S&T Bank Purchases Pennsylvania’s First Keystone Innovation Zone (KIZ) Tax Credits
February 05, 2007 09:00 AM US Eastern Timezone
$1.5 M in state aid aims to assist young, growing companies.
INDIANA, Pa.--(BUSINESS WIRE)--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.
“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.