EXHIBIT 99
<PAGE>
Release Date: Contact:
July 11, 2000 Mr. William L. Windisch, President
Fidelity Bancorp, Inc.
(412) 367-3300
Email:[email protected]
FIDELITY BANCORP, INC. ANNOUNCES THE
SCHEDULED CLOSING OF ACQUISITION OF
PENNWOOD BANCORP, INC. AND PENNWOOD SAVINGS BANK
Pittsburgh, PA - July 11, 2000: Fidelity Bancorp, Inc. (NASDAQ -- "FSBI"),
the holding company for Fidelity Savings 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 was to acquire all of the outstanding common stock of Pennwood Bancorp,
Inc., the holding company of Pennwood Savings Bank. Pursuant to the merger
agreement with Pennwood, Fidelity is to acquire all the assets and assume all of
the liabilities of Pennwood, including Pennwood's main office located at 683
Lincoln Avenue, Pittsburgh, Pennsylvania and two branch offices in Kittanning,
Pennsylvania. On May 9, 2000, Fidelity signed an agreement with The Farmers
National Bank of Kittanning, Pennsylvania to sell the real property, furniture,
fixtures and equipment and transfer the deposit liabilities of the two
Kittanning branch offices of Pennwood.
Fidelity expects to complete the merger with Pennwood and branch sale with
Farmers at the close of business on July 14, 2000, subject to several
contingencies, including the receipt of all approvals and completion of all
legal documents.
William L. Windisch, President of Fidelity, stated "Effective Saturday,
July 15, 2000, we are proud to announce that the former main office of Pennwood
Savings Bank located at 683 Lincoln Avenue, Pittsburgh, Pennsylvania will become
a full-service branch office of Fidelity. 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."
At June 30, 2000, Fidelity had total assets of $518.3 million and
stockholders' equity of $27.2 million. Effective July 15, 2000, Fidelity will
operate from 10 full-service offices located in Pittsburgh, Allison Park, Mount
Lebanon and Zelienople, Pennsylvania.
