Dollar Mutual Bancorp recently completed its merger with Standard AVB Financial.
“We are ecstatic to announce the completion of this merger and welcome Standard Bank into the Dollar family,” Dollar President and CEO Jim McQuade said. “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.”
Standard stockholders will receive $33 in cash for each share of Standard common stock they own, according to the terms of the merger agreement, or an aggregate merger consideration of approximately $156 million.
Standard Bank converted to a federal savings bank in connection with the merger.
Dollar Bank and Standard Bank will continue to operate as separate financial institutions. Dollar will serve as the holding company for each institution, and Standard Bank will continue to be operated by its current management team.
The merger was effective after the close of business on Friday.
Headquartered in Pittsburgh, Dollar Mutual Bancorp is the mutual holding company of Dollar Bank, Federal Savings Bank, and Standard Bank. It operates 98 branches in four states through its subsidiary banks and has assets totaling $11.5 billion.
Standard AVB Financial is the parent company of Standard Bank.