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JOHNSTOWN BANK & TRUST COMPLETES MERGER WITH PEOPLES BANK ONE

 JOHNSTOWN BANK & TRUST COMPLETES MERGER WITH PEOPLES BANK ONE
 JOHNSTOWN, Pa., Aug. 14 /PRNewswire/ -- BT Financial Corporation (NASDAQ: BTFC) announced today that Johnstown Bank and Trust Company ("Bank and Trust"), its largest banking affiliate, has completed the merger of Peoples Bank One ("Peoples") of West Lebanon, Pa., into Bank and Trust with Bank and Trust as the surviving institution.
 This merger was previously announced on March 13, 1992, and has been approved by state and federal regulatory authorities.
 Peoples had four banking offices located in West Lebanon (Indiana County), Washington Township (Washington County), Elderton (Armstrong County) and Duquesne (Allegheny County). These branches now will be operated as branches of Bank and Trust. At the time of the merger, Peoples had total assets of $18 million.
 Under the terms of the merger, the Peoples' shareholders exchanged their stock in Peoples for $1.8 million in cash. In addition, Bank and Trust has acquired two additional properties currently leased by Peoples for a cash payment of $725,000.
 Gerald W. Swatsworth, chairman of the board and chief executive officer of BT Financial Corporation, said, "This acquisition allows us to further our expansion in western Pennsylvania and to acquire a deposit base and bank offices at a cost significantly lower than it would cost to build new branches."
 John W. Egnot, president of Johnstown Bank and Trust Company, said, "Beginning on August 15, 1992, Peoples' customers will be able to bank with us as usual and use their existing forms and checks. We expect to expand and improve the consumer and corporate banking services that were available to these customers."
 BT Financial Corporation, headquartered in Johnstown, is Pennsylvania's 19th largest bank holding company, with assets of $900 million. Through its three banking affiliates, Johnstown Bank and Trust Company, Johnstown; Laurel Bank, Ebensburg, Pa.; and Fayette Bank and Trust Company, Uniontown, Pa., it currently operates 55 community banking offices in Cambria, Somerset, Bedford, Blair, Indiana, Westmoreland, Fayette, Butler, Allegheny, Armstrong and Washington 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.
 -0- 8/14/92
 /CONTACT: Gerald W. Swatsworth, chairman and chief executive officer of BT Financial, 814-532-3801/
 (BTFC) CO: BT Financial Corporation; Johnstown Bank and Trust Company;
 Peoples Bank One ST: Pennsylvania IN: FIN SU: TNM


CD-MK -- PG005 -- 0133 08/14/92 15:49 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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