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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) October 20, 1998
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First Western Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Commission file number 0-13882
Pennsylvania 25-1461570
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
101 East Washington Street, New Castle, Pennsylvania 16101
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (724) 652-8550
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Item 5. Other Events
On October 20, 1998, Dr. Fiona M. Scott Morton was appointed to
First Western's Board of Directors. Dr. Scott Morton is an Assistant
Professor of Economics and Strategy at the University of Chicago's
Graduate School of Business.
On October 28, 1998, First Western announced that it was
eliminating approximately 70 positions (including part time). At the
same time, Robert H. Young, Executive Vice President and Chief
Financial Officer and Kathleen L. Selmier, Senior Vice President
announced their intention to leave First Western to engage in other
pursuits. Kenneth J. Romig, currently First Western's Controller, will
succeed Mr. Young as Chief Financial Officer and Stephen R. Sant,
President of First Western Bank, N.A., will assume Ms. Selmier's
responsibilities for the retail division.
Item 7. Financial Statements and Exhibits
(a) Financial Statements: None.
(b) Exhibits:
99.1 Press Release Announcing: First Western Expands
Board; Names Economics Professor and Granddaughter of
Former Chairman to Post
99.2 Press Release Announcing: First Western Bancorp, Inc.
Confirms Elimination of Positions
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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)
November 3, 1998 /s/ Kenneth J. Romig
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Kenneth J. Romig
Chief Financial Officer
(Principal Financial Officer)
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First Western Bancorp, Inc.
Exhibits to Form 8-K
For the Current Report Dated October 20, 1998
Exhibit Index
<TABLE>
<CAPTIONS>
Exhibit Method of
Number Description Filing
- ----------- ---------------------------------- --------------
<C> <C> <C>
99.1 Press Release Announcing: First Filed
Western Expands Board; Names Herewith
Economics Professor and
Granddaughter of Former Chairman
to Post
99.2 Press Release Announcing: First Filed
Western Bancorp, Inc. Confirms Herewith
Elimination of Positions
</TABLE>
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101 East Washington Street
P.O. Box 1488
New Castle, PA 16103-1488
Telephone: (412) 652-8550
FIRST WESTERN
BANCORP, INC.
NEWS RELEASE
Date: October 26, 1998 -- Release No. 288
Contact: Toni Sadecky Tom Matthews
Vice President and Public or IRA THOMAS ASSOCIATES
Relations Specialist (330) 793-3000
FIRST WESTERN BANCORP, INC.
(724) 652-8550
FOR IMMEDIATE RELEASE
FIRST WESTERN EXPANDS BOARD; NAMES ECONOMICS PROFESSOR AND GRANDDAUGHTER
OF FORMER CHAIRMAN TO POST
NEW CASTLE, Pa. (October 26, 1998) - First Western Bancorp, Inc.
(NASDAQ: FWBI) today announced the appointment of Dr. Fiona M. Scott
Morton to its board of directors.
Scott Morton, granddaughter of former board chairman Thomas V.
Mansell, was named to an interim term effective October 20. Her
selection brings the total number of board members to 12. Her term
expires in April, when the post is subject to a vote of shareholders.
Scott Morton, 31, is an assistant professor of economics and
strategy at the University of Chicago's Graduate School of Business in
Chicago, Ill. She earned a doctorate in economics from the Massachusetts
Institute of Technology and a bachelor's degree in economics from Yale
University. She is a member of the American Economics Association and at
one time worked as a summer assistant in First Western's Trust
Department.
"Dr. Scott Morton's appointment will add depth to our board," said
Thomas J. O'Shane, chairman and chief executive officer of First Western
Bancorp. "Her background in economic analysis and strategy will be a
significant asset to First Western and its shareholders."
First Western Bancorp, Inc., with headquarters in New Castle, Pa.,
and assets of more than $2.2 billion, is parent of First Western Bank,
N.A., a full-service bank that also provides trust and financial
services. First Western Insurance Services, Inc. is a subsidiary of First
Western Bank. First Western employs more than 750 people and operates 51
financial stores in 10 Pennsylvania counties (Lawrence, Mercer, Beaver,
Butler, Erie, Allegheny, Cambria, Washington, Jefferson and Westmoreland)
and Ashtabula County in Ohio. First Western operates a Web site at
www.fwbi.com.
# # #
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101 East Washington Street
P.O. Box 1488
New Castle, PA 16103-1488
Telephone: (412) 652-8550
FIRST WESTERN
BANCORP, INC.
NEWS RELEASE
Date: October 28, 1998 Release No. 289
Contact: Thomas J. O'Shane Richard L. Stover
Chairman and or President and
Chief Executive Officer Chief Operating Officer
FIRST WESTERN BANCORP, INC.
(724) 652-8550 extension 1173
FOR IMMEDIATE RELEASE
FIRST WESTERN BANCORP, INC.
CONFIRMS ELIMINATION OF POSITIONS
NEW CASTLE, PA (October 28, 1998) - First Western Bancorp, Inc.
(NASDAQ:FWBI) today confirmed that in addition to existing vacancies
that are not being filled, it was eliminating approximately 70
positions (including part time). This confirmation followed First
Western's October 20, 1998 announcement of its Profit Improvement
Initiative designed to cut costs by $3.5 million to $4.5 million
annually.
At the same time, Robert H. Young, Executive Vice President and
Kathleen L. Selmier, Senior Vice President, announced their intention
to leave First Western to engage in other pursuits.
Kenneth J. Romig, currently First Western's Controller, will
succeed Mr. Young as First Western's Chief Financial Officer, and
Stephen R. Sant, President of First Western Bank, N.A., will assume Ms.
Selmier's responsibilities for the Retail division.
"Both Mr. Young and Ms. Selmier have worked hard for First
Western," remarked Thomas J. O'Shane, Chairman and Chief Executive
Officer at First Western. "Over the years I have worked closely with
them and relied upon their counsel. They will be missed by us all. We
thank them for the services they have rendered to First Western and
wish them the very best for the future."
First Western Bancorp, Inc., with headquarters in New Castle, PA,
and assets of more than $2.2 billion, is the parent of First Western
Bank, N.A., a full service bank also providing trust and financial
services. First Western Insurance Services, Inc. is a subsidiary of
First Western Bank. First Western operates 51 financial stores in 10
Pennsylvania counties (Lawrence, Mercer, Beaver, Butler, Erie,
Allegheny, Washington, Cambria, Jefferson and Westmoreland) and in
Ashtabula County, Ohio.
Anyone having questions concerning this announcement is requested
to contact Thomas J. O'Shane, Chairman and Chief Executive Officer or
Richard L. Stover, President and Chief Operating Officer.
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