Northwest Savings Bank has agreed to buy $56 million- asset Bridgeville Savings Bank for $18.3 million.
Under the agreement, each share of Bridgeville stock will be exchanged for $16 in cash. Prior to the transaction, Bridgeville will also pay a one- time special dividend of up to 15 cents per share and will continue paying its quarterly dividend of up to 8 cents per share.
The purchase, still subject to shareholder and regulatory approval, is expected to close in early 1997 and will add to earnings in 1997.
Northwest, the fourth-largest savings bank in Pennsylvania, has $1.7 billion in assets, with 54 branches in 16 western and central Pennsylvania.