BT Financial Corp. announced this week that it would sell two branches of its Laurel Bank to 1st Summit Bank of Johnstown, Pa.
The two Laurel Bank branches for sale are in the small town of Indiana, Pa. BT Financial, which is also based in Johnstown, will sell the deposits and the real estate of one branch to $185 million-asset 1st Summit for an undisclosed price. The real estate of the other branch is being sold to another business in town.
"Indiana has some strong local banks, and we have not been able to grow in that town," said John H. Anderson, chairman and chief executive officer of $1.7 billion-asset BT Financial. "We have decided to redeploy the resources and let someone else give it a try."
Mr. Anderson said this sale is not related to BT Financial's $81 million-asset deal to buy Philson Financial Corp. of Berlin, Pa., which was announced last week. The branch sale is expected to be completed by the end of the first quarter.