NexTier in Butler, Pa., has agreed to buy Eureka Financial in Pittsburgh.

The $983 million-asset NexTier said in a press release Thursday that it will pay $35 million, or $28.50 a share, in cash for the

$155 million-asset Eureka. The deal is expected to close in the first quarter.

"Community banks continue to be an integral part of the financial services landscape in serving both small businesses and the retail banking market. We believe our merger … will enhance our capabilities to provide a variety of financial services to communities in southwestern Pennsylvania," Richard Krauland, NexTier’s president and chief executive, said in the release.

Cohen & Grigsby advised NexTier. Sandler O’Neill and Kilpatrick Townsend & Stockton advised Eureka.

 

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