PITTSBURGH -- Equibank concluded the restructuring of its branch system Tuesday by announcing the sale of four of its southwestern Pennsylvania institutions to the federally insured Northwest Mutual Savings Association of Warren, Pa.
Equibank officials estimated the transfers of its Economy, Quaker Valley, Beaver-College Hill and Beaver-Fort McIntosh offices will occur within 120 days.
Terms of the agreement were not disclosed.
Claire W. Gargalli, president of the Pittsburgh-based Equibank, said the agreement 'concludes a major step in our plan to increase the capital of the bank.'
'The finalization of that plan will allow us to again concentrate on our primary business which is serving the individual deposit and loan customers, as well as the small- to medium-sized businesses in our market area,' he said.
'As of today, all of the pieces of the capital plan are in place,' he added. 'The portions of the plan that required shareholder approval were voted on by the shareholders on today.
The Equibank offices that have been sold are principally outside of Allegheny County, where Pittsburgh is located, Gargalli said.
