Dollar Mutual Bancorp (“Dollar”) and Standard AVB Financial Corp. (“Standard”) (NASDAQ: STND) jointly announced the signing of a definitive merger agreement pursuant to which Dollar will acquire Standard, the Monroeville, Pennsylvania based holding company and parent of Standard Bank, PaSB in an all cash transaction for an aggregate purchase price of $158 million.
Under the terms of the merger agreement, which has been approved unanimously by the boards of directors of both companies, stockholders of Standard will be entitled to receive $33.00 in cash for each share of Standard common stock they own.
"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," said James J. McQuade, President and CEO of Dollar. “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.”
After the transaction, Standard Bank will operate as a wholly owned subsidiary of Dollar, with Andrew W. Hasley continuing as President of Standard Bank. Mr. Hasley commented, “this agreement allows us to honor our longstanding commitments in the community, while continuing to serve our customers with the same high level of personal service. Dollar’s commitment to their customers, communities and employees mirror our own. We both have a rich history in the Pittsburgh region and Standard could not be more excited to begin our new relationship as a part of the Dollar family.”
After the transaction the board of directors of Standard will become an advisory board of Standard Bank. In connection with the execution of the merger agreement, Dollar has entered into voting agreements with the directors and certain executive officers of Standard. Subject to the terms and conditions of the voting agreements these parties have agreed to vote their shares in favor of the transaction.
The merger is expected to be consummated during the first half of 2021, after the satisfaction of customary closing conditions, including regulatory approvals and the approval of Standard’s stockholders.
Mr. McQuade continued, “this is an exceptional fit for Dollar. The combined assets of both companies will enhance our proven ability to serve our community, while enriching the benefits to our customers and employees.”
Raymond James is serving as financial advisor and Luse Gorman, PC is serving as legal counsel to Dollar in this transaction.
Keefe, Bruyette & Woods, A Stifel Company, is serving as financial advisor and Kilpatrick Townsend & Stockton LLP is serving as legal counsel to Standard.
About Dollar Mutual Bancorp
Headquartered in Pittsburgh, Pennsylvania, Dollar Mutual Bancorp, with total assets of $9.8 billion dollars at June 30, 2020, is the mutual holding company of Dollar Bank. Dollar Bank was chartered by the Commonwealth of Pennsylvania on July 19, 1855 and is the oldest financial institution headquartered in Pittsburgh. Dollar Bank’s original vision remains unchanged – to serve every person, individual by individual, regardless of race, gender or denomination. Dollar Bank operates 76 branch locations in western Pennsylvania, northeast Ohio and Hampton Roads, Virginia.
About Standard AVB Financial Corp.
Standard AVB Financial Corp., with total assets of $1.1 billion at June 30, 2020, is the parent company of Standard Bank, PaSB, a Pennsylvania chartered savings bank that operates 17 offices serving individuals and small to mid-sized businesses in Allegheny, Westmoreland and Bedford Counties, in Pennsylvania and Allegany County in Maryland. Standard Bank, founded in 1913, is a member of the FDIC and an Equal Housing Lender.