Published On: Sun, May 30th, 2021

Dollar Mutual Bancorp completes $156m acquisition of Standard AVB Financial

Tagged with: | | | | | | |

Dollar Mutual Bancorp has wrapped up its previously announced $156 million worth acquisition of rival -based bank holding company .

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).

– 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

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 and nearly $11.5 billion in assets.

Related posts

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>