Johnstown, PA — 1st Summit Bank is pleased to announce that it has signed a purchase agreement for the Crown American building in downtown Johnstown, marking one of the most significant strategic investments in the Bank’s 100-year history. This acquisition reflects both the Bank’s improved financial performance over the past year and its commitment to building a strong and enduring future in the region it has served for generations.
Founded in Johnstown in 1924, 1st Summit Bank has spent a century growing alongside the community, through economic expansions, recessions, floods, industry shifts, and periods of renewal. The Bank’s leadership emphasized that this transaction is a natural continuation of that legacy: a commitment to the city’s core and an investment in the infrastructure that will support the Bank’s next century of service.
“All of our progress this year, financial, operational, and cultural, has positioned us to take this step with confidence,” said Allison Johnson, President and Chief Executive Officer of 1st Summit Bancorp of Johnstown. “The Pasquerilla family has built a beautiful building and attracted some incredible businesses as tenants. We are truly honored by this opportunity to care for the building in the future.”
The Crown American building, a well-recognized landmark in the city center, will become the future home to upwards of ninety of the Bank’s workforce that have outgrown their existing space due to recent growth and organizational enhancements. The building will undergo planned renovations to create modern, efficient, and collaborative work environments that support continued expansion. The Bank does not plan to close any branches in conjunction with this purchase.
Symbolically, the decision to anchor one of the Bank’s critical offices downtown reinforces the organization’s belief in Johnstown’s future and the importance of continuing to invest in the city’s economic center.
“Downtowns matter,” Johnson said. “They are the heart of a region’s identity and the place where reinvention often begins. By establishing a major presence in the Crown American building, we are affirming our belief in the long-term resilience and potential of Johnstown’s core.”
Once renovations are complete, the building will bear the Bank’s name, joining other prominent businesses visible to those entering and exiting the city. This added visibility is expected to strengthen the Bank’s brand presence and further demonstrate its enduring commitment to the community. Johnson noted that this is more than marketing: “A building with our name on it is a promise. A promise that we are here, that we are invested, and that we intend to remain a stabilizing force in this region for the next century just as we have been for the last.”
This acquisition follows a year of disciplined financial and operational improvements for 1st Summit Bank. Despite industry-wide pressures on margins, funding costs, and regulatory expectations, the Bank has delivered stronger earnings, improved asset quality, and increased stability across key performance indicators. The Bank’s leadership attributes these results to a renewed focus on disciplined balance sheet management, enhanced risk practices, and the outstanding efforts of its employees across all business lines.
“These results are not accidental,” Johnson said. “They come from hard work, thoughtful decision-making, and a shared belief that our best days are still ahead. This building purchase is both a reflection of that belief and a catalyst for the future growth we intend to achieve.”
Over the coming months, the Bank will begin formal planning related to renovation timelines, relocation activities, and coordination with community stakeholders. Additional details will be shared as plans advance, but leadership emphasized that customer service and operational continuity will remain paramount throughout the transition.
The purchase of the Crown American building stands as a clear statement of intent: 1st Summit Bank is not simply adapting to the future—it is building it.
About 1st Summit Bank –
A true community bank for the past century, 1st Summit Bank primarily focuses on relationship banking for both consumers and businesses within our region. 1st Summit Bank provides banking, financial, and investment services through 17 full-service community offices and a loan production office within Cambria, Westmoreland, Blair, Somerset, and Indiana counties.