BUTLER TWP — NexTier President Margaret Irvine Weir announced this morning the Snyder Group of Kittanning is to become a major stockholder, while the Butler County bank remains independent.

Irvine Weir said the Snyder Group is a holding company with investments in mining, oil and natural gas exploration, manufacturing, agriculture and banking. The group owns the majority interest in Farmers and Merchants Bank of Western Pennsylvania based in Kittanning, with seven branches in Armstrong County.

She said instead of merging with another bank, like the failed merger with Northwest Savings Bank, NexTier will team with the Snyder Group, allowing NexTier to remain an independent bank.

The Northwest deal fell apart in late 2010 because of unspecified deficiencies found by regulators with the Warren-based bank.

“All we’ve done is add a new shareholder,” Irvine Weir explained. “The rest of our shareholders remain, as do our management team and employees.”

The deal is subject to a vote by the NexTier shareholders and the approval of banking regulators. Irvine Weir said she expects this process to take two to three months to complete.