BT Financial Corp. has completed the $41 million acquisition of Moxham Bank Corp.

Moxhan's two banks, Moxham National Bank, Johnstown, and First National Bank of Garrett, will be merged into Johnstown Bank and Trust Co., BT's largest subsidiary. BT will acquire 10 Moxham offices in three counties, but seven will be closed.

Forty-one workers will be laid off, 19 took voluntary retirement, and 32 openings have been eliminated, BT said. The bank will provide severance packages and job-placement help and will allow the former workers to bid on jobs that may become available at BT.

The stock deal - 1.15 share of BT stock for each Moxham share - adds $240 million in assets to BT, which also bought Armstrong County Trust in Kittanning last month. BT now has $1.5 billion in assets.

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