Northwest Savings Bank Purchases Heritage Trust

Apr 27, 2001, 01:00 ET from Northwest Bancorp, Inc.

    WARREN, Pa., April 27 /PRNewswire/ --
 Northwest Bancorp, Inc. (Nasdaq: NWSB) announced today that its subsidiary,
 Northwest Savings Bank, acquired Heritage Trust Company, an independent trust
 company headquartered in Erie, Pennsylvania, on Friday, April 27.  With the
 purchase, Northwest manages approximately $400 million in assets from its
 trust offices in Erie, Warren and State College, Pennsylvania.  Financial
 terms of the transaction were not disclosed.
     According to John O. Hanna, Chairman of Northwest Bancorp, Inc., "This
 combination allows us to expand our investment management and trust services
 with a company that shares the Northwest commitment to personal service.
 Since it was founded in 1992, Heritage has grown by emphasizing exceptional
 service, investment expertise and professionalism.  It is a pleasure to
 welcome the clients and staff of Heritage Trust to the Northwest family."
     William J. Wagner, President and Chief Executive Officer of Northwest
 Savings Bank, added that Northwest is committed to becoming a major player in
 the investment management and trust field throughout its market area.  "The
 bank's goal is to enhance its non-interest income by providing a broad range
 of financial services with the consistently high level of service synonymous
 with Northwest."
     Michael W. Bishop, who will manage the new division of the bank, stated,
 "We are pleased to join Northwest because it will allow us to offer our
 clients high-quality banking services that include loans of all types,
 business and personal banking and brokerage services.  As Northwest Savings
 Bank, we are now a complete financial services company."
     Mr. Bishop stressed that the clients of Heritage Trust will see no changes
 in the way they do business.  With the merger, all members of the Heritage
 Staff have become Northwest Savings Bank employees and, as the Heritage Trust
 Division of Northwest Savings Bank, the company will continue to offer
 investment management and trust services, including retirement plans, IRA
 Rollovers, living trusts, trusts under will, investment advisory and estate
 settlement to businesses individuals and charitable institutions.
     The Members of the Board of Directors of Heritage Trust Company will
 continue to serve the company as members of the Board of the Heritage Trust
 Division of Northwest Savings Bank.  The Board includes David M. Cullen, Dr.
 A. P. King, Ernest L. Lake, Dr. James A. Pepicello, Thomas J. Roche, and Dr.
 Richard D. Stephens.  The new Heritage Trust Division of Northwest Savings
 will remain at its location at 700 Peach Street in Erie, and it will retain
 its telephone number, 452-1000.
 
     Northwest Bancorp, Inc. is a Warren, PA based bank holding company that
 operates The Northwest Savings Bank and The Jamestown Savings Bank which is
 headquartered in Jamestown, NY.  The Holding Company held $3.7 billion in
 assets at March 31, 2000 and through its affiliates operates 116 banking
 facilities and 44 consumer finance offices in Pennsylvania, New York and Ohio.
 Founded in 1992, Heritage Trust Company was a subsidiary of Heritrust
 Corporation; as a subsidiary of Northwest Savings Bank, it remains
 headquartered at 700 Peach Street in Erie Pennsylvania.
 
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SOURCE Northwest Bancorp, Inc.
    WARREN, Pa., April 27 /PRNewswire/ --
 Northwest Bancorp, Inc. (Nasdaq: NWSB) announced today that its subsidiary,
 Northwest Savings Bank, acquired Heritage Trust Company, an independent trust
 company headquartered in Erie, Pennsylvania, on Friday, April 27.  With the
 purchase, Northwest manages approximately $400 million in assets from its
 trust offices in Erie, Warren and State College, Pennsylvania.  Financial
 terms of the transaction were not disclosed.
     According to John O. Hanna, Chairman of Northwest Bancorp, Inc., "This
 combination allows us to expand our investment management and trust services
 with a company that shares the Northwest commitment to personal service.
 Since it was founded in 1992, Heritage has grown by emphasizing exceptional
 service, investment expertise and professionalism.  It is a pleasure to
 welcome the clients and staff of Heritage Trust to the Northwest family."
     William J. Wagner, President and Chief Executive Officer of Northwest
 Savings Bank, added that Northwest is committed to becoming a major player in
 the investment management and trust field throughout its market area.  "The
 bank's goal is to enhance its non-interest income by providing a broad range
 of financial services with the consistently high level of service synonymous
 with Northwest."
     Michael W. Bishop, who will manage the new division of the bank, stated,
 "We are pleased to join Northwest because it will allow us to offer our
 clients high-quality banking services that include loans of all types,
 business and personal banking and brokerage services.  As Northwest Savings
 Bank, we are now a complete financial services company."
     Mr. Bishop stressed that the clients of Heritage Trust will see no changes
 in the way they do business.  With the merger, all members of the Heritage
 Staff have become Northwest Savings Bank employees and, as the Heritage Trust
 Division of Northwest Savings Bank, the company will continue to offer
 investment management and trust services, including retirement plans, IRA
 Rollovers, living trusts, trusts under will, investment advisory and estate
 settlement to businesses individuals and charitable institutions.
     The Members of the Board of Directors of Heritage Trust Company will
 continue to serve the company as members of the Board of the Heritage Trust
 Division of Northwest Savings Bank.  The Board includes David M. Cullen, Dr.
 A. P. King, Ernest L. Lake, Dr. James A. Pepicello, Thomas J. Roche, and Dr.
 Richard D. Stephens.  The new Heritage Trust Division of Northwest Savings
 will remain at its location at 700 Peach Street in Erie, and it will retain
 its telephone number, 452-1000.
 
     Northwest Bancorp, Inc. is a Warren, PA based bank holding company that
 operates The Northwest Savings Bank and The Jamestown Savings Bank which is
 headquartered in Jamestown, NY.  The Holding Company held $3.7 billion in
 assets at March 31, 2000 and through its affiliates operates 116 banking
 facilities and 44 consumer finance offices in Pennsylvania, New York and Ohio.
 Founded in 1992, Heritage Trust Company was a subsidiary of Heritrust
 Corporation; as a subsidiary of Northwest Savings Bank, it remains
 headquartered at 700 Peach Street in Erie Pennsylvania.
 
                     MAKE YOUR OPINION COUNT -  Click Here
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 SOURCE  Northwest Bancorp, Inc.