Northwest Bancorp, MHC Completes Acquisition Of Skibo Financial Corp.

Northwest Bancorp, MHC Completes Acquisition Of Skibo Financial
Corp. 


WARREN, Pa., April 30  /PRNewswire-FirstCall/ -- Northwest Bancorp, MHC (Mutual
Holding Company), the parent company of Northwest Bancorp, Inc.  announced
today that it has completed the acquisition of Skibo Financial Corp. , First
Carnegie Deposit, and Skibo Bancshares, M.H.C.  In the transaction, each
outstanding share of Skibo Financial Corp. common stock owned by stockholders
other than Skibo Bancshares, M.H.C. was converted into the right to receive
$17.00 in cash.

As a result of the acquisition, First Carnegie Deposit will be a wholly- owned
subsidiary of Northwest Bancorp, MHC. First Carnegie Deposit will continue to
operate from its existing office locations in Carnegie and McKees Rocks,
Allegheny County, and Washington, Washington County, Pennsylvania. The terms
and conditions of the deposit and loan accounts at First Carnegie Deposit will
continue unchanged.

Walter G. Kelly, President of Skibo and First Carnegie Deposit, stated, "We are
very excited about becoming a part of the Northwest group.  This affiliation
will allow our depositors to receive membership rights in Northwest, and our
customers will have access to the wider variety of banking and financial
products and services offered by Northwest."

William J. Wagner, President and CEO of Northwest Bancorp, stated, "We are very
pleased and excited about this opportunity to expand our retail network in
southwestern Pennsylvania.  We welcome First Carnegie Deposit's employees and
customers to the Northwest group of companies and we remain committed to
providing quality community banking products and services in this market."

Northwest Bancorp, MHC completed a similar transaction with Leeds Federal
Bankshares, Inc. in January 2003. Leeds operates two offices in the greater
Baltimore market and holds assets of $465 million. Northwest Bancorp, MHC also
owns the majority of the outstanding shares of common stock of Northwest
Bancorp, Inc.  Both holding companies are headquartered in Warren,
Pennsylvania.  Northwest Bancorp, Inc. holds assets of $5.8 million and
operates 145 banking locations in Pennsylvania, New York, and Ohio through its
subsidiary banking institutions, Northwest Savings Bank and Jamestown Savings
Bank.

This release may contain certain forward-looking statements that are based on
assumptions and information currently available to management.  These
forward-looking statements are subject to various risks and uncertainties
including, but not limited to, economic, regulatory, competitive and other
factors affecting the Company and its operations. Readers are cautioned not to
place undue reliance on these forward-looking statements as actual results may
differ materially from those expressed or implied. Management has no obligation
to revise or update these forward-looking statements to reflect events or
circumstances that arise after the date of this release. 

DATASOURCE: Northwest Bancorp, Inc.



CONTACT:  William J. Wagner, President & CEO of Northwest Bancorp, Inc.,

[phone], or fax, [phone]



Web site:  http://www.northwestsavingsbank.com/

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