- NexTier Bank
-
NexTier Type Private Founded 1878 (Citizens National Bank) Headquarters Evans City, Pennsylvania, United States Key people S. J. Irvine III, Chairman of the Board; Margaret Irvine Weir, President; Donald Shamey, Chief Executive Officer Products Financial Services Employees 220 (2010) Website [1] NexTier Bank is a U.S.-based financial services corporation. They have fifteen branch locations in Allegheny, Butler, and Armstrong counties in western Pennsylvania.
Contents
History
Founding as Citizens National Bank
S.J. Irvine, Sr. founded the bank in 1878 under its original name, Citizens National Bank, in the oil boomtown of Evansburg, Pennsylvania (now Evans City, Pennsylvania). The bank received a state charter in 1893 and its national charter in 1907.[1]
In 1940, S.J. Irvine, Jr. succeeded his father as president. In 1959, S.J. Irvine III, began his career as bank president. In 2000, his daughter, Margaret Irvine Weir, became president of the bank, representing the fourth generation of the Irvine family to head the company.[2]
Name change to NexTier
On October 11, 2005, the bank officially changed its name to NexTier Bank. It also adopted the tagline "Experience The Next Level."[3]
Corporate Leadership
S.J. Irvine III is the current Chairman of the Board. Margaret Irvine Weir is President. Don Shamey is Chief Executive Officer.
Primary Operations
The primary operations of NexTier include NexTier Bank, NexTier Insurance Services,[4] NexTier Wealth Management, NexTier Armored Services,[5] and a loan production office in Phoenix, AZ.
Corporate Sponsorships
On April 10, 2006, NexTier bank purchased the naming rights for the Seneca Valley High School Stadium, renaming it NexTier Stadium.[6]
Awards
In 2008 NexTier Bank was listed as one of the Best Places to Work in Pennsylvania.[7] NexTier also earned this distinction in 2000[8] and 2001.[9]
On November 11, 2008, the Better Business Bureau of Pennsylvania awarded NexTier Bank the Torch Award for Marketplace Ethics.[10]
On May 5, 2010, Warren, Pennsylvania-based Northwest Bancshares announced that they have agreed to buy NexTier for $20.3 million in cash. The deal will increase Northwest's branch network to 187 and increase its market share in the Pittsburgh market. The deal is expected to close by the end of 2010, upon which the NexTier name will be replaced by the Northwest Savings Bank name.[11]
NexTier Inc. announced on November 8, 2010 that it terminated its agreement to merge with Northwest Bancshares, Inc. (Nasdaq: NWBI), citing Northwest’s inability to secure regulatory approval for the merger. NexTier announced its intention to seek an infusion of cash subsequent to the termination of the merger agreement.
NexTier and the Snyder Group
On February 2, 2010, NexTier, Inc., announced the successful completion of capital raising efforts. The Snyder Group of Kittaning, PA provided NexTier a capital infusion in the form of an investment in common stock, with an initial investment to NexTier January 31, 2011.. On April 14, 2011, NexTier Inc. announced regulatory approval from federal and state regulators for the capital infusion from the Snyder Group. The remaining capital infusion was completed in April 2011, resulting in 51% ownership of NexTier.
The Snyder Group is the owner of Snyder Associated Companies, a holding company with investments in mining, oil, and natural gas exploration activities, manufacturing, agriculture and banking. The Snyder Group has a majority interest in the Farmers and Merchants Bank of Western Pennsylvania, based in Kittanning with 8 community offices serving Armstrong County.
References
- ^ NexTier Bank History
- ^ "Newsmaker: Margaret Irvine Weir," Pittsburgh Tribune-Review.
- ^ "Citizens out, NexTier in," Pittsburgh Post-Gazette.
- ^ "NexTier to buy insurance firm," Pittsburgh Business Times.
- ^ "NexTier guards its niche in armored-courier business," Pittsburgh Tribune-Review
- ^ "Seneca Valley sells naming rights," Pittsburgh Post-Gazette
- ^ Best Places to Work in PA 2008
- ^ Best Places to Work in PA 2000
- ^ Best Places to Work in PA 2001
- ^ "BBB Announces Winners of 2008 Torch Award for Marketplace Ethics"
- ^ http://post-gazette.com/pg/10125/1055911-100.stm
External links
Categories:- Banks based in Pennsylvania
- Companies based in Pittsburgh, Pennsylvania
- Banks established in 1878
Wikimedia Foundation. 2010.
