The fourth-generation president of NexTier Bank in Butler, Pa., has resigned in order to accept a senior position with the Federal Home Loan Bank of Pittsburgh.
Margaret Irvine Weir will step down on Oct. 28 from the bank her great-grandfather, S.J. Irvine Sr., co-founded in 1878, NexTier said in a Monday press release. She will serve as director of member services at the Home Loan bank starting Nov. 4.
The announcement comes as the $500-million asset NexTier prepares to merge with Farmers & Merchants Bank of Western Pennsylvania in Kittanning. The deal, expected to close in the first quarter, would create a $1 billion-asset company with 24 branches. Irvine Weirs resignation is not related to the merger, according to company spokeswoman Maria Smathers.
Irvine Weir began working at NexTier in 1990 and was promoted to president in 2000. She also served as a director of the Pittsburgh branch of the Federal Reserve Bank of Cleveland from 2007 to 2010. In 2001, the Pennsylvania Gov. Tom Ridge named Irvine Weir one of Pennsylvanias Best 50 Women in Business.
NexTier has been always been an integral part of my life, Irvine Weir said in the release. I spent my early years visiting both my grandfather and father when each served as president, and they gave me a chance to follow in their footsteps The past couple years have been challenging, but NexTier was recently released from both the [Office of the Comptroller of the Currency] and Federal Reserve agreements we were under and weve built a strong foundation for the future. NexTier is well-positioned for continued profitability and growth. There comes a time when a new challenge is presented that makes sense. The opportunity to continue to work within the financial services industry in a different capacity, in a role that I feel extremely passionate about, is an exciting direction for my career at this time.
NexTiers executive management team will share Irvine Weirs current responsibilities as the board discusses whether to fill her vacated positions as president and board member, according to company spokeswoman Smathers. Donald Shamey will remain chief executive.