Dollar Bank seeking heft around Pittsburgh with Standard acquisition
Dollar Mutual Bancorp in Pittsburgh has agreed to buy Standard AVB Financial in Monroeville, Pa.
The $9.8 billion-asset Dollar said in a press release Friday that it will pay $158 million in cash for the $1.1 billion-asset parent of Standard Bank. The deal is expected to close in the first half of 2021.
Standard has 17 branches.
"We feel this is an excellent fit,” James McQuade, Dollar’s president and CEO, said in the release.
“We share the same core values, commitment to our customers and dedication to the communities we serve," McQuade added. "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.”
Standard Bank will operate as a wholly owned unit of Dollar. Andrew Hasley, Standard’s president, will retain that position.
The 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,” Hasley said in the release.
Raymond James and Luse Gorman advised Dollar. Keefe, Bruyette & Woods and Kilpatrick Townsend & Stockton advised Standard.