Dollar Mutual Bancorp has completed its previously announced acquisition of Standard AVB Financial, the parent company of Standard Bank.
As part of the deal, Standard Bank converted to a federal savings bank with Dollar as the holding company.
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However, it will retain its identity and will continue to operate separately under the current management team.
In September last year, the two companies agreed to combine their operations in an all-cash deal
As earlier agreed, Standard stockholders received $33 in cash in exchange for each share they held. The overall value of the deal stands at around $156m.
Dollar president and CEO Jim McQuade said: “We are ecstatic to announce the completion of this merger and welcome Standard Bank into the Dollar family.
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By GlobalData“This merger allows us to expand our footprint in the region and align with bankers who share our commitment to the customers and communities we serve.”
In this transaction, Dollar was advised by Raymond James and Luse Gorman, PC.
Headquartered in Pennsylvania, Dollar Mutual Bancorp is the mutual holding company of Dollar Bank, Federal Savings Bank, and now Standard Bank.
Overall, the bank holding company has total assets of $11.5bn and 98 branches. Its branch centres are located in the states of Pennsylvania, Ohio, Virginia, and Maryland.
