Emclaire Financial in Emlenton, Pa., has agreed to buy United-American Savings Bank in Pittsburgh for $14.1 million.
The $582 million-asset Emclaire agreed to pay $42.67 in cash for each share of United-American stock, according to a Wednesday news release. The deal is expected to close in the late part of the second quarter or the early part of the third quarter.
Emclaire expects the acquisition of the $91 million-asset United-American to be immediately accretive to earnings for the remainder of 2016 after the deal closes, excluding one-time charges. It's expected to be 29% accretive to earnings in 2017 and higher in future years.
All directors and officers of United-American have agreed to vote their shares in favor of the sale.
Emclaire operates 15 branches of Farmers National Bank of Emlenton, including four in metro Pittsburgh. The United-American deal will give Emclaire its first office in the city of Pittsburgh.
United-American, which was founded in 1954, operates one branch, in Pittsburgh's South Side neighborhood.
Silver, Freedman, Taff & Tiernan was legal counsel to Emclaire. Raymond James was financial adviser to United-American and Jones Walker was legal counsel.