Dollar Mutual Bancorp, Standard AVB Financial to merge

Pittsburgh-based Dollar Mutual Bancorp and Monroeville-based Standard AVB Financial Corp. recently signed a merger agreement.

Under the agreement, Dollar will acquire Standard for $158 million in cash. Standard’s stockholders will be entitled to $33 for each share of Standard common stock.

Standard Bank will operate as a wholly owned subsidiary of Dollar. Company President Andrew W. Hasley will continue in that role. Standard’s board of directors will become an advisory board of Standard Bank.

The merger is expected to complete during the first half of next year.

“We are delighted to have Standard Bank join the Dollar family, we feel this is an excellent fit. We share the same core values, commitment to our customers and dedication to the communities we serve,” James J. McQuade, Dollar president and CEO, said. “As we move forward together, I am excited for the opportunities to drive our strategic growth and maximize our long-term value, while strengthening Dollar’s presence in the region.”

Dollar Mutual Bancorp is the mutual holding company of Dollar Bank. It operates 76 branch locations in Pennsylvania, Ohio and Virginia.

Standard AVB Financial Corp. is a Pennsylvania chartered savings bank and the parent company of Standard Bank. It operates 17 offices serving individuals and small to mid-sized businesses.