EXHIBIT 99
<PAGE>
[Fidelity Bancorp, Inc. letterhead]
Release Date: Contact:
July 14, 2000 Mr. William L. Windisch, President
Fidelity Bancorp, Inc.
(412) 367-3300
Email: [email protected]
FIDELITY BANCORP, INC. ANNOUNCES
THE CLOSING OF ACQUISITION OF
PENNWOOD BANCORP, INC. AND PENNWOOD SAVINGS BANK
July 14, 2000: Fidelity Bancorp, Inc. (NASDAQ -- "FSBI"), the holding
company for Fidelity Bank, Pittsburgh, Pennsylvania, previously announced that
on February 18, 2000 Fidelity entered into a definitive Agreement and Plan of
Merger with Pennwood Bancorp, Inc., whereby Fidelity is to acquire all of the
outstanding common stock of Pennwood Bancorp, Inc., the holding company of
Pennwood Savings Bank, at a price of $13.10 per share.
Fidelity completed the merger with Pennwood at the close of business on
July 14, 2000. As a result of the merger, the main office of Pennwood at 683
Lincoln Avenue, Bellevue, Pennsylvania, will become a branch office of Fidelity
Bank.
William L. Windisch, President of Fidelity, stated "Effective Saturday,
July 15, 2000, the former main office of Pennwood Savings Bank located at 683
Lincoln Avenue, Bellevue, Pennsylvania will become a full-service branch office
of Fidelity Bank. The former Pennwood customers can expect to continue to
receive the same type of service from the same employees. In addition, former
Pennwood customers will now have access to additional products and services as
well as the extensive branch and ATM networks of Fidelity Bank."
After the merger, Fidelity is expected to have total assets,
stockholders' equity and deposits of $570 million, $27.2 million, and $292
million, respectively. Effective July 15, 2000, Fidelity Bank will operate from
10 full-service offices located in Pittsburgh, Allison Park, Bellevue, Mount
Lebanon and Zelienople, Pennsylvania.
