NexTier Bank
Encyclopedia
NexTier Bank is a U.S.-based financial services
corporation
. They have fifteen branch locations in Allegheny
, Butler
, and Armstrong
counties in western Pennsylvania
.
of Evansburg, Pennsylvania (now Evans City, Pennsylvania
). The bank received a state charter in 1893 and its national charter in 1907.
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.
Stadium, renaming it NexTier Stadium.
On November 11, 2008, the Better Business Bureau
of Pennsylvania awarded NexTier Bank the Torch Award for Marketplace Ethics.
-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.
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.
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
. They have fifteen branch locations in Allegheny
Allegheny County, Pennsylvania
Allegheny County is a county in the southwestern part of the U.S. state of Pennsylvania. As of the 2010 census, the population was 1,223,348; making it the second most populous county in Pennsylvania, following Philadelphia County. The county seat is Pittsburgh...
, Butler
Butler County, Pennsylvania
-Demographics:As of the census of 2000, there were 174,083 people, 65,862 households, and 46,827 families residing in the county. The population density was 221 people per square mile . There were 69,868 housing units at an average density of 89 per square mile...
, and Armstrong
Armstrong County, Pennsylvania
Armstrong County is a county located in the U.S. state of Pennsylvania. As of the 2010 census, the population was 68,941. It is located northeast of Pittsburgh and Allegheny County. Armstrong County was added to the Pittsburgh Metropolitan Statistical Area in 2003.The county seat is Kittanning...
counties in western Pennsylvania
Pennsylvania
The Commonwealth of Pennsylvania is a U.S. state that is located in the Northeastern and Mid-Atlantic regions of the United States. The state borders Delaware and Maryland to the south, West Virginia to the southwest, Ohio to the west, New York and Ontario, Canada, to the north, and New Jersey to...
.
Founding as Citizens National Bank
S.J. Irvine, Sr. founded the bank in 1878 under its original name, Citizens National Bank, in the oil boomtownBoomtown
A boomtown is a community that experiences sudden and rapid population and economic growth. The growth is normally attributed to the nearby discovery of a precious resource such as gold, silver, or oil, although the term can also be applied to communities growing very rapidly for different reasons,...
of Evansburg, Pennsylvania (now Evans City, Pennsylvania
Evans City, Pennsylvania
Evans City is a borough in Butler County, Pennsylvania, United States. The population was 2,009 at the 2000 census.-Geography:Evans City is located at ....
). The bank received a state charter in 1893 and its national charter in 1907.
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.
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."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, NexTier Wealth Management, NexTier Armored Services, 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 SchoolSeneca Valley school district
The Seneca Valley School District is a public school district in the northern suburbs of Pittsburgh, Pennsylvania. It is centred on Cranberry Township, a quickly growing municipality...
Stadium, renaming it NexTier Stadium.
Awards
In 2008 NexTier Bank was listed as one of the Best Places to Work in Pennsylvania. NexTier also earned this distinction in 2000 and 2001.On November 11, 2008, the Better Business Bureau
Better Business Bureau
The Better Business Bureau , founded in 1912, is a corporation consisting of several private business franchises of local BBB organizations based in the United States and Canada, which work through their parent corporation, the Council of Better Business Bureaus .The Better Business Bureau, through...
of Pennsylvania awarded NexTier Bank the Torch Award for Marketplace Ethics.
Acquired by Northwest Bancshares
On May 5, 2010, Warren, PennsylvaniaWarren, Pennsylvania
Warren is a city in Warren County, Pennsylvania, United States, located along the Allegheny River. The population was 9,710 at the 2010 census. It is the county seat of Warren County. It is home to the headquarters of the Allegheny National Forest and the Cornplanter State Forest...
-based Northwest Bancshares
Northwest Savings Bank
Northwest Savings Bank is an American commercial bank. It was founded in Warren, Pennsylvania in 1896. Today, Northwest has 171 branches in Pennsylvania, New York, Maryland, Ohio, and Florida. The parent company, Northwest Bancshares, has $7.0 billion dollars in assets. Northwest offers free...
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.
NexTier Terminates Merger agreement with Northwest Bancshares
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
Farmers and Merchants Bank of Western Pennsylvania
Farmers and Merchants Bank of Western Pennsylvania is a local bank in Kittanning, Pennsylvania. It is the result of the merger between the Merchants National Bank of Kittanning and the Farmers National Bank of Kittanning in early 2008....
, based in Kittanning with 8 community offices serving Armstrong County.