, who has many years of valuable business experience, as vice chairman to assist Mr. Sant and myself in providing leadership to the corporation. Also, I am pleased that while Mr. Haswell desires to become less active in the day-to-day business affairs of managing Beaver Trust for personal reasons, that his more than 30 years of experience in banking will continue to serve First Western as chairman of Beaver Trust, providing direction and assistance to the new Beaver Trust president. We believe that Steve Sant and Kathy Lewis will perform well in their new roles as president of Beaver Trust and First Federal, respectively, and will assist me greatly in meeting the challenges of the '90s."
 First Western Bancorp, Inc., a $1.1 billion multibank holding company headquartered in New Castle, Pa., is the parent of First National Bank of Western Pennsylvania, Beaver Trust Company, First Federal of Western Pennsylvania and First Western Trust Services Company, with 36 branch banking offices located in seven western Pennsylvania counties and one northeastern Ohio county.
 -0- 4/21/92
 /CONTACT: Robert H. Young, senior vice president-finance, secretary and treasurer of First Western Bancorp, 412-652-8550, ext. 137/
 (FWBI) CO: First Western Bancorp, Inc. ST: Pennsylvania IN: FIN SU: PER


CD-PT -- PG017 -- 0960 04/21/92 18:26 EDT
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Date:Apr 21, 1992
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