S&T Bank Establishes New Division to Oversee Management of Oil and Gas Rights for Landowners in the Marcellus Shale
INDIANA, Pa., April 20, 2011 /PRNewswire/ — S&T Bank (NASDAQ: STBA), a full-service financial institution with branch locations in 10 Pennsylvania counties, is responding to the ongoing demand for specialized financial services for landowners in the Marcellus Shale who are leasing their property to oil and natural gas drilling companies with a new Mineral Management division of S&T Wealth Management. The division is headed by Assistant Vice President C. Wesley Turiano. Also joining the new division of S&T Wealth Management is Mary Jo Barletta, who serves as relationship administrator.
“S&T Bank is pleased to establish a division that provides an array of services designed specifically for families and groups who own Marcellus Shale gas rights,” said Todd Brice, president and CEO of S&T Bank. “Through our strategic alliances, the Mineral Management division brings more than 220 combined years and more than 6,500 properties of oil and gas management experience, and we can put it to work for our customers.”
The Mineral Management division’s services include:
- Lease offer evaluation and negotiation.
- Negotiation of surface damage rights to offer sufficient protection from and compensation for any damage to property throughout the drilling process.
- Verification, monitoring, and administration of royalty payments generated by production, ensuring that families are being paid what they should be paid.
- Management of lease renewal negotiations if a lease is approaching its expiration date.
“The significant natural gas reserves in Marcellus Shale are providing a new and sometimes unexpected source of income for landowners in the region. At S&T Wealth Management, we are excited to offer a new array of services through the Mineral Management division,” said Malcolm Polley, executive vice president and managing director of S&T Wealth Management. “Many of our neighbors throughout western Pennsylvania rely on us for their financial needs, and now they can rely on us to manage their mineral assets as well.”
As head of the Mineral Management division, Turiano is responsible for the development of mineral management services that focus on the rights of the landowner and provide expert assistance in navigating the lease process, including active, professional and ongoing lease management. He also coordinates tax, estate and financial planning for landowners. Turiano is a 2002 graduate of the University of Richmond with degrees in economics and political science.
Barletta oversees the land and lease verifications of prospective customers and maintains property files and related records. She has more than 20 years of experience in the natural gas industry. Barletta was previously employed by S.W. Jack Drilling, once one of the largest privately owned, land-based drilling companies in the United States. She has a Bachelor of Science in marketing from Indiana University of Pennsylvania.
For more information about the Mineral Management division, visit www.stbank.com.
About S&T Bank
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates 51 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties. With assets of $4.1 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market under the symbol STBA. S&T Wealth Management is a division of S&T Bank and has more than $1.4 billion in assets under management and administration. For more information, visit www.stbank.com.
SOURCE S&T Bancorp, Inc.