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Jamestown Savings Bank has become a wholly-owned subsidiary of Pennsylvania-based Northwest Savings Bancorp Inc., the startup bank's former majority shareholder, following acceptance of Northwest's offer for the remaining stock in the bank.
The successful conclusion of Northwestern's tender offer sets the stage for expansion in New York state of the Jamestown bank that opened Nov. 9, 1995, with assets of $7.6 million and which now total $59.6 million.
All 299 minority shareholders tendered their 271,816 shares in a $4.35 million offer that Northwest, which already held 65 percent, or 490,050 of the bank's outstanding shares, submitted in July. The $16 a share …