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.

 

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.