INDIANA, Pa., March 21, 2011 /PRNewswire/ -- S&T Bank (Nasdaq: STBA), a full-service financial institution with branch locations in 10 Pennsylvania counties, is responding to the ongoing demand for specialized financial services for landowners who are leasing their property to natural gas drilling companies in the Marcellus Shale region. S&T Wealth Management has formed a strategic alliance with Heritage Trust Company, a firm based in Oklahoma with extensive experience in managing oil and gas rights for families and groups.
"At S&T Bank, we recognize that many families in western Pennsylvania are benefitting from a robust natural gas industry," said Todd Brice, president and CEO of S&T Bank. "Through our alliance with Heritage Trust Company, we can now offer a full cycle of services that protect a landowner's rights, secure their wealth, and position it for future growth."
S&T Wealth Management's services include:
- Lease offer and negotiation.
- Negotiating surface damage rights so that landowners are sufficiently protected from and compensated for any damage to their property throughout the drilling process.
- Verifying, monitoring and administering royalty payments generated by production on the landowner's property, ensuring that they are being paid what they should be paid.
- Conducting lease renewal negotiations for landowners whose agreement is nearing its expiration date.
- Developing and executing wealth management and investment strategies, and helping to formulate tax, estate and legacy planning.
"At S&T Wealth Management, we are excited about this new service offering," said Malcolm Polley, executive vice president and managing director of S&T Wealth Management. "Thanks to the combined strengths of S&T Wealth Management and Heritage Trust Company, we are now proud to offer a combined 220 years and more than 6,500 properties of oil and gas management experience."
"Heritage Trust Company is pleased to form this alliance with S&T Wealth Management," added Mike Carroll, president and chief executive officer of Heritage Trust Company. "Our people understand the intricacies involved in managing oil and gas rights for individuals. We've been doing it for many years, and we're familiar with the key challenges facing a landowner."
For more information on S&T Wealth Management's Marcellus Shale offerings, visit www.stbank.com.
About S&T Bank
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 51 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $4.1 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market under the symbol STBA. S&T Wealth Management is a division of S&T Bank and has more than $1.4 billion in assets under management and administration. For more information, visit www.stbank.com.
SOURCE S&T Bank