Home > Press > S&T Bank Purchases Pennsylvania’s First Keystone Innovation Zone (KIZ) Tax Credits
S&T Bank (NASDAQ:STBA), a full-service financial institution with branch locations in 10 Pennsylvania counties, has become a key regional partner in distributing tax credits through the Keystone Innovation Zone (KIZ) program, the first tax credits of their kind in Pennsylvania's history. KIZ, a statewide initiative, provides support and funding to young companies who are transitioning through the various stages of growth. S&T Bank has purchased $1.5 million in KIZ tax credits from businesses located in Blair County's I-99 Innovation Corridor KIZ in Altoona.
S&T Bank Purchases Pennsylvania’s First Keystone Innovation Zone (KIZ) Tax Credits
INDIANA, PA | Posted on February 5th, 2007
"These monies will provide much-needed growth capital to support the area's young, entrepreneurial businesses," noted Richard A Scholton, senior vice president of commercial lending at S&T Bank. "S&T Bank is pleased that we can serve as a community partner in this important endeavor."
Established by the Commonwealth of Pennsylvania in 2004, the Keystone Innovation Zone (KIZ) program designates zones across the state and aligns crucial resources - educational institutions, private businesses, business support organizations, commercial lending institutions, venture capital networks and foundations. KIZ focuses on how these partnerships can assist young companies with expertise in materials science, nanotechnology, biotechnology, life sciences and information technology. The ultimate goal of the program is to provide seed and growth capital to these firms, thereby encouraging them to remain in Pennsylvania. The I-99 Innovation Corridor KIZ combines the resources of Penn State University and 37 different firms. KIZ Resources, LLC, of Altoona, PA, serves as an agent for the companies from whom S&T Bank purchased the credits. KIZ Resources assists companies in obtaining and selling their credits.
"The KIZ program has the capacity to stimulate our economy by keeping young companies here in Pennsylvania, and that means more jobs in our communities," added Timothy P. McKee, senior financial officer of S&T Bank.
About S&T Bank
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 49 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $3.3 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market under the symbol STBA.
For more information, please click here
Robert Jorgenson, 724-465-5448
Copyright © Business Wire 2007
If you have a comment, please Contact
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
Harris & Harris Group Notes ABSMaterials' Series B Financing November 22nd, 2013
Harris & Harris Group Letter to Shareholders on Website November 18th, 2013
Harris & Harris Group Reports Financial Statements as of September 30, 2013 November 12th, 2013
Harris & Harris Group Notes CordenPharma's Acquisition of Ancora's Carbohydrate Synthesis Platform and Corporate Name November 7th, 2013
Synthesis of superconducting picene crystals December 12th, 2013
Iranian Scientists Discover New Electrical Device for Rapid Diagnosis of Cancer December 12th, 2013
3-D Analysis of Thermo-elastic Behavior of Composite Plate Graded with Carbon Nanotubes December 12th, 2013
Arrowhead to Report Fiscal 2013 Fourth Quarter and Year-End Financial Results - Conference Call Scheduled for Wednesday, December 18, 2013 December 12th, 2013
Chicago Awareness Organization First Not-for-Profit to Sponsor Dog Training to Detect Ovarian Cancer Odorants December 12th, 2013
ZEISS Microscopes used to create images for Art Exhibit at Midway Airport: Art of Science: Images from the Institute for Genomic Biology October 25th, 2013
New potential for touch screens found at your fingertips September 17th, 2013
Spectroscopy of Microscopic Features of Very Large Samples-The Solution From CRAIC Technologies August 28th, 2013