and loan holding company for First Federal Bank, formerly
First Federal Savings and Loan of Hazleton, a federally
chartered savings and loan association organized in 1935.
The holding company issued its common shares in connection
with the completion of the Bank's conversion from a mutual
savings bank to a stock savings bank in March of 1998. In
connection with the conversion, NEP established the First
Federal Charitable Foundation, funded with a contribution
equal to 8% of the common stock sold in the conversion.
First Federal Bank currently operates 16 banking offices in
Luzerne, Carbon, Columbia, Montour and Schuylkill Counties
in Northeast and Central Pennsylvania. First Federal also
maintains a Loan Office in Monroe County. In calendar year
2001 the Shavertown office will be relocating to a new
permanent site. The Bank has received approval to open its
third supermarket branch. It will be located in
Brodheadsville, Monroe County. The Bank has historically
operated as a community-oriented savings institution
primarily providing one-to-four-family residential mortgage
loans and a variety of retail deposit products to
customers. The Bank considers that its primary market area
consists of the 8 counties in Northeast and Central
Pennsylvania in which it has a banking office or a Loan
Production Office. The Bank markets a full range of
commercial and consumer loan and deposit products and
services, as well as offering trust, investment and title
insurance services through its affiliated companies.