Dollar Mutual Bancorp (“Dollar”) the mutual holding company for Dollar Bank, Federal Savings Bank (“Dollar Bank”), announced today that it has successfully completed its merger with Standard AVB Financial Corp. (“Standard”), the parent company of Standard Bank (formerly Standard Bank, PaSB), effective after the close of business on May 28, 2021.
“We are ecstatic to announce the completion of this merger and welcome Standard Bank into the Dollar family,” said Jim McQuade, President and CEO of Dollar. “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.”
Under the terms of the merger agreement, stockholders of Standard will receive $33.00 in cash for each share of Standard common stock they own, or aggregate merger consideration of approximately $156 million.
In connection with the merger, Standard Bank converted to a federal savings bank.
Dollar Bank and Standard Bank will continue to operate as separate financial institutions with Dollar as the holding company for each institution, and Standard Bank will continue to be operated by its current management team.
Through its two bank subsidiaries, Dollar now has 98 locations in Pennsylvania, Ohio, Virginia, and Maryland and approximately $11.5 billion in assets.
Raymond James served as financial advisor and Luse Gorman, PC served as legal counsel to Dollar. Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor and Kilpatrick Townsend & Stockton LLP served as legal counsel to Standard.
About Dollar Mutual Bancorp
Headquartered in Pittsburgh, Pennsylvania, Dollar Mutual Bancorp, with total assets of $11.5 billion dollars, is the mutual holding company of Dollar Bank, Federal Savings Bank, and Standard Bank. Through its subsidiary banks, Dollar Mutual Bancorp operates 98 branches in Pennsylvania, Ohio, Virginia, and Maryland and has 1,553 employees. For more than 166 years, Dollar Bank has grown to become a large, full service, community bank committed to providing the highest quality of banking services to individuals and businesses. Dollar Bank (Dollar.Bank) is headquartered in Pittsburgh, Pennsylvania.