S&T Bancorp in Indiana, Pa., has agreed to buy Integrity Bancshares in Camp Hill, Pa.

The $4.8 billion-asset S&T will pay $155 million, or $52.50 a share, in cash and stock for the $860 million-asset Integrity. S&T said in a press release Thursday that 80% of the consideration is stock.

The transaction is expected to close in the first quarter. S&T Bancorp expects the merger to be accretive to earnings per share next year, including merger-related costs.

"Our partnership with Integrity is appealing to us because of its close similarities to S&T Bank, both in how we approach business and in how our cultures align," Todd Brice, S&T's president and chief executive, said in the release. "Integrity is the best-performing bank in south-central Pennsylvania and is well positioned in a high-growth market. They have a seasoned staff and experienced management team. "

Two members of Integrity's board will become S&T directors, and four executives - Thomas Sposito, William Poole, Dennis Ginder and Jordan Space - have entered into employment agreements. Integrity's name will also be maintained as a division of S&T.

Keefe, Bruyette & Woods and Arnold & Porter advised S&T. Sandler O'Neill and Rhoads & Sinon advised Integrity.

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