S&T Bancorp, Inc., or S&T, including, on a consolidated basis with
our subsidiaries where appropriate, was incorporated on March 17, 1983 under
the laws of the Commonwealth of Pennsylvania as a bank holding company and has
three wholly owned subsidiaries, S&T Bank, 9th Street Holdings, Inc. and
STBA Capital Trust I. We also own a 50 percent interest in Commonwealth Trust
Credit Life Insurance Company, or CTCLIC. We are registered as a financial holding
company with the Board of Governors of the Federal Reserve System, or the Federal
Reserve Board, under the Bank Holding Company Act of 1956, as amended, or the
BHCA.
S&T Bank has three wholly owned operating subsidiaries: S&T Insurance
Group, LLC, S&T Bancholdings, Inc. and Stewart Capital Advisors, LLC. S&T
Insurance Group, LLC, through its subsidiaries, offers a variety of insurance
products. S&T Bancholdings, Inc. is an investment company. Stewart Capital
Advisors, LLC, is a registered investment advisor that manages private investment
accounts for individuals and institutions and advises the Stewart Capital Mid
Cap Fund.
We have three reportable operating segments including Community Banking, Wealth
Management and Insurance. Our Community Banking segment offers services which
include accepting time and demand deposits and originating commercial and consumer
loans. The Wealth Management segment offers brokerage services, serves as executor
and trustee under wills and deeds, guardian and custodian of employee benefits
and other trust services, as well as is a registered investment advisor that
manages private investment accounts for individuals and institutions.
We are a bank holding company subject to regulation under the BHCA and the
examination and reporting requirements of the Federal Reserve Board. Under the
BHCA, a bank holding company may not directly or indirectly acquire ownership
or control of more than five percent of the voting shares or substantially all
of the assets of any additional bank, or merge or consolidate with another bank
holding company, without the prior approval of the Federal Reserve Board. We
have maintained a passive ownership position in Allegheny Valley Bancorp, Inc.
(14.2 percent) pursuant to approval from the Federal Reserve Board.
As a bank holding company, we are expected under statutory and regulatory provisions
to serve as a source of financial and managerial strength to our subsidiary
bank. A bank holding company is also expected to commit resources, including
capital and other funds, to support its subsidiary bank.
As a Pennsylvania-chartered, FDIC-insured commercial bank, S&T Bank is
subject to the supervision and regulation of the Pennsylvania Department of
Banking and Securities, or PADBS, and the FDIC. We are also subject to various
requirements and restrictions under federal and state law, including requirements
to maintain reserves against deposits, restrictions on the types, amount and
terms and conditions of loans that may be granted and limits on the types of
other activities in which S&T Bank may engage and the investments it may
make.
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