BT Financial Corp., Johnstown, Pa., said late Thursday that it has a deal to buy First Philson Financial Corp. for $81 million in stock.

The parent of First Philson Bank, which has $214 million of assets and 10 branches, is based in Berlin, Pa. The acquisition is expected to close by mid-1999.

The companies said the deal should add to earnings immediately. Some branches would be closed, BT said, but it said it had not decided how many.

BT Financial, with $1.7 billion of assets, is the holding company for Laurel Bank, which has 74 branches in 12 Pennsylvania counties. The deal would give Laurel Bank the top market share in Philson's native Somerset County.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.