Butler-based NexTier, the holding company of NexTier Bank, has entered into a definitive agreement to acquire Ohio-based Riverside Bank of Dublin.
Under the agreement, Riverside will be merged with and into NexTier Bank. The merger will result in a tri-state community bank with assets totaling more than $3.1 billion. The combined company and branch locations will operate under the NexTier Bank brand. Riverside President and Chief Lending Officer Travis Sanders will join the NexTier Bank leadership team to serve as Regional President-Columbus.
“NexTier has been invested in and partnered with Riverside since its inception,” Clem Rosenberger, NexTier Bank president and CEO, said. “NexTier has been proud to be associated with this outstanding organization throughout the years, and we are enthusiastic about what the future holds as we bring these two great community banks together. We are committed to continuing Riverside’s legacy of connecting with customers and delivering strong customer-focused service.”
The deal is expected to close during the third quarter, pending receipt of regulatory approvals and customary closing conditions. Both companies’ boards of directors have approved the transaction, but Riverside requires shareholder approval.
NexTier Bank operates 32 offices in Western Pennsylvania and New York with a loan production office in Cleveland. Assets total $2.9 billion.