NexTier Bank will stand alone as an independent bank once again, Margaret Irvine-Weir, bank president and CEO, said today.

Early morning news releases from NexTier and Northwest Savings Bank in Warren revealed Northwest’s buyout of NexTier would not occur because of lack of regulatory approval by the Federal Deposit Insurance Corp.

Irvine-Weir said since the buyout announcement in May, NexTier has been able to stabilize its position and will not look for a new buyer, but instead return to “business as usual.”

“We are working on a three-year strategic plan and raising capital,” she said.

She also said a letter sent to about 50 of NexTier’s current 240 employees, announcing the ending of their jobs, will be rescinded by the bank and those employees will remain with the company.

“Those layoffs were requested by Northwest, but now there will be no layoffs,” Irvine-Weir said.