Dollar Mutual Bancorp completes $156m acquisition of Standard AVB Financial
Dollar Mutual Bancorp has wrapped up its previously announced $156 million worth acquisition of rival Pennsylvania-based bank holding company Standard AVB Financial Corp.
While Dollar Mutual Bancorp is the mutual holding company for Dollar Bank, Federal Savings Bank (Dollar Bank), Standard AVB Financial is the holding company for Standard Bank (formerly Standard Bank, PaSB).
Jim McQuade – President and CEO of Dollar Mutual Bancorp said: “We are ecstatic to announce the completion of this merger and welcome Standard Bank into the Dollar family.
“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.”
Dollar Mutual Bancorp completes $156m merger with Standard AVB Financial
As per the terms of the deal signed in September 2020, Standard AVB Financial’s stockholders will be paid $33 in cash for each of their shares.
In connection with the deal, Standard Bank has converted to a federal savings bank.
Both Dollar Bank and Standard Bank will continue to work as separate financial institutions with Dollar Mutual Bancorp as their holding company for each institution
Standard Bank will continue to be operated by its existing management team.
Dollar Mutual Bancorp, through its two banking subsidiaries, now has 98 locations in Pennsylvania, Virginia, Ohio, and Maryland and nearly $11.5 billion in assets.