NexTier Bank in Butler, Pa., has agreed to buy Manor Bank in Pennsylvania.
The $1.2 billion-asset NexTier said in a press release Wednesday that it will pay $2.3 million, or $531.55 a share, in cash for the $40 million-asset Manor. The deal is expected to close in the second quarter.
"We believe our merger with Manor Bank provides NexTier with a great opportunity to serve additional communities and to expand services into Westmoreland County," Clem Rosenberger, NexTier's president and CEO, said in the release.
Cohen & Grigsby advised NexTier. Manor was advised by Ambassador Financial Group and Rhoads & Sinon.