Each of the boards of trustees has approved the transaction and due diligence has been completed. The transaction is expected to be completed in the third quarter of 2009 and is subject to approval of applicable regulatory authorities and, if required, by the depositors of Keystone State Savings Bank.
Deborah Boyer, vice president and CEO of Keystone State Savings Bank, said: This merger will allow our depositors to receive membership rights in Northwest and our customers will have access to a wider variety of banking and financial products and services offered by Northwest plus a network of offices that spans metropolitan Pittsburgh, Pennsylvania and four other states.
William Wagner, president and CEO of Northwest Bancorp, said: The local branch will enhance our retail network in Allegheny county and will give us 29 offices in the greater Pittsburgh market. We intend to continue Keystone State’s focus on community banking and at the same time, expand the products and services offered to Keystone State’s customers.
