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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 20, 1995
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
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Item 5. Other Events
On December 20, 1995, First Western's Board of Directors
reauthorized a common stock repurchase program that was first
established on July 18, 1995 but scheduled to expire on December
31, 1995. A total of 35,000 shares have been repurchased to date
against an original 250,000 share authorization. The
reauthorization permits the repurchase of up to three percent, or
approximately 235,000 shares, of the Company's 7.8 million
currently outstanding shares of common stock from time to time at
current market prices from available corporate funds. The program,
which will purchase shares through a broker or in blocks in
accordance with applicable rules of the Securities and Exchange
Commission, will hold repurchased shares in treasury for general
corporate purposes including reissue into the Company's dividend
reinvestment plan and various employee benefit plans. Such
authorization expires on December 31, 1996, unless extended by
Board action.
Item 7. Financial Statements and Exhibits
(a) Financial Statements: None.
(b) Exhibits:
10.1 Press Release Announcing Reauthorization of
Stock Repurchase Program.
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)
January 4, 1996 /s/ Robert H. Young
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Robert H. Young
Senior Vice President-Finance,
Secretary and Treasurer
(Principal Financial Officer)
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First Western Bancorp, Inc.
Exhibits to Form 8-K
For the Current Report Dated December 20, 1995
Exhibit Index
Exhibit Method of
Number Description Filing
- ------- ------------------------------- ---------
10.1 Press Release Announcing Filed
Reauthorization of Stock Herewith
Repurchase Program. page__/__
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Exhibit 10.1
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 20, 1995 - Release No. 229
Contact: Robert H. Young Dan Pecchia
Senior Vice President - Finance or IRA THOMAS ASSOCIATES
Secretary and Treasurer (216) 793-3000
FIRST WESTERN BANCORP, INC.
(412) 652-8550
FOR IMMEDIATE RELEASE
FIRST WESTERN REAUTHORIZES STOCK REPURCHASE PROGRAM
NEW CASTLE, Pa., (December 20, 1995) - First Western Bancorp, Inc.
(NASDAQ:FWBI) announced that its Board of Directors reauthorized a
common stock repurchase program that was first established on July 18,
1995 but scheduled to expire on December 31, 1995.
A total of 35,000 shares have been repurchased to date against an
original 250,000 share authorization.
The reauthorization permits the repurchase of up to 3 percent, or
approximately 235,000 shares, of the Company's 7.8 million currently
outstanding shares of common stock from time to time at current market
prices from available corporate funds.
The program, which will purchase shares through a broker or in blocks in
accordance with applicable rules of the Securities and Exchange
Commission, will hold repurchased shares in treasury for general
corporate purposes including reissue into the Company's dividend
reinvestment plan and various employee benefit plans. Such
authorization expires on December 31, 1996, unless extended by Board
action.
The Board and management of First Western believe that this program is
in the best interests of the Company and that such purchases are an
attractive investment for a portion of the Company's available funds.
First Western Bancorp, Inc., a $1.6 billion 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 trust company.
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). The
Company employs more than 600 people.
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