PARKVALE FINANCIAL CORPORATION PURCHASES FOUR OFFICES OF ATLANTIC FINANCIAL SAVINGS
PARKVALE FINANCIAL CORPORATION PURCHASES
FOUR OFFICES OF ATLANTIC FINANCIAL SAVINGS
MONROEVILLE, Pa., Nov. 18 /PRNewswire/ -- Parkvale Financial Corporation (NASDAQ: PVSA) announced today that it has purchased four offices of Atlantic Financial Savings, FA, Bala Cynwyd, Pa., from the Resolution Trust Corporation (RTC). The offices purchased, which are located in Crafton, Greentree, Norwin and New Kensington, Pa., will become part of the branch system of Parkvale Savings Bank, the primary asset of Parkvale Financial Corporation.
As part of the transaction, Parkvale agreed to maintain customer services without interruption and assume all insured deposits of the four offices. These offices will open today (Nov. 18, 1991) as branches of Parvale Savings Bank according to their normal banking hours.
Parkvale Savings paid the RTC a franchise premium of $947,000 for approximately $140 million of insured deposits.
While Parkvale Savings opened today with 29 branch locations, it will take approximately 90 days to merge the two data processing systems to allow the depositors of the former Atlantic offices to use the offices of Parkvale Savings, and vice versa.
/CONTACT: Robert J. McCarthy, Jr., 412-373-4815, or Timothy G. Rubritz, 412-373-4817, both of Parkvale Savings Association/
(PVSA) CO: Parkvale Financial Corporation ST: Pennsylvannia IN: FIN SU: KM -- PG012 -- 1449 11/18/91 12:35 EST