NexTier Bank
| Company type | Private |
|---|---|
| Founded | 1878 (Citizens National Bank) |
| Headquarters | Evans City, Pennsylvania, United States |
Key people | Mark Karenchak, Chairman of the Board, Richard J Krauland Pres and CEO, Tito Lima CFO, Maria Smathers, CMO, Clem Rosenberger COO |
| Products | Financial Services |
Number of 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
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." The name change resolved a dispute with the much larger Citizens Bank of Pennsylvania, which had 400+ branches, compared to Citizens National Bank's 15 branches.[3]
Corporate Leadership
Richard J Krauland is President and CEO. Tito Lima CFO, Mark Schoen, CRO, Bob Bowell, Chief Lending Officer, Greg Schultz, Chief Credit Officer, Clem Rosenberger, COO, Maria Smathers, Chief Marketing Officer. Chairman of the Board is Mark Karenchak.
Primary Operations
The primary operations of NexTier include NexTier Bank, NexTier Insurance Services,[4] 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.[5]
Awards
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
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
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 also had a majority interest in the Farmers and Merchants Bank of Western Pennsylvania, based in Kittanning with 8 community offices serving Armstrong County.
In October 2014, NexTier merged with Farmers & Merchants Bank. The combined entity has 24 locations and will retain the NexTier name.[11]
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.
- ^ "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
- ^ Business Briefs: Nextier, Farmers & Merchants banks complete merger, 2014-10-02