Bradford, PA - Harvey L. Golubock, President and Chief Operating Officer of American Refining Group, Inc. (ARG) and Julie Marasco, President of the Northwest Region of Northwest Savings Bank, have announced that the two companies have formed a strategic business alliance based on Northwest furnishing ARG with a multi-million dollar line of credit.
The local bank recently became the sole supplier of a $15,000,000 line of credit that ARG will use for capital expenditures and to replace GE Capital as the financial institution of choice for long-term financing. The two companies will endeavor to expand the banking relationship to include other financial services in the future.
“I believe that having two strong, local businesses working together can only help the local economy,” said Mr. Golubock. “It will certainly give ARG more flexibility and convenience to have a local partner right here in Bradford, especially one staffed with people we’ve known as neighbors for many years.”
“We're pleased and honored to form this new relationship with American Refining Group;” Ms. Marasco stated, “both companies have grown up in Bradford, and it is wonderful we can have this new relationship. When I began my career at Northwest, we only made home loans; we now offer a full suite of products and services to meet all of our customers’ needs. I truly thank Harvey and ARG for giving us the opportunity to be their bank of choice.”
The Bradford refinery of American Refining Group, Inc. is the only refinery dedicated solely to processing 100% Pennsylvania Grade Crude Oil. In addition to gasoline and fuel oil, the refinery produces a complete line of distillate and naphtha solvents under the Kensol® brand, Kendex® brand lubricant base oils, waxes and Penn Grade resins, PennzSuppress® brand dust control agent, and a variety of other petroleum specialties. ARG also produces a complete line of Brad Penn® Lubricants for consumer, commercial and industrial applications and is designated as the Master Distributor for Gulf® Branded lubricants in an eleven-state region in the northeast. The company is also a major producer of private label lubricants which are marketed under nationally recognized consumer and commercial brand names and is the largest producer of zinc-free diesel locomotive engine oils east of the Mississippi.
Founded in Bradford in 1896, Northwest Savings Bank is a full-service financial institution with over $7 billion in assets. It operates 171 community banking locations in Pennsylvania, New York, Ohio, Maryland and Florida including three in Bradford and others in Smethport, and Kane, and Cattaraugus, Potter, and Warren Counties. The stock of Northwest Bancorp, Inc., its parent company, trades on the Nasdaq Global System under the symbol NWSB.