Dollar Mutual Bancorp has entered into a definitive merger agreement to acquire Pennsylvania-based bank holding company Standard AVB Financial in an all-cash deal worth $158m.
Standard AVB Financial is the parent of Standard Bank.
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The deal has been approved by the board of directors of both companies.
Under the deal terms, Standard’s stockholders will get $33 in cash in exchange for each share held.
Upon deal completion, which is anticipated in the first half of next year, Standard Bank will operate as a wholly-owned subsidiary of Dollar.
Standard Bank president Andrew Hasley said: “This agreement allows us to honor our longstanding commitments in the community while continuing to serve our customers with the same high level of personal service.
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By GlobalData“Dollar’s commitment to its customers, communities, and employees mirror our own. We both have a rich history in the Pittsburgh region and Standard could not be more excited to begin our new relationship as a part of the Dollar family.”
Moreover, Dollar Mutual has inked a voting agreement with some of Standard’s directors and executives.
Subject to the conditions of the voting agreement, they can vote their shares in favor of the merger deal.
Post deal completion, Standard’s board of directors will become the advisory board of Standard Bank.
Dollar Mutual president and CEO James McQuade said: “We are delighted to have Standard Bank join the Dollar family; we feel this is an excellent fit.
“As we move forward together, I am excited about the opportunities to drive our strategic growth and maximise our long-term value, while strengthening Dollar’s presence in the region.
“The combined assets of both companies will enhance our proven ability to serve our community while enriching the benefits to our customers and employees.”
The transaction awaits the receipt of Standard stockholders’ and regulatory approvals.
