Standard Financial Corp. in Monroeville, Pa., has agreed to buy Allegheny Valley Bancorp in Pittsburgh for $56.5 million.
The $485 million-asset Standard Financial will pay about two shares of common stock for one share of the $435 million-asset Allegheny Valley. The deal values Allegheny Valley's stock at $53.85 per share. It's expected to close in the first quarter.
Standard Financial's chief executive, Timothy Zimmerman, will be CEO of the combined company and Allegheny Valley's CEO, Andrew Hasley, will be president of the new bank and holding company.
The combined holding company will be called Standard AVB Financial. The new bank will be called Standard Bank and incorporate Allegheny Valley's logo. Standard Financial plans to maintain a primary office for its commercial lending staff at Allegheny Valley's office in the Lawrenceville neighborhood of Pittsburgh.
Keefe, Bruyette & Woods was financial adviser to Standard Financial and Luse Gorman was legal counsel. Boenning & Scattergood was Allegheny Valley's financial adviser and Bybel Rutledge was legal counsel.