BT Financial Corp., a $1.7 billion-asset bank company in Johnstown, Pa., has announced plans to buy Peoples National Bank of Rural Valley, Pa., for about $13 million in stock.
Founded in 1933, $40 million-asset Peoples National is the only bank in Rural Valley. Its shareholders would get 11.82 shares of BT common stock for each share owned. The bank would be merged with BT's banksubsidiary, Laurel Bank. The deal is expected to close in the third quarter.