Exhibit 99.1
FOR IMMEDIATE RELEASE January 31, 2002
- ---------------------
PARKVALE FINANCIAL CORPORATION, MONROEVILLE, PA (NASDAQ: PVSA)
COMPLETES ITS ACQUISITION OF THE SECOND NATIONAL BANK OF MASONTOWN
Parkvale Financial Corporation (NASDAQ: PVSA) ("Parkvale") and the Second
National Bank of Masontown ("SNB") announced today that they have completed the
merger of SNB into Parkvale Savings Bank. The combined company, which will
operate as Parkvale Bank, has $1.6 billion in total assets and 38 offices
throughout the counties of Allegheny, Beaver, Butler, Fayette, Washington and
Westmoreland.
As a result of the acquisition, shareholders of SNB will receive $92.00 cash for
each share of SNB common stock in a taxable transaction. The total value of the
transaction is $36.8 million.
"This combination strengthens Parkvale by adding a well run federally chartered
national bank franchise that has been a highly regarded fixture in Fayette
County for more than 65 years. This merger combines two companies with similar
cultures and represents a natural market extension for Parkvale," commented
Robert J. McCarthy, Jr., Parkvale's President and Chief Executive Officer. "The
branches in Fayette County (2 in Uniontown, 1 in Masontown, 1 in Brownsville and
1 in Chalk Hill) expand our marketplace and give us one contiguous market in
southwestern Pennsylvania. The transaction is expected to be accretive to
earnings per share in the first full year of operations and should further
enhance the value of our franchise."
"We are very pleased to be partnering with Parkvale Bank and very excited by the
opportunities for our customers, our community and our shareholders," stated
Harry D. Reagan, Chairman and Chief Executive Officer of SNB. "Parkvale is one
of the premier financial institutions in western Pennsylvania. Much like
ourselves, Parkvale shares the belief that our customers are our top priority.
Our commitments to teamwork and quality will help ensure a seamless transition
for all customers."
Parkvale, with 33 branch offices, had $1.4 billion in assets, $1.2 billion in
deposits and $99 million in shareholders' equity as of December 31, 2001.
The Second National Bank of Masontown, with 5 branch offices, had $193 million
in assets, $156 million in deposits and $26 million in shareholders' equity as
of December 31, 2001.
-- More--
FORWARD LOOKING STATEMENTS
When used in this press release or other public shareholder communications, or
in oral statements made with the approval of an authorized executive officer,
the words "will," "expect," "continue," "anticipate," "estimate," "project," or
similar expressions are intended to identify "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Parkvale
wishes to caution readers not to place undue reliance on any forward-looking
statements, which speak only as of the date made, and to advise readers that
various factors including regional and national economic conditions, changes in
levels of market interest rates, credit risks of lending activities and
competitive and regulatory factors could affect Parkvale's financial performance
and could cause Parkvale's actual results for future periods to differ
materially from those anticipated or projected.
Parkvale does not undertake, and specifically disclaims, any obligation to
publicly release the results of any revisions which may be made to any
forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date of such statements.
Contact: Robert J. McCarthy, Jr. Harry D. Reagan
Parkvale Financial Corporation Second National Bank
President and CEO Chairman and CEO
(412) 373-4815 (724) 583-7701 ext. 124