WARREN, Pa. - Northwest Savings Bank has agreed to buy the First National Bank of Centre Hall for $7.8 million in cash.

Under the terms of the agreement, each of the 129,967 shares of $40 million-asset First National stock will be exchanged for $60 in cash.

The transaction, which is still subject to shareholder and regulatory approval, is expected to close in early 1996.

Combined with other pending acquisitions and new branches, the deal will create a $1.6 billion-asset institution, with 50 branches in central and western Pennsylvania.

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