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.
TARA Biosystems and Harris & Harris Group Form Company to Improve Safety and Efficacy of New Therapies October 22nd, 2014
Arrowhead Issues Open Letter to Shareholders October 9th, 2014
PEN Inc. Announces New Trading Symbol: PENC: Stock Continues Trading on the OTCQB September 3rd, 2014
Aspen Aerogels, Inc. to Present at Barclays CEO Energy-Power Conference August 27th, 2014
Nanoparticle technology triples the production of biogas October 23rd, 2014
SUNY Polytechnic Institute Invites the Public to Attend its Popular Statewide 'NANOvember' Series of Outreach and Educational Events October 23rd, 2014
Advancing thin film research with nanostructured AZO: Innovnano’s unique and cost-effective AZO sputtering targets for the production of transparent conducting oxides October 23rd, 2014
Strengthening thin-film bonds with ultrafast data collection October 23rd, 2014
Iran-Made Respiratory Nano Masks Provided to Hajj Pilgrims October 23rd, 2014
Japanese gold leaf artists worked on a nano-scale: Study demonstrates X-ray fluorescence spectroscopy is a non-destructive way to date artwork July 3rd, 2014
Harry Potter-style invisibility cloaks: A real possibility next Christmas? Forget socks and shaving foam, the big kids of tomorrow want an invisible cloak for Christmas December 19th, 2013
Chicago Awareness Organization First Not-for-Profit to Sponsor Dog Training to Detect Ovarian Cancer Odorants December 12th, 2013