NexTier Bank

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NexTier
Type Private
Founded 1878 (Citizens National Bank)
Headquarters Evans City, Pennsylvania, United States
Key people Mark Karenchak, Chairman of the Board; Margaret Irvine Weir, President; Donald Shamey, Chief Executive Officer
Products Financial Services
Employees 220 (2010)
Website www.thebank.com [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.

History[edit]

Founding as Citizens National Bank[edit]

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[edit]

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[edit]

Don Shamey is Chief Executive Officer. Margaret Irvine Weir is President. Chairman of the Board is Mark Karenchak.

Primary Operations[edit]

The primary operations of NexTier include NexTier Bank, NexTier Insurance Services,[4] and a loan production office in Phoenix, AZ.

Corporate Sponsorships[edit]

On April 10, 2006, NexTier bank purchased the naming rights for the Seneca Valley High School Stadium, renaming it NexTier Stadium.[5]

Awards[edit]

In 2008 NexTier Bank was listed as one of the Best Places to Work in Pennsylvania.[6] NexTier also earned this distinction in 2000[7] and 2001.[8]

On November 11, 2008, the Better Business Bureau of Pennsylvania awarded NexTier Bank the Torch Award for Marketplace Ethics.[9]

Northwest Bancshares[edit]

On May 5, 2010, Warren, Pennsylvania-based Northwest Bancshares agreed to buy NexTier for $20.3 million in cash.was expected to close by the end of 2010, upon which the NexTier name would have been replaced by the Northwest Savings Bank name.[10]

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[edit]

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[edit]

External links[edit]