Northwest Bancorp Inc. in Warren, Pa., announced a deal to buy a small mutual thrift.
The $7 billion-asset company said it intends to absorb the $26 million-asset Keystone State Savings Bank in Sharpsburg, Pa.
Northwest has a mutual holding company structure, with a minority of its shares publicly held. Because Keystone also is a mutual, no money would change hands when the deal closes in the third quarter.
William J. Wagner, Northwest's president and chief executive, said in a press release Monday that his company is "excited" about the opportunity to pair up with the 122-year-old Keystone.
Mr. Wagner said his company's Northwest Savings Bank would have 29 branches in the Pittsburgh area after adding Keystone's one office. In all, it operates 167 branches in five states.
