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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 26, 1996
First Western Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Commission file number 0-13882
Pennsylvania 25-1461570
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
101 East Washington Street, New Castle, Pennsylvania 16101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (412) 652-8550<PAGE>
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Item 5. Other Events
On November 26, 1996, First Western entered into an agreement
to sell its credit card loan business, including related credit
card program contracts, to MBNA America Bank, N.A. The agreement,
which is subject to certain conditions, has been approved by First
Western's board of directors. First Western anticipates that it
will record a net after-tax gain of approximately $6.5 million to
$8.0 million upon the completion of the sale, which should occur in
late 1996 or early 1997. First Western's credit card loans
outstanding were $44.1 million at November 30, 1996. A copy of the
press release announcing the agreement is attached hereto as
Exhibit 99.1 and is incorporated by reference herein in its
entirety.
Item 7. Financial Statements and Exhibits
(a) Financial Statements: None.
(b) Exhibits:
99.1 Press Release Announcing Sale of Credit Card
Portfolio.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
First Western Bancorp, Inc.
(Registrant)
December 13, 1996 /s/ Robert H. Young
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Robert H. Young
Executive Vice President-
Chief Financial Officer,
Secretary and Treasurer
(Principal Financial Officer)
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First Western Bancorp, Inc.
Exhibits to Form 8-K
For the Current Report Dated November 26, 1996
Exhibit Index
Exhibit Method of
Number Description Filing
99.1 Press Release Announcing Filed
Sale of Credit Card Portfolio Herewith
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Exhibit 99.1
101 East Washington Street First Western
P.O. Box 1488 Bancorp, Inc.
New Castle, PA 16103-1488
Telephone: (412) 652-8550
NEWS RELEASE
Date: December 9, 1996
Contact: Robert H. Young
Executive Vice President - Chief Financial Officer,
Secretary and Treasurer
First Western Bancorp, Inc.
(412) 652-8550
For Immediate Release
FIRST WESTERN BANCORP, INC. ANNOUNCES SALE OF CREDIT CARD PORTFOLIO
(New Castle, PA) - First Western Bancorp, Inc. (NASDAQ -
FWBI) today announced it has agreed to sell its credit card loan
business, including related credit card program contracts. The
agreement, which is subject to the satisfaction of certain
conditions, has been approved by First Western's board of
directors. Terms of the agreement were not disclosed. First
Western anticipates that it will record a net after-tax gain upon
the sale, ranging from approximately $6.5 million to $8.0 million,
which should occur in late 1996 or early 1997.
In conjunction with the sale, First Western has approved a
five-year agent bank agreement that will continue to provide
ongoing credit card programs and services to the bank's customers
through joint marketing efforts.
Thomas J. O'Shane, Chairman, President and Chief Executive
Officer of First Western, stated "We have been examining many areas
of our various businesses, including credit cards, in conjunction
with market opportunities for profitable growth. The credit card
business has changed substantially over the past several years as
this business has become dominated by a few large banks and credit
card companies. The opportunity to sell the business was
determined to be in the best interests of our customers and
shareholders. In addition, the agent bank program will permit us
to expand the opportunities for our credit card customers through
additional card benefits, more targeted marketing and increased
credit lines".
This news release, other than historical financial and other
information, may consist of forward-looking statements that involve
risks and uncertainties, including the risks detailed from time to
time in the Company's SEC reports including its Annual Report on
Form 10-K for the year ended December 31, 1995. Actual results may
vary materially.
First Western Bancorp, Inc., a multi-bank holding company
based in New Castle, PA, is the parent of First Western Bank, N.A.,
a full-service bank; First Western Bank, F.S.B., a federal savings
bank; and First Western Trust Services Co., a full-service provider
of trust and financial services. First Western's 42 community
banking offices are located in seven Pennsylvania counties (
Lawrence, Mercer, Beaver, Erie, Allegheny, Venango and Butler) and
two Ohio counties (Ashtabula and Lake).
