PITTSBURGH, PA, May 28, 2021 – Dollar Mutual Bancorp (“ Dollar ”), Dollar Bank’s mutual holding company, Federal Savings Bank (“ Dollar Bank ”), today announced that it has 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 delighted to announce the completion of this merger and to welcome Standard Bank to the Dollar family,” said Jim McQuade, President and CEO of Dollar. “This merger allows us to expand our presence in the region and align with the bankers who share our commitment to the customers and the communities we serve.
Under the merger agreement, Standard shareholders will receive $ 33.00 in cash for each Standard common share they own, or aggregate merger consideration of approximately $ 156 million.
As part of the merger, Standard Bank converted into a Federal Savings Bank. Dollar Bank and Standard Bank will continue to operate as separate financial institutions, with Dollar being the holding company for each institution, and Standard Bank will continue to be managed by its current management team.
Through its two banking subsidiaries, Dollar now has 98 locations in Pennsylvania, Ohio, Virginia and Maryland and approximately $ 11.5 billion in assets.
Raymond James was financial advisor and Luse Gorman, PC, legal advisor to Dollar. Keefe, Bruyette & Woods, A Stifel company, served as financial advisor and Kilpatrick Townsend & Stockton LLP served as legal advisor to Standard.
About Dollar Mutual Bancorp
Based in Pittsburgh, Pa., Dollar Mutual Bancorp, with total assets of $ 11.5 billion, is the mutual holding company of Dollar Bank, Federal Savings Bank and Standard Bank. Through its banking subsidiaries, Dollar Mutual Bancorp operates 98 branches in Pennsylvania, Ohio, Virginia and Maryland and has 1,553 employees. For over 166 years, Dollar Bank has grown into a leading full-service community bank, committed to providing the highest quality banking services to individuals and businesses. Dollar Bank (Dollar.Bank) is headquartered in Pittsburgh, Pennsylvania.